TUCSON, ARIZONA – An affiliate of Portal Investment Management (Scott Tiano and Jon Mendis, Managing Partners) a California-based real estate private equity firm, acquired the Rolling Hills Square Shopping Center in Tucson. Located at the southeast corner of Golf Links and Kolb Roads, at 7050 East Golf Links Road, the neighborhood center was built in 1979 and expanded in 2001 to eight buildings.
A 114,102-square-foot Fry’s Food and Drug anchored center was 97.5% occupied at time of sale with such tenants as Brake Max, Little Caesars, Nationwide Vision, Metro PCS Verizon, Cost Cutters, UPS Store, H&R Block and Banner Health Network.
The asset closed for just over $14,825,000 million, or $130 per square foot, on April 16, 2021.
Portal Investment Management focuses on acquiring and operating grocery anchored shopping centers in growing Western US markets, like Tucson, on behalf of its investor-partners.
“Rolling Hills Square represents an attractive investment opportunity for PIM given its strong real estate fundamentals and location at a highly trafficked intersection,” said Jon Mendis, Managing Partner of PIM. “Fry’s Food and Drug is a leading grocer in the Tucson MSA and the Rolling Hill Square performed well through COVID-19.”
“We are very pleased to kick-off Mandalay Retail Opportunity Fund I, LP with an asset of Rolling Hill Square’s quality,” said Scott Tiano, Managing Partner of PIM. “Rolling Hills Square exemplifies the value add-investment characteristics we are targeting. We expect the asset to generate the solid in-place and consistent cash flow we are seeking on behalf of our investors.”
Michael Hackett and Ryan Schubert of Cushman & Wakefield Phoenix represented the seller. For more information, Hackett and Schubert can be reached at 602.253.7900.
To learn more, see RED Comp #8699.