TUCSON – JLL Capital Markets announced that it has closed the US$84 million sale of Tucson Spectrum, a 716,704-square-foot, Class A, market-leading, grocery-anchored retail center situated in an infill location in Tucson, Arizona.
JLL represented the seller, Retail Value Inc. (RVI). North American Development Group purchased the asset.
Tucson Spectrum is 88% leased to a diverse slate of market-leading tenants, including Harkins Theatres, Food City, Bed Bath & Beyond, Ross, Marshalls, Best Buy, Michaels and Old Navy.
The center is positioned at the intersection of West Irvington Road and Interstate 19, exposing the center to approximately 126,000 vehicles a day.
As the only complex, large scale retail center with nationally recognized tenants for 15 miles on Interstate 19, Tucson Spectrum serves an expanded trade area that includes an estimated 541,000 residents within a 10-mile radius.
The property is seven miles from the 45,000-student University of Arizona and is less than an hour from the most trafficked port of entry into Arizona.
Source: AZ Big Media