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 Road, with an adjacent Safeway that was not part of the sale. The offering also included two developable land pads that the new owner can either ground lease or build out, giving Bershon a couple of extra chess pieces to play with over time.
Who brokered the sale
Bill Asher, Jeremy McChesney and Lee Csenar of Hanley Investment Real Estate Advisors represented the buyer, Bershon Realty Company, while CBRE brokers Ryan Schubert, Michael Hackett and Zach Aulick represented the seller, Kitchell Development Company, as reported by ShoppingCenterBusiness. It is a familiar suburban retail playbook, pairing a regional private capital buyer with an institutional developer looking to recycle equity out of a stabilized center.
Tenants and property profile
Kitchell’s portfolio page highlights the Mountain Ranch and Estrella retail node and lists community serving tenants and services at the center, including Phoenix Children’s Academy and a mix of national quick serve and service operators, per Kitchell. The developer also notes the project’s environmental credentials from its original build cycle, a feature it has long pitched as part of the center’s appeal for stable, long term tenancy.
Why buyers lined up
The center was 94.6% occupied at the time of sale and had been renovated in 2024, giving Bershon immediate income and a relatively turnkey asset, according to Connect CRE. Hanley also helped Bershon secure the grocery shadow anchored asset to satisfy a 1031 exchange requirement, a common behind the scenes motivator that often pushes buyers to move quickly on well located retail deals.
Local market context
Mountain Ranch Marketplace sits at the entrance to Estrella, one of the Phoenix area’s largest master planned communities, and property listings note it functions as the primary retail node for the neighborhood, a setup that keeps daily traffic steady and tends to attract long term investors, according to market listings on CommercialCafe. With two buildable pads and a roster of daily needs tenants, the site gives Bershon flexibility to add new pads or services while keeping the center firmly in its grocery shadow role.
