Newly constructed Tucson center offers investor full occupancy
PHOENIX – A California investor purchased a two-tenant property within Rio Verde Village in Tucson for a price of $4,750,000. The Class A property, located at 5590 E. River Road, is newly constructed and fully leased.
“This property provides the buyer with two durable, high-quality, long-term tenants,” says Mindy Korth, executive vice president with Colliers in Arizona. “The project is located in a dynamic area of northeast Tucson at the key intersection of River Road and Craycroft Road that has recently attracted more than 25 acres of new developments including new multifamily projects, retail and restaurant facilities, among other projects.”
Korth and Todd Noel with Colliers in Arizona handled marketing and seller representation for the property. The original developer, 5590 E River Plaza, LLC of Tucson, sold the property to a private investor in California. The buyer was represented by Chris Crabtree of Lee & Associates. The property sold for a price of $742 per square foot with a 4.76 percent cap rate.
This 6,400-square-foot retail property was constructed in 2021, and is fully leased by Wells Fargo Bank and ImmediateCare Arizona on long-term leases, and contains all new state-of-the-art tenant improvements. The thoughtfully designed project offers modern architecture and complementary design features throughout its interior and exterior spaces. The building is situated on nearly an acre of land.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 65 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues to $3.6 billion ($4.0 billion including affiliates) and $46 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.
Colliers in Arizona has served clients locally and globally for more than 40 years.