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Tucson Revered Retail Plaza Sells for $51M
First Washington Realty has paid $51 million for Casas Adobes Plaza, one of Tucson’s most well-known retail centers. Casas Adobes Plaza is located at 7001-7139 N Oracle Rd., at the intersection of Oracle and Ina Rd., near the base of the upscale Catalina Foothills.
Originally designed in the 1950s by a protege of famed architect Josiah Joesler, the center was renovated in 2014. CalPERS paid $46 million for the property in 2015.
JLL’s Patrick Dempsey led a team that secured the buyer, seller and financing for the project. “Quality grocery-anchored retail centers continue to outperform other commercial asset classes and achieve best-in-class pricing,” according to Dempsey.
Casas Adobes Plaza spans 92,330 square feet on 9.51 acres of land. Originally built in 1953 and remodeled in 2014, the center is currently 97% occupied and anchored by Whole Foods. Other anchor tenants include Starbucks, Pure Barre, Orange Theory and Chico’s.
