One of Tucson’s most well-known retail centers, Casas Adobes Plaza, has been acquired by First Washington Realty for $51 million. Located at the intersection of Oracle and Ina Rd., near the upscale Catalina Foothills area, the plaza spans 92,330 square feet on 9.51 acres of land.
Originally designed in the 1950s by a protege of renowned architect Josiah Joesler, Casas Adobes Plaza underwent renovations in 2014. The property was previously owned by CalPERS who purchased it for $46 million in 2015.
The buyer and seller were secured through JLL’s Patrick Dempsey and his team who also arranged financing for the project. According to Dempsey, grocery-anchored retail centers like this one continue to perform well compared to other commercial assets and command top prices.
Currently boasting a high occupancy rate of 97%, Casas Adobes Plaza is anchored by Whole Foods with other notable tenants including Starbucks, Pure Barre, Orange Theory,and Chico’s. With its prime location and strong tenant mix,the plaza remains highly coveted among investors as evidenced by its recent sale price.
