The Rillito Crossing Marketplace in Tucson has been sold to Prairie Hill Holdings. Epic Real Estate Partners and Centerbridge agreed to sell the 96,000-square-foot asset for $27.5 million. The property is anchored by Sprout’s, which has over six years of lease term remaining and recently completed a $1.2 million interior remodel.
A JLL team of Patrick Dempsey and Bryan Ley represented the seller. “Grocery-anchored shopping centers are performing at a record high 95% occupancy across the U.S., while new development activity is minimal. Investor interest continues to be strong in this resilient retail category due to increasing rental rates and strong fundamentals,” said Dempsey.
The center also includes an LA Fitness and two vacant land parcels, totaling 2.78 acres, that are available for additional retail development.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.