Casas Adobes Plaza, 7001-7139 North Oracle Road, Tucson, AZ |
PHOENIX, AZ – JLL Capital Markets has arranged the $51 million sale and acquisition financing of Casas Adobes Plaza, a Whole Foods-anchored shopping center in Tucson, Arizona.
Patrick Dempsey |
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.
"Quality
grocery-anchored retail centers continue to outperform other commercial asset
classes and achieve best-in-class pricing," according to Dempsey.Geoff Tranchina.
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.
Greg Brown |
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.
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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