ORO VALLEY, ARIZONA – Affiliates of Tucson-based Town West Realty (James Horvath, manager) bought the Oro Valley Marketplace and excess land from Phoenix-based Vestar for $45.15 million ($87 PSF).
Oro Valley Marketplace is a 517,516-square-foot shopping center on approximately 87 acres, located at the southwest corner of Tangerine Road and Oracle Road. The property was approximately 80% occupied at time of sale. The transaction also included approximately 20 acres of improved pad sites. The developer has plans to develop the excess land into residential and hotel projects.
The property is currently leased to a diverse tenant roster including Walmart, Cinemark Theatre, Best Buy, Petco, DSW and Ulta. The sale included the outparcels for Chase Bank, Keg Restaurant, Red Lobster and Olive Garden.
Developed in 2008, Oro Valley Marketplace earned the first LEED Silver certification among Arizona retail projects from the U.S. Green Building Council. Vestar salvaged and replanted about 300 trees and 1,000 other plants at the center, which also became a restored riparian habitat with a trail system feeding into the nearby Catalina Mountains.
Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller, Vestar and Town West Realty, the buyer, was self-represented.
“Oro Valley Marketplace is a grocery and theater anchored destination center developed in the highest quality standards and provides new ownership with the opportunity for continued value enhancement,” Schubert said.
For more information, Schubert can be reached at 602.224.4472 and Hackett is at 602.224.4449.
To learn more, see RED Comp #7162.