January 16, 2014
Lee & Associates Sells Tucson Shopping Center for $24.8M
River Center, a 117,563 SF Whole Foods- and Petco- anchored shopping center at 555 E. River Rd. in Tucson, has sold for $24,775,000. The sale posted a cap rate of 5.5%.
The January 9 closing was lead by Lee & Associates Arizona principals Patrick Dempsey and Jan Fincham. The buyer was Global Retail Investors, LLC, a subsidiary of First Washington Realty, Inc. of Bethesda, MD. The seller was River Center Canada, LLC.
“We were pleased to have sourced this signature Tucson project and worked diligently to provide valuable guidance for both parties,“ said Dempsey.
River Center was constructed in 1986 and remodeled in 1997 and in 2013. The center is located at the base of the Catalina Foothills in northeastern Tucson.