Kitchell Development Company has cashed out of Mountain Ranch Marketplace, a nearly 50,000 square foot neighborhood shopping center serving the Estrella master planned community in Goodyear, selling it to Los Angeles based Bershon Realty Company for about $23 million. The deal hands the buyer a mostly leased retail hub with national quick serve and service tenants, plus two undeveloped pad sites that leave room for future growth. The price tag highlights how hungry investors still are for grocery shadow anchored suburban retail across the Phoenix metro.
The deal in brief
Mountain Ranch Marketplace, listed at 49,683 square feet, traded for $23 million, according to Connect CRE. The center sits at the northwest corner of Estrella Parkway and Elliot…..