Holliday Fenoglio Fowler, L.P. (HFF) is marketing a 716,704-square-foot, market-leading, grocery-anchored retail center for sale in an infill location in Tucson, Arizona. Completed in 2001, Tucson Spectrum is 88% occupied and anchored by a diverse group of market-leading national retail tenants, which provides consumers a complete shopping experience that caters to the dense population within a 10-mile radius. The retail property offers investors the opportunity to acquire a best-in-class regional center with long-term income stability from premier national credit tenants and additional upside through the lease-up of available space, vacant pad development and optionality to sell off large or small portions of the property.
Prominently located adjacent to Interstate 19, Tucson Spectrum is exposed to more than 126,000 vehicles per day with more than 4,300 linear square feet of freeway visibility and is the first – and last – major shopping center for cross-border consumers. Tucson Spectrum is located seven miles from the University of Arizona, the No. 1 ranked public university in the state last year with an enrollment of more than 45,000 students. Less than 20 minutes from the property, the university is spearheading the mixed-use additions to the UA Tech Park, which will total $2 billion at buildout and provide office space for more than 6,000 employees. Raytheon Missile Systems, Tucson’s second largest employer with 11,370 employees, is just five miles from the retail center.
The property is being delivered free and clear of existing financing, providing investors the opportunity to take advantage of the low interest rate environment and enhanced leveraged returns. To learn more about this Class A regional retail center in Tucson, Arizona, or other commercial real estate listing in Arizona and the Southwest, please contact Bryan Ley, Patrick Dempsey or Tony Ensbury. To view HFF’s current real estate investment sales listings, please click here.