JLL Capital Markets announced today that it has closed the $31.1 million sale of River Center, a 107,508-square-foot, Whole Foods-anchored, neighborhood retail center located in Tucson, Arizona.
JLL represented the seller, First Washington Realty, and a private investor acquired the asset.
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The Class A property is 100-percent-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.
The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Managing Director Patrick Dempsey along with Managing Director Geoff Tranchina and Associate Patrick Anthon.
“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.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
