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October 27, 2021
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Tucson Lifestyle Center is Acquired in $165 Mil Transaction


La Encantada, a 246.3k sf, open-air lifestyle center in Tucson, is under new ownership after being acquired by a group of local investors in a transaction valued at $165.25 mil ($671/sf). The deal was financed with a new loan for $102 mil.

Completed in 2003, La Encantada is 93% leased to some of the most recognized names in apparel, home goods, beauty and jewelry, including Crate & Barrel, Tiffany & Co, West Elm, Anthropologie, Athleta, Lululemon, Pottery Barn, Madewell, Warby Parker, Williams-Sonoma and Bluemercury. Additionally, the retail center is home to popular health, wellness and fitness options Barre 3, Core Health & Fitness, Fuchsia Spa and Laseraway, along with a variety of full service and specialty food and beverage retailers such as AJ’s Fine Foods, RA Sushi Bar and Restaurant, North Italia and Blanco Tacos + Tequila.

Situated near the base of the Santa Catalina Mountains in the highly sought-after Foothills Retail submarket, La Encantada is located at 2905 E. Skyline Dr. It sits at the intersection of Skyline Dr and Campbell and is surrounded by some of Tucson’s most prestigious, affluent and in-demand neighborhoods.

More than 35,000 residents earning an average annual household income of $120,785 live within a three-mile radius of the property. Additionally, the center is the premiere retail asset in Tucson and pulls from an extended trade area due to having significant market exclusive retailers and restaurants.

Patrick Dempsey with JLL represented the seller, Macerich Company. Jeremy Womack and Zane Coffman, also with JLL, arranged the fixed-rate, full-term, interest-only acquisition loan with an investment bank and financial services company.

“This asset is the crown jewel of Tucson retail,” Dempsey said. “Many stores at La Encantada are exclusive to the area, with a draw expanding the entire market. Lack of available land for new development in the Foothills Retail submarket makes La Encantada an irreplaceable property.”

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