TUCSON, ARIZONA (January 27, 2023) – River Center neighborhood shopping center at 5555-5675 E River Road in Tucson, located at the northeast corner of River and Craycroft, sold for $31.1 million ($289 PSF).
Anchored by Whole Foods, Petco, and Tenet Healthcare, the 107,508-square-foot center was 100% leased at time of sale that included Childtime Daycare Center.
The center is strategically positioned with an excellent tenant mix of boutique and high-end retailers, with limited direct competition. It is the only shopping center within a one-mile radius.
Built in 1986, the property sits on 9.05 acres.
The seller, GRI River Center Pad, LLC, an affiliate of First Washington Realty of Bethesda, MD bought the property in 2014 from River Center Canada, c/o George Larsen of Larsen Baker of Tucson for $23.5 million. Pete Villaescusa and Jesse Peron at CBRE have been handling the leasing of property, bringing it to full capacity.
The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Managing Director Patrick Dempsey along with Managing Director Geoff Tranchina and Associate Patrick Anthon.
“Investors remain interested in top performing grocery anchored shopping centers in good locations,” said Dempsey. “Whole Foods offers investors an A Credit with excellent sales performance.”
The buyer, Sunbelt Land Holdings, LP of San Diego will handle the management of the center from its Phoenix office.
To learn more, see RED Comp #10429 and #10428.