Lee & Associates Arizona Sells Tucson Whole Foods-Anchored Shopping Center for $24.8M

TUCSON, Ariz. - Jan. 16, 2014 - PRLog -- River Center, a 117,563 SF Whole Foods and Petco-anchored shopping center at 555 E. River Rd. in Tucson, has sold for $24,775,000. The sale posted a cap rate of 5.5%.

  The January 9 closing was lead by Lee & Associates Arizona principals Patrick Dempsey and Jan Fincham. The buyer was Global Retail Investors, LLC, a subsidiary of First Washington Realty, Inc. of Bethesda, MD. The seller was River Center Canada, LLC.

  “We were pleased to have sourced this signature Tucson project and worked diligently to provide valuable guidance for both parties,“ said Dempsey.

  River Center was constructed in 1986 and remodeled in 1997 and in 2013. The center is located at the base of the Catalina Foothills in northeastern Tucson.



About Lee & Associates Arizona



Lee & Associates Arizona specializes in providing exceptional commercial brokerage services to the industrial, of

fice, land and investment sectors of the Phoenix commercial real estate market. The Phoenix office was established in 1991 and is now recognized as one of the most successful brokerage fi rms in the state. Each of the 49 nationwide Lee & Associates offices has a strong local ownership combined with a powerful platform from the national Lee & Associates network.