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April 5, 2020
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North American Development Group Spends $84 Mil on AZ Retail Center


North American Development Group has acquired Tucson Spectrum, a 716.7k sf, Class A, market-leading, grocery-anchored retail center situated in an infill location in Tucson, AZ. The property was sold by Retail Value Inc for $84 mil ($117/sf).

Tucson Spectrum is 88% leased to a diverse slate of market-leading tenants, including Harkins Theatres, Food City, Bed Bath & Beyond, Ross, Marshalls, Best Buy, Michaels and Old Navy. Completed in 2001, the center is shadow anchored by Target and The Home Depot.

The center is positioned at the intersection of West Irvington Rd and I-19, exposing the center to approximately 126,000 vehicles a day. As the only complex, large scale retail center with nationally recognized tenants for 15 miles on Interstate 19, Tucson Spectrum serves an expanded trade area that includes an estimated 541,000 residents within a 10-mile radius. The property is seven miles from the 45,000-student University of Arizona and is less than an hour from the most trafficked port of entry into Arizona.

Bryan Ley, Patrick Dempsey, Ryan Fitzpatrick, Tony Ensbury and Jason Carlos with JLL Capital Markets represented the seller in the transaction.

“Retail is very much alive and well located, high productivity shopping centers will always have demand, from tenants and Investors alike,” noted Ley. “Centers like this with more than 88 acres of land also give buyers multiple future exit strategies and is why we saw significant interest in the deal from institutional and private Investors.”

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