TUCSON, ARIZONA -- River Village, a 16,650-square-foot shopping center attached to a high-performing Albertsons grocery store and located at 5075-5095 La Cañada Drive in the northwestern section of Tucson sold for $4.15 million ($249 PSF). Built in 1998, the Albertsons boasts the second highest sales volume for the area and the inline shops hosts a strong mix of tenants including Great Clips, TitleMax, Subway, Papa John’s and Jackson Hewitt.
Steve Julius, Jesse Goldsmith and Chase Dorsett with Newmark Knight Frank of Phoenix were the sole brokers on the transaction, representing both the seller, VIG River Village LLC, of Colorado and the buyer, HAZ Holdings LLC, of California.
The buyer was in a 1031 exchange and the property sold fully occupied.
“The seller was able to execute its repositioning plan by leasing up roughly 30% of the property,” said Dorsett. “Meanwhile, the buyer was able to acquire a well-stabilized asset with a strong, grocery anchor tenant.”
Julius, Goldsmith and Dorsett continue to be active, completing 27 transactions year-to-date with 3 properties under contract, further confirming Metro Phoenix’s strong market fundamentals, the recovery of the real estate markets in both Phoenix and Tucson, and the expectation of continued growth for the market in the new year.
For more information, Julius should be reached at 602.952.3845, Goldsmith is at 602.952.3846 and Dorsett can be contacted at 602.952.3844.
To learn more, see RED Comp #9463.