Tucson, AZ – August 23, 2012 – (RealEstateRama) — The Tucson Spectrum Shopping Center sold to a publicly-traded investment trust for $125,375,000. DDR Corp. purchased the 709,811 SF and seven developable fi nished retail pads of the Phase II portion of the regional retail center located at Irvington Road and Interstate 19. Price per square foot for this transaction was calculated at $177.00.
Tucson Spectrum Phase I and Phase II consist of over 1 million square feet of retail space and situated on 122 acres of land.
The sellers were an affi liate of the Phoenix-based Barclay Group along with Creswin Properties Inc, a Canadian real estate company. “This transaction is the culmination of over a decade of meticulous planning and development, said Scott T. Archer, Managing Director of Barclay Group. “Our partners, relationships, and company’s dedication were essential in creating this institutional quality asset. With the stabilization of the center and the improvement in market conditions, it proved to be an opportune time to sell. With DDR’s reputation and proven track record, they provide a natural fi t to ensure the future success of Tucson Spectrum.”
Investment brokers Jan Fincham and Patrick Dempsey, both principals with Lee & Associates Arizona, represented the seller and procured the buyer. “The Tucson Spectrum is one of the largest and most successful open-air retail power shopping centers in the Western United States and serves Tucson, Southern Arizona and Northern Mexico,“ said Fincham.
“Many of the tenants in the Tucson Spectrum have some of the highest sales volumes in the country for their stores”
The retail center is home to many national and regional tenants such as Target, Home Depot, Ross, PetSmart, Marshalls, Michaels, J.C. Penney, Best Buy, Old Navy, Bed Bath & Beyond, Harkins Theatres and LA Fitness.
About Lee & Associates
Lee & Associates specializes in providing exceptional commercial brokerage services to the investment, industrial, office and land sectors of the Phoenix commercial real estate market. The Phoenix offi ce was established in 1991 and is now recognized as one of the most successful brokerage fi rms in Arizona. Each of the 45 nationwide Lee & Associates offi ces has a strong local ownership combined with a powerful platform from the national Lee & Associates network.
About Barclay Group
Barclay Group is a full service commercial real estate company committed to excellence through development, construction management, marketing and property and asset management services. Barclay Group provides an innovative approach to the local marketplaces in which it operates, resulting in a diverse but complementary mix of tenants, superior architectural design, and properties running smoothly, efficiently and profitably for all involved well after completion.
About Creswin
A privately-held Canadian real estate company, Creswin’s primary focus is acquiring controlling interests in superior office, commercial and retail properties across North America. As part of this corporate objective, Creswin seeks to invest in distinctive, independently-owned properties which provide stable, long-term growth opportunities.
About DDR
DDR is an owner and manager of 469 value-oriented shopping centers representing 119 million square feet in 39 states, Puerto Rico and Brazil. The company’s assets are concentrated in high barrier-to-entry markets with stable populations and high growth potential and its portfolio is actively managed to create long-term shareholder value. DDR is a self-administered and selfmanaged REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol DDR. Additional information about the company is available at www.ddr.com.
Contact:
Matt DePinto
Senior Research Analyst
Public Relations Contact
602.474.9512
pr (at) leearizona (dot) com
