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1/18/24
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Prairie Hill Holdings acquired Rillito Crossing, a 96.4k sf, grocery-anchored retail center in Tucson, AZ, for $27.5 mil ($285/sf). The asset was sold by Epic Real Estate Partners and Centerbridge.
Completed in 2008, Rillito Crossing Marketplace is currently 96% leased to a mix of local and national tenants consisting of grocery, fitness, health / wellness, restaurants and other complimentary uses. The property is anchored by Sprout’s, which has over six years of lease term remaining and recently completed a $1.2 mil interior remodel.
Additional tenants include Sola Salons, LA Fitness, Adrian’s Barbershop, Smoothie Factor, JK Nails, The Joint Chiropractic, The Tea Hub, Dao’s Tai Pan’s and Rita’s Italian Ice Custard. The center also includes two vacant land parcels, totaling 2.78 acres that are prime for additional retail development.
Located at 4206 - 4282 N 1st Ave, Rillito Crossing Marketplace is situated within Tucson’s premier Oracle / Wetmore retail trade area, offering a large national presence and wide consumer draw. Within a five-mile radius is a dense population of 243,000 people, and Tucson Mall and the affluent Catalina Hills are adjacent to the property. The center is approximately four miles south of the University of Arizona, home to over 44,800 students, and is within a quarter mile of over 1,150 apartment units.
Patrick Dempsey and Bryan Ley with JLL Capital Markets represented the seller, Epic Real Estate Partners and Centerbridge.
“Grocery-anchored shopping centers are performing at a record high 95% occupancy across the U.S., while new development activity is minimal. Investor interest continues to be strong in this resilient retail category due to increasing rental rates and strong fundamentals,” said Dempsey.
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