The Tucson Spectrum Shopping Center sold to a publicly-traded investment trust for $125.4M. DDR Corp. purchased the 709,811 SF and seven developable finished retail pads of the Phase II portion of the regional retail center located at Irvington Road and Interstate 19. Price per square foot for this transaction was calculated at $177.00.
Tucson Spectrum Phase I and Phase II consist of more than 1 MSF of retail space and situated on 122 acres of land.
The sellers were an affiliate of the Phoenix-based Barclay Group along with Creswin Properties Inc, a Canadian real estate company.
“This transaction is the culmination of over a decade of meticulous planning and development, said Scott T. Archer, Managing Director of Barclay Group. “Our partners, relationships, and company’s dedication were essential in creating this institutional quality asset. With the stabilization of the center and the improvement in market conditions, it proved to be an opportune time to sell. With DDR’s reputation and proven track record, they provide a natural fit to ensure the future success of Tucson Spectrum.”
Investment brokers Jan Fincham and Patrick Dempsey, both principals with Lee & Associates Arizona, represented the seller and 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,” Fincham said. “Many of the tenants in the Tucson Spectrum have some of the highest sales volumes in the country for their stores”
The retail 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.