TUCSON, Ariz. – January 17, 2013 – (RealEstateRama) — Lee & Associates Arizona negotiated the $24.8 million sale of the River Center, a 117,563-square-foot shopping center that is anchored by Whole Foods and Petco. Located at 555 East River Road in Tucson, the sale of the center posted a cap rate of 5.5 percent.
Patrick Dempsey and Jan Fincham, principals with Lee & Associates Arizona, represented the buyer, Global Retail Investors LLC, a subsidiary of First Washington Realty, Inc. of Bethesda, MD., and the seller, 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
Celebrating more than 34 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 49 locations across the nation including California, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas, and Wisconsin that house more than 750 brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.