Hanley Investment Real Estate Advisors completed the sale of Mountain Ranch Marketplace, a 49,683-square-foot, neighborhood center located in the Phoenix suburb of Goodyear, Arizona. The sale price was $23 million. A Safeway is adjacent to the property but was not part of the deal. The property offered two developable land pads.

The center is 94.6% occupied and features a diverse mix of tenants, including AutoZone, Phoenix Children’s Academy, Starbucks, Papa John’s Pizza, Subway, and Leslie’s Swimming Pool Supplies.

Hanley’s Bill Asher, Jeremy McChesney and Lee Csenar represented the buyer, Bershon Realty Company. The seller and developer, Kitchell Development Company, was represented by CBRE’s Ryan Schubert, Michael Hackett and Zach Aulick.

Hanley helped Bershon Realty procure a grocery-shadow-anchored shopping center to fulfill a 1031 exchange requirement.

The center was built in 2009 and renovated in 2024.