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Rita Ranch Shopping Center Sells to L.A. Buyer for $12M

TUCSON-A local developer sells the 71,881-sf retail center, including the grocery anchor space, for $11.9 million. Anchored by Safeway, the five-year-old center, with a 95% occupancy, has an inline roster that includes Blockbuster, the UPS Store and Subway.

By Jennifer D. Duell | Updated on December 08, 2004

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TUCSON-Rita Ranch I LLC, a private investor from Los Angeles that owns several other assets in the Valley, has paid $11.9 million for Rita Ranch, a 71,881-sf, Safeway-anchored center. The sale also includes three developable pads valued at $1.3 million.

Nexus Valencia Retail LLC, a Phoenix-based development group, sold Rita Ranch, which was originally listed for close to $13.8 million. “Normally they hold their assets, but they will (use the sale proceeds) for future land acquisitions,” says says Jan P. Fincham of Lee & Associates Arizona’s Phoenix office, who brokered the deal along with partners Patrick A. Dempsey and Kevin P. Kopp.

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