Tucson Premium Outlets and Marana Center Broke Ground This Week
TUCSON, AZ – Vintage Partners, sold 46-acres of its 161-acre mixed-use commercial center in Marana, on the south side of Twin Peaks Road between I-10 and Linda Vista Boulevard to Simon Property Group for $12.26 million ($266,505 per acre) for construction of a much anticipated 360,000-square-foot open-air outlet mall, called Tucson Premium Outlets.
Tucson Premium Outlets will offer a diverse selection of retailers including apparel and shoes, accessories, leather goods, home furnishings and more to anchor the site that broke ground this week. Simon Property Group also owns and operated the Phoenix Premium Outlets in Chandler with 90 outlet stores there.
“The rest of the 161-acre site, called Marana Center, is to be a commercial hub as the Town of Marana has envisioned,” David Scholl of Vintage Partners told us. “With hospitality, retail, a potential auto dealership, offices, medical and perhaps even a movie theater.”
The Town of Marana approved Vintage’s development plan for Marana Center earlier this month, which is zoned for a wide variety of commercial uses, including retail, restaurants, hotels, auto dealerships, office and medical. Vintage worked closely with the Town of Marana’s leadership and planning officials to develop a plan for this site that honors the Town’s original vision for this land created several years ago.
The 46-acres that sold to Simon Property Group, a national mall developer is being graded and getting infrastructure side-by-side to Marana Center. Tucson Premium Outlets is scheduled for completion in Fall 2015.
“The Town is excited about the Marana Center plans,” said Gilbert Davidson, Marana town manager. “This is one of the most significant projects in the community’s history and our team will do everything it can to ensure its success.”
“Marana Center is poised to become Southern Arizona’s favorite regional shopping destination,” said Scholl. “With guidance from the Town of Marana, we have created an exciting plan for Marana Center, and are excited to break ground and share this vision with the Southern Arizona community.”
Vintage Partners is a commercial real estate development and investment company whose principals have extensive experience in commercial real estate acquisition, entitlement, development, disposition, leasing and management. For information, visit Vintage Partners at www.vintagevp.com or at (602) 626-8992.
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[mepr-show rules="58038"]Sale Date: 8/22/2014. Sale Price: $12,259,234.75; all cash deal. APNs sold to Simon Property Group inlcude: 221-04-001D, 002, 003, & 004G - 46 acres reported by the seller. Grading property by seller is included in the sale price. Vintage Partners purchased the 161-acres in Dec. 2013 for $23.9 million ($148,447 per acre). [/mepr-show]