TUCSON-DDR Corp. acquired the 709,811-square-foot Tucson Spectrum, paying $125 million for ownership rights. In addition to obtaining the regional retail power center from an affiliate of the Barclay Group (based in Phoenix) and Canadian company Creswin Properties Inc. the buyer receives seven finished retail pads of Phase I and II.
“This transaction is the culmination of over a decade of meticulous planning and development," says Scott T. Archer, Barclay Group's managing director in a press release. “Our partners, relationships, and company’s dedication were essential in creating this institutional quality asset. With the stabilization of the center and the improvement in market conditions, it proved to be an opportune time to sell. With DDR’s reputation and proven track record, they provide a natural fit to ensure the future success of Tucson Spectrum.”
Tucson Spectrum Phases I and II are situated on 122 acres at Irvington Road and Interstate 19. The project has a build-out potential of more than one million square feet. Jan Fincham and Patrick Dempsey, both principals with Lee & Associates Arizona, represented the seller and found the buyer.
“The Tucson Spectrum is one of the largest and most successful open-air retail power shopping centers in the Western United States and serves Tucson, Southern Arizona and Northern Mexico,“ says Fincham in a press release. “Many of the tenants in the Tucson Spectrum have some of the highest sales volumes in the country for their stores.” Tenants include Target, Home Depot, Ross, PetSmart, Marshalls, Michaels, J.C. Penney, Best Buy, Old Navy, Bed Bath & Beyond, Harkins Theatres and LA Fitness Center.
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