Whole Foods-anchored retail center in Arizona trades for $31.1M
JLL Capital Markets arranged the sale of the 107,508-square-foot River Center in Tucson, Arizona
PHOENIX Jan. 26, 2023 – 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.
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.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About First Washington Realty
First Washington Realty (FWR) is a fully integrated, national real estate investment and management firm that specializes in the ownership of convenience, necessity, and experience-oriented retail real estate.
FWR currently owns nearly 150 shopping centers with a value of over $9.3 billion located in 22 states and the District of Columbia. Their shopping center real estate portfolio contains nearly 22.6 million square feet with approximately 4,000 tenants.