Search
 

Tucson Retail Snags $4M

TUCSON-A San Francisco partnership lays claim to 25,741 sf of inline space at Rincon Plaza. Ten days of marketing garners seven full-price offers on the recently renovated property, anchored by a corporate-owned Safeway grocery store.

By Lee Simmons | Updated on June 10, 2004

TUCSON-A Southeast Tucson retail shopping center fetches close to $4 million from a San Francisco partnership coming off 10 months of extensive renovation and repositioning. A week-and-a-half marketing effort attracted seven full-price bids on 25,741 sf of inline space.

The buyers, Dennis Duca and David Peck, bought a portion of Rincon Plaza at 9420 Golf Links Rd., anchored by a corporate-owned, 41,000-sf Safeway grocery store. “We sold it to the current owner 10 months ago. He bought it at the time in a quick all-cash deal. It was almost a distress sale, where the guy who owned it wanted to get rid of it quickly,” Jeff Chalfin, a senior adviser at Sperry Van Ness in Phoenix, tells GlobeSt.com. “It had deferred maintenance, month-to-month leases and hadn’t been painted in years. He bought it at a good time for cap rates, spruced up the property and solidified the rent roll.”

The acquired portion includes a tenant lineup of Goodyear Tire, Subway, UPS Store, Farmers Insurance, Family Dollar and Allied Cash. Very few of those leases, which average $12.50 per sf, expire in the next few years, according to Chalfin. In addition to the grocery anchor, a 13,000-sf Walgreens and pad-site eateries leased to Taco Bell and McDonald’s were not part of the sale.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.