TUCSON, AZ – Lee & Associates is pleased to announce the sale of the Casas Adobes Plaza, an upscale retail shopping center in Tucson for $46 Million ($504 PSF).
Casas Adobes Plaza is an iconic 91,318-square-foot, grocery-anchored specialty shopping center, strategically located at the Southwest corner of Ina and Oracle roads in an affluent area of north Tucson. It is anchored by a new Whole Foods that opened this past August.
Jan Fincham and Patrick Dempsey, principals with Lee & Associates in Phoenix, facilitated the transaction on behalf of their Institutional client, GRI Investors of Bethesda, Maryland. The seller was Casas Adobes Plaza LLC of Tucson (Richard Shenkarow, manager) a private investment group.
“This acquisition was an opportunity for our Institutional client to acquire a Class A infill, upscale grocery and specialty center in an affluent area in the Catalina Foothills of north Tucson Arizona,” said Dempsey. Casas Adobes Plaza features national, regional and specialty tenants such as Whole Foods, Starbuck’s, Chipotle, Pei Wei Asian Diner, Jos. A Bank Clothier, Chico’s, Sauce, Loop Jean Company and a Wildflower restaurant.
Dempsey and Fincham also sold the Whole Foods anchored River Center at Craycroft and River about this same time last year for $24.8 million to the same investor. See https://realestatedaily-news.com/river-center-sells-24-8-million-first-tucson-retail-sale-2014/ for full story, or RED Comp #1068.
To learn more, contact Dempsey at 602.954.3772 and Fincham at 602.954.3754. Shekarow of Shenkarow Realty Advisors can be reached at 520.299.2610.
For additional information, login or see RED Comp #2685
[mepr-show rules="58038"]Sale Date: 2/23/2015. APNs: 102-04-076, 077A, 077B, 078, 079, 080A, 081, 082A, 084, 086 & 120. Cap rate was approximately 5.5%[/mepr-show]