Investment Trust Buys Tucson Shopping Center for $125.4 Million

by Nate Hunter

Tucson, Ariz. — The sale equates to $177 per square foot.

Tucson, Ariz.  — The 709,811-square-foot Tucson Spectrum Shopping Center has sold to DDR Corp., a public-traded investment trust, for $125.4 million. The sale, which equated to $177 per square foot, also included seven retail pads. Phase I and II of Tucson Spectrum include more than 1 million square feet of retail situated on 122 acres. Tenants for the center include Target, Home Depot, Ross Dress for Less, Marshalls, PetSmart, J.C. Penney, Best Buy, Old Navy and Bed Bath & Beyond. Jan Fincham and Patrick Dempsey of Lee & Associates Arizona represented the seller and procured DDR Corp. The seller is an affiliate of Pheonix-based Barclay Group, along with Creswin Properties Inc., a real estate company based in Canada.

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