A Rocklin, California based company, Shoppes at Continental Ranch, LLC (Brad Griffith, manager) bought the Safeway anchored retail center for $5.05 million. Located at 9090-9160 N Silverbell Road, at southeast corner of Twin Peaks and Silverbell Roads in Marana.
The sale was for 10,133-square-feet of existing inline shop space and 39,000-square-feet of potential expansion space on five outpads sold on 10.36 acres. There was 900-square-feet available space at time of sale. The hard corner pad did not sell in this transaction.
The investor plans to expand the inline space by an additional 23,800-square-feet of space planned for completion in first quarter 2016. There is another 15,200-square-feet of potential space with the five pads.
Other retailers at the center besides Safeway, include Subway, Great Clips, State Farm, TA Nails, Twin Peaks Cleaners, and Fortune Cookie Restaurant in this high growth area. Simon Property Group’s Tucson Premium Outlets, a 360,000-square-feet high-end outlet center scheduled to open 2015, is located one mile to the west of this property at I-10 and Twin Peaks Road.
Marana’s population has increased by 10.7 percent from April 1, 2010 to July 1, 2013, according to U.S. Census Bureau latest data. "There are approximately 400 improved residential lots and spec homes and over 2,900 future residential lots in the immediate trade area," according to Craig Finfrock with Commercial Retail Advisors in Tucson marketing site.
Finfrock represented the buyer in the sale. The seller, Twin Peaks Partnership of Phoenix (Christopher Shaw, manager) was self-represented.
Finfrock will also handle leasing of the center, to learn more he should be reached at 520.290.3200.
For additional information login and refer to RED Comp #2961.
[mepr-show rules="58038"]Sale date: 6/1/2015. Buyer paid $2,815,507 down, assumed an existing loan and did a seller carryback. APNs: 226-10-748, 749, 751, 754, 756 thru 758 inclusive.[/mepr-show]
