River Center Sells for $24.8 Million – First Tucson Retail Sale of 2014

River Center
River Center

First Washington Realty, Inc., through its Global Retail Investors, LLC joint venture, purchased River Center at River and Craycroft in Tucson for $24.8 million ($212 PSF). The 117,000-square-foot retail center had been owned and operated by Larsen Baker, LLC of Tucson for 14-years and was 100% leased at time of sale.

The four-anchor center (built 1986) includes PetCo, Whole Foods, Pima County Library, and Walgreen’s on a separate pad (not part of sale). There are also five restaurants, offices and a Pilates studio.

First Washington is currently a partner with California Public Employees’ Retirement System (“CalPERS”), the largest public pension fund in the United States, in a venture called Global Retail Investors, LLC, an investment entity that owns and operates approximately 90 retail property investments nationwide.

Global Retail also owns Lincoln Village at 6200-6300 North Scottsdale Road in Scottsdale, AZ, however this is its first venture into the Tucson market. First Washington is a privately owned real estate investment, advisory and management company which specializes in the acquisition, ownership, financing, and management of neighborhood and community shopping centers located in densely populated areas throughout the United States. The Company endeavors to make sound, long-term investments for its own account and on behalf of its joint venture partners such as Global Retail Investors, in what it believes to be well-located, intrinsically valuable, income producing real estate.

First Washington is wholly owned by its principals, who have specialized in the ownership and operation of shopping center portfolios for over 30 years. The Company employs the same individuals as senior executives who were instrumental in the formation and operation of First Washington Realty Trust, Inc., a publicly-held real estate investment trust which traded on the New York Stock Exchange until February 2001, at which time its portfolio was sold.

Andy Seleznov, CCIM and Melissa Lal, CCIM of Larsen Baker in Tucson represented the seller, Larsen Baker. Patrick Dempsey and Jan Fincham of Lee & Associates in Phoenix represented the buyer.

Seleznov and Lal should be contacted at (520) 296-0200. Dempsey can be reached at (602) 954-3772 and Fincham is at (602) 954-3754 for more information

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[mepr-show rules=”58038″]Sale date: 1/9/2014. Sold in two transactions, the sale price shown in the combined total of $23,485,000 and $1,290,000, for a total sale price of $24,775,000. The $1.29 million portion was the downleg in a 1031 exchange for seller. APNs: 109-22-134L, 134N, and 134S. The property sold with a 5.85% cap.[/mepr-show]