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8/27/24
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Casas Adobes Plaza, a 92.3k sf, Whole Foods-anchored shopping center in Tucson, AZ, traded hands for $51 mil, or $553/sf. The asset was sold by First Washington Realty.
Originally built in 1953 and remodeled in 2014, Casas Adobes Plaza sits on just over 9.5 acres of land at 7001-7139 N Oracle Rd, at the intersection of Oracle and Ina Rd. The center is currently 97% occupied, anchored by renowned grocery retail tenant, specializing in high-quality groceries and organic products. Other anchor tenants include a Starbucks, Pure Barre, Orange Theory and Chico’s.
Casas Adobes Plaza showcases architectural craftsmanship that is rarely seen in modern developments. Its meticulous attention to architectural detail adds a touch of elegance and creates a unique experiential element for visitors, resulting in an impressive rate of consumer retention.
The center serves the two most affluent communities in Tucson, the Catalina Foothills and Oro Valley. The high-end trade area has an average household income of over $122,240 in a one-mile radius.
Casas Adobes Plaza is surrounded by other well-performing retail submarkets, boasting an impressive $2.1 bil in annual consumer spending within a five-mile radius. Additionally, the center is a short drive away from the University of Arizona, which showcases a total enrolment of over 45,000 students.
Patrick Dempsey and Geoff Tranchina with JLL Capital Markets represented the seller in the transaction. JLL’s Greg Brown and Jason Carlos arranged the financing through a life insurance company for the buyer. Quin Madden, also with JLL, supported both the sale and debt team.
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