Rita & Houghton, LLC, an investment group formed by three companies, Old Lobos an affiliate of the Ault Companies (Ron Ault, manager), Aspen Enterprises of Scottsdale, a private equity firm (Don Meyers, manager) and Newquist Family Trust (Dave Newquist, trustee) sold the Shoppes at Rita Ranch in Tucson to GTT The Shoppes at Rita, LLC an affiliate of Carbas Corporation (Lynn Morrison, president) for $12.75 million ($389.55 PSF).
The 32,730-square-foot neighborhood retail center is anchored by Fry’s Marketplace excluded from the sale as were two out pads, Bank of America and Carl’s Jr. restaurant. The sold property was developed by the sellers in 2005, located at the northwest corner of Rita and Houghton Roads, at 8110 – 8160 S Houghton Road in Tucson. The center was 93% occupied at time of sale and had a historically very low turn-over rate.
Tenants at the center include Pizza Hut- Wing Street, Brueggers, Baskin Robbins, Subway, Great Clips, Verizon, Eva Nails, Sally Beauty, Zona Fitness and Pacific Dental in four buildings.
The Ault Companies, one of the sellers, specialize in the direct development of high-quality, community-based retail and small office destinations throughout Arizona. Notable projects include: The Shoppes at Tangerine Crossing, Villagio, The Shoppes at Rita Ranch, Heritage Plaza Shoppes, The Shoppes at Buckeye Market Place, Rancho del Lago-Walgreens, and Cimarrona.
Ryan Schubert and Michael Hackett with Cushman & Wakefield handled the transaction for investors and seller. The buyer, Lynn Morrison, is also a licensed real estate broker in Scottsdale.
For additional information Schubert and Hackett should be reached at 602.224.4468, Morrison is at 480.991.4700 and Ault can be contacted at 602.469.5505.
To learn more, see RED Comp #3558.