Vestar Sells 254K-SF Crossroads Towne Center for $62M

Vestar ended its hold on Crossroads Towne Center, a 254,109-square-foot shopping center in Chandler, AZ. The Phoenix-based Vestar sold the center to Consolidated Tomoka Land Co., based in Daytona Beach, FL, for $61.8 million. Michael Hackett and Ryan Schubert of Cushman & Wakefield negotiated the transaction on the seller’s behalf.

Built in 2006, the center at 2670.E. Germann Rd. is anchored by Walmart Supercenter, Home Depot and Harkins Theatres. The retail property at 2670 E Germann Rd. is 99.4% occupied, with tenants including Chick-fil-A, JPMorgan Chase and Olive Garden. Vestar will continue managing the center, with JLL handling the leasing.

“Crossroads Towne Center is an institutionally-owned and operated destination center which provides a tremendous addition to the Consolidated-Tomoka’s growing multi-tenant portfolio,” Hackett said.

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