Whole Foods-Anchored Center Trades in Tucson

River Center. Image courtesy of First Washington Realty

First Washington Realty has sold River Center, a 107,508-square-foot retail center in Tucson, Ariz. A private investor purchased the asset for $31.1 million.

JLL Capital Markets Managing Director Geoff Tranchina, Managing Director Patrick Dempsey and Associate Patrick Anthon brokered the transaction on behalf of the seller.

The Class A property completed in 1986 is currently anchored by Whole Foods, Walgreens and Petco. Other tenants at the center include Orange Theory Fitness, Tenet Healthcare and Childtime Childcare. The property was 100 percent leased at the time of the sale.

River Center is located at 5555-5675 East River Road, in the Catalina Foothills submarket. The retail center occupies a 9.9-acre site. Dempsey said in prepared remarks that the shopping center has a good location and a great sales performance.

JLL Capital Markets also recently represented Kimco Realty Corp. in a $20.5 million transaction. Kimco sold Wind Point Shopping Center, a 274,282-square-foot, grocery-anchored retail center in Batavia, Ill.

Kimco Realty Chief Operations Officer David Jamieson told Commercial Property Executive in prepared remarks that the retail sector needs to continuously reinvent itself. Retailers are constantly investing in methods which can guarantee they can meet consumers’ expectations in the digital and physical realms.