The Tucson Spectrum Shopping Center traded hands this month as DDR Corp., a publicly-traded investment trust, purchased the property from an affiliate of Barclay Group along with Creswin Properties Inc., both private commercial real estate companies. DDR Corp. purchased the 709,811 SF and seven developable finished retail pads of the Phase II portion of the regional retail center located at Irvington Road and Interstate 19 for $125,375,000.
"This transaction is the culmination of over a decade of meticulous planning and development, said Scott T. Archer, Managing Director of Barclay Group. "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."
According to a Phoenix Business Journal article, the project is roughly 94% leased and also includes seven development-ready plats, one of which is already under construction for an Old Navy location. DDR is already in discussions with other retailers for the remaining sites, said Jan Fincham, a principal with Lee & Associates who helped broker the deal along with Patrick Dempsey.
For more news and information visit Blumberg Capital Partners.
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