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Tucson Retail Center Flips for $27M
The Rillito Crossing Marketplace at Wetmore and North 1st Avenue in Tucson was sold to Prairie Hill Holdings for $27.5 million ($285/square foot). The seller, an Epic Real Estate Partners affiliate based in Austin, TX, purchased the property in 2019. This is Prairie Hill Holdings’ first acquisition in Tucson.
Patrick Dempsey and Bryan Ley of JLL handled the transaction.
Built in 2008, the property has 96,424 square feet of improved property along with two vacant parcels for additional development. Rillito Crossing Marketplace was 97% leased to a mix of local and national tenants consisting of grocery, fitness, health/wellness, restaurants, and other complementary uses. Covering 13.01 acres, the neighborhood center included Sprouts, LA Fitness, and all inline shops and pads.
Sprouts has over six years of lease term remaining with subsequent option periods. Sprouts recently completed a $1.2 million interior remodel in concert with a 10-year renewal in 2019.
