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TUCSON-Rita Ranch I LLC, a private investor from Los Angelesthat owns several other assets in the Valley, has paid $11.9million for Rita Ranch, a 71,881-sf, Safeway-anchored center. Thesale also includes three developable pads valued at $1.3million.
Nexus Valencia Retail LLC, a Phoenix-based development group,sold Rita Ranch, which was originally listed for close to $13.8million. "Normally they hold their assets, but they will (use thesale proceeds) for future land acquisitions," says says Jan P.Fincham of Lee & Associates Arizona's Phoenix office, whobrokered the deal along with partners Patrick A. Dempsey and KevinP. Kopp.
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