Cushman & Wakefield completed the sale of Oro Valley Marketplace, a Walmart anchored shopping center in Oro Valley, Ariz. Town West Realty of Tucson, Ariz. purchased the property from Phoenix-based Vestar.
Michael Hackett and Ryan Schubert of C&W’s Phoenix office negotiated the transaction on behalf of the seller.
Oro Valley Marketplace is a 517,584-square-foot shopping center located at the southwest corner of Tangerine Road and Oracle Road. The property is currently leased to a diverse tenant roster including Walmart, Cinemark Theatre, Best Buy, Petco, DSW and Ulta. The sale included excess land for development and outparcels Chase Bank, Keg Restaurant, Red Lobster and Olive Garden. Developed in 2008, Oro Valley Marketplace earned the first LEED Silver certification among Arizona retail projects from the U.S. Green Building Council.
“Oro Valley Marketplace is a grocery and theater anchored destination center developed in the highest quality standards and provides new ownership with the opportunity for continued value enhancement,” said Executive Managing Director Ryan Schubert.