Tucson Whole Foods-Anchored Center Sells for $31M

River Center neighborhood shopping center at River Road and Craycroft in Tucson sold for $31.1 million ($289 PSF). Anchored by Whole Foods, Petco, and Tenet Healthcare, the 107,508-square-foot center was 100% leased at time of sale. It is the only shopping center within a one-mile radius. Built in 1986, the property sits on 9.05 acres.

The seller, GRI River Center Pad, LLC, an affiliate of First Washington Realty of Bethesda, MD bought the property in 2014 from River Center Canada for $23.5 million. A JLL Retail Capital Markets team led by Patrick Dempsey represented the seller.

“Investors remain interested in top performing grocery anchored shopping centers in good locations,” said Dempsey. “Whole Foods offers investors an A Credit with excellent sales performance.” The buyer, Sunbelt Land Holdings, LP of San Diego will handle the management of the center from its Phoenix office.