"The owners did a previous transaction with this buyer and they were able to strike a deal quickly," Jamie Medress with Marcus & Millichap's Phoenix office tells GlobeSt.com. The Rita Ranch Plaza at 10222 E. Rita Rd. in Tucson's master-planned community was sold to Lippow Development Co., of Martinez, CA in an all-cash deal with the property's developer, Rita Ranch Property LLC of Tucson.
The plaza, located at Rita and Houghton roads, was completed several months ago and is fully leased to Carondelet Health Network, State Farm Insurance and Forever Summer Tanning Salon, which have five to eight years remaining on their leases. Medress, along with Steve Gonzalez, also with Marcus & Millichap, represented both parties in the sales transaction.
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