Wilmot Plaza $47.3M Sale Named Tucson’s 2016 ‘Deal of the Year’

Wilmot Plaza, Broadway & Wilmot, Tucson, AZ

TUCSON, Arizona — As we look back over the 782 commercial transactions to-date for Tucson in 2016, with the help of our RED Comps database, the ‘Deal of the Year’ stands out as being the highest retail sale of the “trophy asset” Wilmot Plaza. Purchased in September 2016, by DSW Wilmot Plaza LP, an Arizona-based investment group DESCO Southwest, managing director Michael Sarabia along with partner James Hardman believe strongly in the fundamentals of this recently redeveloped 139,000-square-foot multi-building neighborhood center.

The center has a long history of being a landmark retail center in the central-east corridor of Tucson. The substantial visibility from both Broadway and Wilmot roads, access to this major arterial intersection, and close proximity to Park Mall (General Growth Properties) and the St. Joseph’s Hospital and medical office complex all benefit the center.

Wilmot Plaza sold for $47.3 Million ($340 PSF) from BP Wilmot Plaza (Don Bourn, manager) a Bourn Companies’ destination retail re-development. Bourn had fully redeveloped the center with an all-star tenant line up including:  TJ Maxx, Dicks Sporting Goods, Nordstrom Rack, Payless Shoes and AT&T and sold fully leased.

Bourn had acquired the property in July 2013 for $6.2 million, seeing the potential when it was still 60-70% vacant. Renovations began in 2014, razing the north half of Wilmot Plaza, at the northeast corner, and completely remodeling the buildings that weren’t razed while tenants remained open. Through redevelopment efforts Bourn transformed the 10-acre property into a first-class shopping center.

Built in 1956, the property consists of relatively large buildings grouped along the northern and eastern edges of the site. The Tucson General Plan defines the area as a regional commercial activity center that includes Park Place Mall and several shopping centers along Broadway Blvd, a high-density office and residential node northwest of the intersection and the St. Joseph’s Hospital and medical office complex. The General Plan also encourages redevelopment and expansion of strip commercial development to improve traffic flow, pedestrian circulation and safety, and streetscape quality, providing primary access from arterial streets away from residential uses.

Toufic Abi-Aad (CFO Bourn Companies) handled the disposition for the seller, and Michael Sarabia and James Hardman (DESCO Southwest) represented DSW Wilmot Plaza LP. Tim Storey with Newmark Capital in Phoenix assisted with financing for the acquisition.

The acquisition reflects DESCO’s continued investment strategy in the Arizona marketplace where Michael Sarabia, managing member of DSW Wilmot Plaza LP and DESCO Southwest, has been an active participant for the past 16 years. Sarabia stated at time of sale, “When looking at submarkets we take into consideration several mitigating factors such as household income, growing population, quality of building, tenant mix, term of leases and strategic location of asset.  Don Bourn and his team have been able to source high profile sites and develop signature projects in irreplaceable locations, we are pleased to be able to work with them on this acquisition.”

The acquisition is part of DESCO’s continued investment strategy in the Arizona region, a market where they own/manage over 500,000-square-feet of retail and office.

Congratulations to DESCO Southwest and Bourn Companies!

For more information, Sarabia and Hardman should be reached at 520.297.8929 and Abi-Aad can be contacted at 520.323.1005. Storey can be called at 602.374.7854.

To learn more, see RED Comp #4163.




Tucson’s Wilmot Plaza Fully Leased Fetches $47.3 Million

Wilmot Plaza, Broadway & Wilmot, Tucson, AZ
Wilmot Plaza, Broadway & Wilmot, Tucson, AZ

TUCSON, ARIZONA – DSW Wilmot Plaza LP, an Arizona based investment group, has acquired Wilmot Plaza shopping center.  The group’s managing director Michael Sarabia along with partner James Hardman (DESCO Southwest) believe strongly in the fundamentals of the 139,000-square-foot multi-building “trophy” asset.

Wilmot Plaza was purchased for $47.3 Million ($340 PSF) from BP Wilmot Plaza, a Bourn Companies destination retail development. Bourn fully redeveloped the center with an all-star tenant line up including:  TJ Maxx, Dicks Sporting Goods, Nordstrom Rack, Payless Shoes and AT&T.

