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8/23/12
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In a major retail acquisition, DDR Corp purchased The Tucson Spectrum Shopping Center, a 709.8k sf regional center in Tucson, AZ, for $123.4 mil. The acquisition also included seven developable finished retail pads of both Phase I and Phase II of the regional retail center, located at Irvington Rd and I-19. We’re told that the price per sf for this deal works out to $177/sf.
Tucson Spectrum Phase I and Phase II, including Target and Home Depot, consists of over 1 msf of retail space situated on 122 acres of land. The center is home to many national and regional tenants such as Target, Home Depot, Ross, PetSmart, Marshalls, Michaels, J.C. Penney, Best Buy, Old Navy, Bed Bath & Beyond, Harkins Theatres and LA Fitness.
Jan Fincham and Patrick Dempsey, both principals with Lee & Associates Arizona, represented the sellers, an affiliate of Phoenix-based Barclay Group along with Creswin Properties Inc, a Canadian real estate company, and also procured the buyer. “The Tucson Spectrum is one of the largest and most successful open-air retail power shopping centers in the Western United States and serves Tucson, Southern Arizona and Northern Mexico,” said Fincham. “Many of the tenants in the Tucson Spectrum have some of the highest sales volumes in the country for their stores.”
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