Phoenix & Southwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
1031 Exchange Buyer Bags Tucson Safeway for Nearly $11M
South Lind Square, LLC completed a 1031 exchange involving the purchase of the Safeway at La Toscana Village in Tucson for $10.75 million. The 46,798 square-foot retail property is located at 7110 N. Oracle Rd.
The Safeway building is one of 14 that comprise the center, which is anchored by national retail tenants and situated in a densely populated, affluent and developing area of Tucson.
Originally built in 1992 and renovated in 2014, the property is 100% occupied by Safeway in a 20-year NNN lease with options and regular base rent increases. The property was part of the buyer’s 1031 exchange upleg, acquired at a 5.2% cap rate. The lease was corporately guaranteed by Albertsons Companies.
Intersection’s Mark Hoekstra and Rob Kerr represented the buyer. The Royston Group’s Greg Cortese advised the unnamed seller. Financing for the transaction was provided by 40/86 Mortgage Capital, with the assistance of NorthMarq’s Charlie Robinson.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition

