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La Encantada Sells for $165M, Boosted by Near-Capacity Leasing
La Encantada recently sold for $165.25 million, with $102 million in acquisition financing secured. A group of local investors purchased the 246,256-square-foot open-air lifestyle center in Tucson, AZ.
Completed in 2003, La Encantada is at 2905 E. Skyline Dr. at the intersection of Skyline Drive and Campbell in the Foothills retail submarket. The asset is 93 percent leased to highly recognized names in apparel, home goods, beauty and jewelry including Crate & Barrel, Tiffany & Co., West Elm, Anthropologie, Athleta, Lululemon, Pottery Barn, Madewell, Warby Parker, Williams-Sonoma and Bluemercury. Additionally, the retail center is home to many health, wellness and fitness options along with a variety of full-service and specialty food and beverage retailers.
JLL represented the seller, Macerich Company, and worked on behalf of the new owner to arrange the fixed-rate full-term interest-only acquisition loan with an investment bank and financial services company. The JLL seller team was led by Patrick Dempsey.
- ◦Sale/Acquisition
