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California investor buys property within Rio Verde Village in Tucson

Rio Verde Village Tucson Hero

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. 

About Colliers
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.

 

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Mindy Korth

Executive Vice President

Phoenix

As an executive vice president of investment services with Colliers, Mindy Korth is accomplished in all sectors of the investment real estate community, including office, medical office, retail, datacenters, high-finish industrial, commercial land, and unique projects across metropolitan Phoenix and nationally.

Mindy leads an investment sales team that includes Jenny Bassett, real estate analyst; Kelsey Robinson, client services coordinator; and Alyssa Smith, client services coordinator.

Mindy is focused on identifying investment opportunities, executing client strategy, establishing relationships between parties, and coordinating property financial analysis and due diligence. Her wealth of industry, market, property, and financial intelligence provides clients with the information they need to make informed decisions and complete successful investment transactions. She has completed transactions totaling more than 26 million square feet, and more than $4.6 billion in value.

Throughout her career, Mindy has been involved in each aspect of real estate, including new and rehab development, financial structuring deals in capital markets, leasing, management, site selection, network planning, acquisitions and dispositions programming, financial analysis, and underwriting.

 

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