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.

To learn more, see RED Comp #11442.

TUCSON, AZ (August 30, 2024) – Wilmot Energy Center II, LLC, an affiliate of Florida-based NextEra Energy, bought a 1,076-acre solar site at Andrada Road and Wilmot Road in Tucson for $14 million ($13,011 per acre / $0.30 PSF). This will be the company’s second solar site in Tucson.

The seller was an affiliate of Diamond Venture, and the buyer was Wilmot Energy Center II, LLC, a subsidiary of NextEra Energy.

The Wilmot Energy Center, the first 100-megawatt AC photovoltaic project with 30MW of linked battery storage, began operations in June 2023. It was constructed by the same developer, NextEra Energy Resources, on 1,130 acres at 11425 S Swan Road in Tucson.

With Tucson’s newest and largest solar power system online at Wilmot Energy Center, Tucson Electric Power (TEP) can deliver more solar energy than ever before – including when the sun isn’t shining.

The Wilmot Energy Center II project will also feature:

• Photovoltaic (PV) solar arrays generate up to 100 megawatts (MW) of clean, renewable energy.
• A $314 Million Project investment that will create 200 construction jobs.
• The project is scheduled to begin operations by May 2025, subject to local and state approvals.

For decades, NextEra Energy Resources’ subsidiaries have been helping fuel America’s economic growth and quality of life and moving our nation toward energy independence. The company and its subsidiaries operate solar projects in 29 states and five projects in Arizona.

Both solar farms will serve Tucson Electric Power customers. Rising from the desert floor south of the city, it is now churning out clean energy while the sun shines—and even when it doesn’t.

The batteries are charged by 314,000 solar panels at Wilmot Energy Center that can track the sun’s movement for increased production. On most days, TEP will charge the battery in the morning and early afternoon when solar resources are most productive, then deliver stored energy during peak usage. The WEC will produce enough power over a year to serve the annual electric needs of about 26,000 homes.

The Wilmot Energy Center is key to TEP’s plan to reach 70% renewable energy generation by 2035.

The battery system allows TEP to bank power for the late afternoon and early evening summer hours of peak demand when power production from photovoltaic panels starts fading with the sun.

TEP installed its first two 10MW battery systems in 2017 and plans to expand to more than 1,400MW by 2035.

Power from the Wilmot Energy Center is relatively cheap. In 2017, TEP made industrywide news when it announced that it would buy Wilmot’s solar power for less than 3 cents per kilowatt hour, or under 4.5 cents with battery power included—an industry low at the time.

TUCSON, AZ (August 30, 2024) — Pueblo Vida Brewing Company will soon be expanding, having purchased the adjoining 2,638-square-foot building at 40 S Arizona Ave, Tucson, next to their current space at 115 E Broadway Blvd. in downtown Tucson.

The building sold for $300,000 ($114 PSF) on August 27.

The seller, RSVP Franklin Partners, LLC, was represented by Heather Baron and Mike Stilb of M.A.S. Real Estate Services.

Broadway Downtown, LLC, the buyer, was represented by Anne Peters and Curt Stinson of Engel & Volkers.

Located in Downtown Tucson, Pueblo Vida Brewing Company creates an authentic beer-drinking experience by brewing unique and world-inspired beer styles that are locally crafted with the highest quality ingredients with a passion for brewing that strives for quality, uniqueness, and repeatability.

The brewery and taproom space was built in 1918, and we immediately envisioned its grand potential. Ninety-six years of add-ons, including plaster over the red bricks, a drop ceiling covering the old-growth Mt. Lemmon pine, and painted hardwood fir floors, were all uncovered so the building’s original craftsmanship could be seen again. We worked hard to bring back its original luster and create a place where you can feel at home.

The Brewery will have extended Taproom hours for the Labor Day Weekend, Fri, Aug 30, 2024 12:00 PM  – Mon, Sep 2, 2024 7:00 PM.

Pueblo Vida Brewing Company will have special Taproom Hours for the loooong weekend, so come hang!

• Friday 8/30: 12-10 PM
• Saturday 8/31: 12-10 PM
• Sunday 9/1: 12-10 PM
• Monday 9/2: 12-9 PM

For more information on this sale, Baron and Stilb can be reached at 520.888.5127 and Peters and Stinson are at 520.954.5800.

To learn more, see RED Comps #11455