High-End Retail Center Changes Hands in Tucson
Paloma Village Center sold for $18.4 million, or $480 a square foot. Situated on 12 acres, the 38,347 square foot property was 94% occupied. Current tenants include Starbucks, CVS/Pharmacy and a Flemings Steakhouse. In addition, the parcel is home to a 120-room Embassy Suites and a two story office building.
The center is adjacent to the La Paloma Country Club and La Encantada, both in the high rent Catalina Foothills section Tucson. The name of the seller and buyer were not released.
Chad Tiedeman and Danny Gardiner of Phoenix Commercial Advisors represented the seller in the transaction.
- ◦Sale/Acquisition