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September 26, 2023
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Arizona Retail Center Trades for $289/sf


A private investor paid $31.1 mil for River Center, a 107.5k sf ($289/sf), Whole Foods-anchored, neighborhood retail center located in Tucson. The property was sold by First Washington Realty

The Class A property is 100%-leased to a tenant line-up consisting of both national and local tenants. River Center is anchored by Whole Foods, Petco and Walgreens (NAP), and includes other notable tenants Tenet Healthcare, Childtime Childcare and Orange Theory Fitness.

Located at 5555-5675 East River Rd, River Center is well-situated in the highly desirable and land-constrained Catalina Foothills submarket. The high traffic counts, ideal consumer profile and national demand in the area help the neighborhood shopping center stand out amongst its competition.

Patrick Dempsey, Geoff Tranchina and Patrick Anthon with JLL Retail Capital Markets Investment Sales and Advisory team represented the seller in the deal.

“Investors remain interested in top performing grocery anchored shopping centers in good locations,” said Dempsey. “Whole Foods offers investors an A Credit with excellent sales performance.”

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