Newly Constructed Tucson Center Offers Investor Full Occupancy
TUCSON, ARIZONA – A California investor has purchased a two-tenant property within Rio Verde Village in Tucson for a price of $4.75 million. The Class-A property, located at 5590 E. River Rd., is newly constructed and fully leased.
This property provides the buyer with two durable, high-quality, long-term tenants,” says Mindy Korth, executive vice president with Colliers in Arizona. “The project is located in a dynamic area of northeast Tucson at the key intersection of River Road and Craycroft Road that has recently attracted more than 25 acres of new developments including new multi-family projects, retail and restaurant facilities, among other projects.”
Korth and Todd Noel with Colliers in Arizona handled marketing and seller representation for the property. The original developer, 5590 E River Plaza, LLC of Tucson, sold the property to a private investor in California. The buyer was represented by Chris Crabtree of Lee & Associates. The property sold for a price of $742/square foot with a 4.76 percent cap rate.
This 6,400-square-foot retail property was constructed in 2021, and is fully leased by Wells Fargo Bank and ImmediateCare Arizona on long-term leases, and contains all new state-of-the-art tenant improvements. The thoughtfully designed project offers modern architecture and complementary design features throughout its interior and exterior spaces. The building is situated on nearly an acre of land.
To learn more, see RED Comp #9794.