$51M Whole Foods-anchored shopping center sold in Tucson
JLL Capital Markets facilitated both the sale and acquisition financing for Casas Adobes Plaza in Arizona
PHOENIX, Aug. 26, 2024 – JLL Capital Markets announced today that it has arranged the $51 million sale and acquisition financing of Casas Adobes Plaza, a Whole Foods-anchored shopping center in Tucson, Arizona.
JLL worked on behalf of the seller, First Washington Realty, to secure the buyer and facilitate the acquisition financing with a correspondent life insurance company.
Casas Adobes Plaza is located at 7001-7139 N Oracle Rd., at the intersection of Oracle and Ina Rd. This trophy asset serves the two most affluent communities in Tucson, the Catalina Foothills and Oro Valley. The high-end trade area has an average household income of over $122,240 in a one-mile radius. Casas Adobes Plaza is surrounded by other well-performing retail submarkets, boasting an impressive $2.1 billion in annual consumer spending within a five-mile radius. Additionally, the center is a short drive away from the University of Arizona, which showcases a total enrolment of over 45,000 students.
"Quality grocery-anchored retail centers continue to outperform other commercial asset classes and achieve best-in-class pricing," according to Dempsey.
Rated the #1 grocery-anchored center in Tucson, Casas Adobes Plaza spans an impressive 92,330 square feet on 9.51 acres of land. Originally built in 1953 and remodeled in 2014, the center showcases architectural craftsmanship that is rarely seen in modern developments. Its meticulous attention to architectural detail adds a touch of elegance and creates a unique experiential element for visitors, resulting in an impressive rate of consumer retention. The center is currently 97% occupied, anchored by renowned grocery retail tenant, specializing in high-quality groceries and organic products. Other anchor tenants include a Starbucks, Pure Barre, Orange Theory and Chico’s.
The JLL Capital Markets Investment Advisory team was led by Managing Directors Patrick Dempsey and Geoff Tranchina. The Debt Advisory team was spearheaded by Senior Managing Director Greg Brown and Senior Director Jason Carlos. Analyst Quin Madden supported both the sale and debt team.
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 sales and 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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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. 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. They specialize in the ownership of convenience, necessity and experience-oriented retail real estate all across the U.S. FWR currently owns an interest in 143 shopping centers with a value of over $8.7 billion located in 22 states and the District of Columbia. Their essential real estate portfolio contains nearly 22 million square feet with approximately 3,700 tenants. For more information, visit www.firstwash.com.