The substantial visibility from both Broadway and Wilmot roads, access to the major arterial intersection, and close proximity to Park Mall (General Growth Properties) benefit the center.  Wilmot Plaza offers a diverse shopping experience including off-price retailers, sporting goods and signature fast casual dining. The center has a long history of being a landmark retail center in the central-east corridor.

Toufic Abi-Aad (CFO Bourn Companies) handled the disposition for the seller, and Michael Sarabia and James Hardman (DESCO Southwest) represented DSW Wilmot Plaza LP. Tim Storey with Newmark Capital in Phoenix assisted with financing for the acquisition.

The acquisition reflects DSW’s continued investment strategy in the Arizona marketplace where Michael Sarabia, managing member of DSW Wilmot Plaza LP, has been an active participant for the past 16 years.  Sarabia states, “When looking at submarkets we take into consideration several mitigating factors such as household income, growing population, quality of building, tenant mix, term of leases and strategic location of asset.  Don Bourn and his team have been able to source high profile sites and develop signature projects in irreplaceable locations, we are pleased to be able to work with them on this acquisition.”

The acquisition is part of DSW’s continued investment strategy in the Arizona region, a market where they own/manage over 500,000-square-feet of retail and office.

For more information, Sarabia and Hardman should be reached at 520.297.8929 and Abi-Aad can be contacted at 520.323.1005. Storey can be called at 602.374.7854.

To learn more, see RED Comp #4163.




Bourn brings Second Nordstrom Rack and New Build-to-Suit to Tucson

Conceptual Rendering of Nordstrom Rack at Wilmot Plaza (click to enlarge)
Conceptual Rendering of Nordstrom Rack at Wilmot Plaza (click to enlarge)

Seattle-based Nordstrom, Inc. (NYSE: JWN) announced Thursday plans to open Nordstrom Rack at Wilmot Plaza in Tucson, Arizona. The approximately 25,000-square-foot store is scheduled to open in spring 2016. The property is owned by BP Wilmot Plaza LLC, an affiliate of Bourn Companies LLC, a commercial real estate investment, development and services company based in Tucson, Arizona.

Nordstrom Rack will be joining fellow anchors TJ Maxx and Dick’s Sporting Goods in the redeveloped Wilmot Plaza shopping center, located at the northeast corner of Broadway Boulevard and Wilmot Road, near Park Place Mall. Wilmot Plaza will encompass approximately 140,000-square-feet of retail space when the 10-acre shopping center is fully redeveloped.

“We’re excited to offer our customers in Tucson another location to shop for the brands they love at great prices by adding a second Nordstrom Rack at Wilmot Plaza,” said Geevy Thomas, president of Nordstrom Rack. “We’re hopeful this will give new and existing customers a more convenient shopping experience.”

The new store will be the seventh Nordstrom Rack in Arizona, and the second in Tucson, joining Nordstrom Rack at The Corner which opened in 2011. Nordstrom also operates two full-line stores in Arizona, and began serving customers in 1998 at Fashion Square in Scottsdale.

Since its origination in 1990, Bourn Companies and its predecessors have completed over 4 million-square-feet of acquisitions and developments, specializing in corporate office buildings, retail shopping centers and unique multi-family residential and hospitality properties.

“We are thrilled to once again to be working with Nordstrom to bring a Rack store to Wilmot Plaza to serve the east half of the market and southern Arizona,” said Don Bourn, principal of Bourn Companies, LLC.

In a separate transaction, Bourn Companies through affiliate, BP Grant PAD Investors LLC, bought a 31,748-square-foot retail pad at 6572 E Grant Road in Tucson from Target Corporation for $640,000 ($20.16 PSF). The property is located at Grant and Tanque Verde and was excess land for Target. Bourn purchased it to pre-lease for either a single tenant built-to-suit ranging from 2,500 to 7,500-square-feet, or possibly a multi-tenant building up to a 7,500-square-foot footprint.

Alan Tanner and Brigham Stevens with Bourn Advisory Services in Tucson are handling the leasing for both properties and should be reached at 520.323.1005.

For additional information on these transactions, see RED Comp #1136 and RED Comp #3148.