TUCSON—Lee & Associates has completed the sale of the Casas Adobes Plaza, an upscale retail shopping center in Tucson for $46 Million.
Casas Adobes Plaza is an iconic 91,318-square-foot, grocery-anchored specialty shopping center, strategically located at the Southwest corner of Ina and Oracle roads in an affluent area of north Tucson. It is anchored by a new Whole Foods that opened this past August.
Jan Fincham and Patrick Dempsey, principals with Lee & Associates in Phoenix, facilitated the transaction on behalf of their Institutional client, GRI Investors of Bethesda. The seller was Casas Adobes Plaza LLC of Tucson, a private investment group.
Fincham and Dempsey tell GlobeSt.com, “This quality location is irreplaceable; it fit the criteria for our institutional client who a year ago last January purchased another Whole Foods-anchored center called River Center. The buyer was attracted to the Whole Foods and other national tenants in this affluent area. It was an unusual sale. This property was built in 1950 and for 65 years has been one of the best centers in Tucson. It really took the right type of institutional investor to pay up. It's a very special property. The Whole Foods formerly housed a Wild Oats and the transformation to the Whole Foods was a major improvement. It was a great investment for our client and a great sale for the seller. It was recently remodeled and had a big capital infusion. The buyer got what they paid for. There was definitely pride of ownership in the property.”
Casas Adobes Plaza features national, regional and specialty tenants such as Whole Foods, Starbuck's, Chipotle, Pei Wei Asian Diner, Jos. A Bank Clothier, Chico's, Sauce, Loop Jean Company and a Wildflower restaurant.
“There is this perception that institutional buyers will not go to Tucson,” adds Fincham. “But they will go for the right deal.”
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