Epic Real Estate Partners Buys Ventana Village for $21.55 Million

TUCSON, ARIZONA – Epic Real Estate Partners purchased Ventana Village, a 110,116-square-foot grocery-anchored neighborhood center at 6860-6920 East Sunrise Drive in Tucson, Arizona for $21.55 million ($196 PSF).

Strategically positioned at the intersection of Sunrise Drive and Kolb Road, Ventana Village is 90.8% occupied and anchored by a high-performing Basha’s Supermarket in 52,556-square-feet, Tuesday Morning in 9,972-square-feet, Risky Business in 6,069-square-feet and Wells Fargo bank in 3,529-square-feet.

The center was built in 1994 on 11.88-acres and serves Catalina Foothills and Sabino Canyon, among Tucson’s most affluent neighborhoods, with an average household income exceeding $110,000 within a one-mile radius.

Epic Real Estate Partners is a commercial real estate investment firm headquartered in Austin, Texas. In conjunction with institutional partners, Epic seeks value-add opportunities in grocery-anchored and power center retail in top 60 markets, select college towns and resort communities nationwide.

“This is Epic Real Estate Partners’ first acquisition in Tucson,” said Cody Perlmeter, Director of Legal and Asset Management. “We are excited about the opportunity the Basha’s anchored center offers. We love the real estate, and have already had most the company from Austin out to visit Tucson. The asset is higher occupancy than our typical properties.” Perlemeter refers to it as a “value-add-lite” asset.

CJ Osbrink and Gleb Lvovich, Investment Sales Advisors with HFF of Newport Beach, CA negotiated the transaction for the seller, Arnelli Ventana, LLC of Los Angeles, CA.

Property management will continue to be handled by Venture West of Tucson and leasing assignment is with Dave Hammack of Volk Company in Tucson.

For more information, Osbrink can be reached at 602.648.8715, Lvovich can be contacted at 949.798.4115 and for Epic Real Estate Partners, visit www.epicrepartners.com.

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[mepr-show rules=”58038″]Sale Date 8/1/2017. APN: 114-15-597A. Property sold at a 6.55% cap rate.[/mepr-show]