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January 23, 2019
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AZ Neighborhood Retail Center Trades for $26 Mil


The Boardwalk at Andersen Springs, and 89.8k sf neighborhood retail center in Chandler, AZ, was purchased by Westwood Financial in a $26 mil ($290/sf) transaction. The property is located at the southeast corner of Dobson and Ray Roads.

The Boardwalk at Andersen Springs is anchored by the original Sprouts Farmers Market, which opened in 2005 and currently undergoing a $1 mil renovation. The center is currently 97% occupied by a variety of tenants, including Pita Jungle, State Farm, Pet Planet and Desert Financial Credit Union.

Ryan Schubert and Michael Hackett of Cushman & Wakefield Phoenix represented the seller, West Valley Properties of Los Altos, CA.

In the first quarter of 2018, neighborhood and community, strip, power and regional, and lifestyle centers all saw positive absorption in Metro Phoenix according to Cushman & Wakefield research. Neighborhood and community centers saw the largest increase with over 265k sf of positive absorption, with the southeast valley recording approximately 153.8k sf of Metro Phoenix’s retail market’s total net absorption.

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