The Rancho Vistoso Center at 12925-13005 N Oracle Road in Oro Valley recently sold on Auction.com for $4 million ($48 PSF) to WCCP Rancho Vistoso, LLC of Scottsdale (William Metzler, manager). The seller was CWCapital Asset Management, a lender out of Bethesda, MD.
The 84,098-square-foot shopping center located in Oro Valley, AZ consists of four (4) retail buildings constructed in 1995 on an 11.48 acre lot. The site includes 481 surface parking spaces, for a parking ratio of 5.72 spaces per 1,000 SF. The property was formerly anchored by a Bashas' Grocery, which closed in 2009.
Existing tenants include Walgreens, State Farm, Chase Bank, and UPS. As of May 1, 2015, the property was 46.7% occupied.
Population within a 5-mile radius is 43,296 as of 2015, and is projected to grow at 1.3% annually by 2020. Average household income in the area is $88,835.
The Oro Valley retail submarket was at a 12% vacancy with an average asking rent of $15.94 PSF.
Joshua Jacob with HTX Realty of Irvine, CA represented the seller, CWCapital in the transaction.
See RED Comp #3199 for additional information.