The Dove Mountain Retail Center, an upscale neighborhood shopping center at 12000 – 12130 N Dove Mountain Blvd in Marana, at the northeast corner of Tangerine Road and Dove Mountain Blvd, sold by lender for $6 million ($72.77 PSF) in an REO sale. The former grocery-anchor space and inline shops total 82,450-square-feet (built 2006) on 13.72 acres.
Dove Mountain Retail Center is at the main entrance to the Dove Mountain master planned community, with affluent and upper middle professional trade area demographics. As part of a World-Class Master-Planned Community, Dove Mountain's master-planned community with more than 3,000 homes, 81 holes of championship golf and the prestigious Ritz-Carlton, Dove Mountain resort. This tranquil community in the high Sonoran Desert has dedicated almost one-third of its nine square miles of land to natural open space. A large percentage of the community is surrounded by formal preserves and Arizona State Land Trust owned Tortolita Mountains.
The Dove Mountain Retail Center includes shops such as Wells Fargo, Walgreens, Vero Amore, Plexus Pilates, Dove Mountain Cleaners, Northwest Medical Center, Long Realty, and Dove Mountain Grill.
Available at time of sale was the 54,727-square-foot anchor and 28,407-square-feet of inline space. The property was 26% leased at time of sale.
The seller was Principal Global Assets (Mark Hanrahan, Real Estate Acquisitions and Dispositions) of Des Moines, IA that took possession of the property in March 2010. The buyer of the value-add property was Dove Mountain I & II, LLC (Scott Singer, manager) of Boca Raton, FL.
Mindy Korth, executive vice president, and Kirk Kuller, vice president, both of Colliers International, represented the seller. Paul Schloss of Bourne Advisory Services, LLC of Tucson represented the buyer.
To learn more Korth and Kuller can be reached at 602.222.5000 and Schloss is at 520.323.1005.