TUCSON, AZ (September 24, 2024) -- JLL Capital Markets arranged the $51 million ($552 PSF) sale and acquisition financing of Casas Adobes Plaza, a Whole Foods-anchored shopping center in Tucson, Arizona.
JLL worked on behalf of the seller, First Washington Realty, to secure the buyer, a Los Angeles-based investment group, and facilitate the acquisition financing with a correspondent life insurance company.
Managing directors Patrick Dempsey and Geoff Tranchina led the JLL Capital Markets Investment Advisory team. Senior Managing Directors Greg Brown and Jason Carlos spearheaded the Debt Advisory team. Analyst Quin Madden supported both the sale and debt teams.
Casas Adobes Plaza is located at 7001-7139 N Oracle Rd., at the southwest corner of Oracle and Ina Rd. This trophy asset serves Tucson's two most affluent communities, the Catalina Foothills and Oro Valley. The high-end trade area has an average household income of over $122,240 in a one-mile radius. Casas Adobes Plaza is surrounded by other well-performing retail submarkets, boasting an impressive $2.1 billion annual consumer spending within a five-mile radius. Additionally, the center is a short drive from the University of Arizona, showcasing a total enrolment of over 45,000 students.
"Quality grocery-anchored retail centers continue to outperform other commercial asset classes and achieve best-in-class pricing," according to Dempsey.
Rated the #1 grocery-anchored center in Tucson, Casas Adobes Plaza spans an impressive 92,330 square feet in nine buildings on 9.51 acres of land. Originally built in 1953 and remodeled in 2014, the center showcases architectural craftsmanship rarely seen in modern developments. Its meticulous attention to architectural detail adds a touch of elegance and creates a unique experiential element for visitors, resulting in an impressive consumer retention rate.
The center is currently 97% occupied and anchored by a renowned grocery retail tenant specializing in high-quality groceries and organic products. Other anchor tenants include Starbucks, Pure Barre, Orange Theory, and Chico’s.
JLL Capital Markets is a full-service global capital solutions provider for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge deliver the best-in-class solutions for clients — investment sales and advisory, debt advisory, equity advisory, or recapitalization. The firm has over 3,000 Capital Markets specialists worldwide, with offices in nearly 50 countries.
For more information, Depsey and Tranchia should be reached at 602.956.7777.
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