Tucson, Ariz. – CBRE has completed the sale of the Shops at Desert Springs shopping center located at 7250 N. La Cholla Blvd. in Tucson. The 20,485-square-foot neighborhood retail center sits on a 1.91-acre parcel at the northeast corner of Ina and La Cholla and commanded a sale price just north of $5.38 million ($262.68 PSF).
Pete Villaescusa, Mike Sandahl, Jesse Peron and Wyatt Campbell in CBRE’s Tucson office, along with a team lead by Phil Voorhees and Brad Rable in the firm’s Newport Beach office, negotiated the transaction. The buyer was Bastion Investments, LLC of Laguna Niguel, Calif. The seller was La Cholla Retail II, LLC of Tucson.
“We are definitely seeing an uptick in West Coast investors buying in markets like Tucson,” said CBRE’s Villaescusa. “Investors are able to acquire quality properties with a higher rate of return than what they would get in their home markets.”
The Shops at Desert Springs is an Albertsons shadow-anchored neighborhood retail center that was 100 percent leased at time of sale. Occupants are a stable mix of retail, restaurant and service-oriented users, including Christie’s Appliance, Edward Jones, L’Amour Nails, Great Clips, H&R Block, Casey’s Hallmark, Edmund Marquez Insurance, Papa Murphey’s Pizza and the Arizona National Guard.
To learn more Villaescusa, Sandahl, Peron and Campbell can be reached in the Tucson office at 520 323.5100. Voorhees and Rable can be contacted in Newport Beach, Cali at 949.725.8500.
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[mepr-show rules="58038"]Sale date: 2/23/2015. Sale price: $5,381,000. Property sold with a reported cap rate of 6.6% fully leased and triple net charge of $4.50 PSF.[/mepr-show]