Thank you for sharing!

Your article was successfully shared with the contacts you provided.

For more retail coverage, click GlobeSt.com/RETAIL.

TUCSON-Rita Ranch I LLC, a private investor from Los Angeles that owns several other assets in the Valley, has paid $11.9 million for Rita Ranch, a 71,881-sf, Safeway-anchored center. The sale also includes three developable pads valued at $1.3 million.

Nexus Valencia Retail LLC, a Phoenix-based development group, sold Rita Ranch, which was originally listed for close to $13.8 million. “Normally they hold their assets, but they will (use the sale proceeds) for future land acquisitions,” says says Jan P. Fincham of Lee & Associates Arizona’s Phoenix office, who brokered the deal along with partners Patrick A. Dempsey and Kevin P. Kopp.

“The buyer liked the fact that the Safeway was included in the sale–making it more a credit investment opportunity to go along with the stability of cash flow,” Fincham says. He points out many retail center sales do not include the grocery anchor, which usually are corporate-owned locations.

Fincham tells GlobeSt.com that Rita Ranch received more than 10 offers–primarily from private investment groups. He adds that the investment will offer additional upside with the pad build-outs. Situated on 9.2 acres at the southwest corner of Nexus and Valencia roads, the five-year-old Rita Ranch is 95% leased to tenants like Blockbuster Video, Subway, H&R Block and the UPS Store.

The limited liability company assumed an existing conduit loan to acquire Rita Ranch, which is located in a high-growth residential area on the southeast side of Tucson. The surrounding area boasts an average household income of $74,000, Fincham says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2022 ALM Global, LLC. All Rights Reserved.