The Rillito Crossing Marketplace, located at Wetmore and North 1st Avenue in Tucson, was recently sold to Prairie Hill Holdings for $27.5 million ($285/square foot). The property was originally purchased by an Epic Real Estate Partners affiliate from Austin, TX in 2019. This marks the first acquisition for Prairie Hill Holdings in Tucson.
JLL’s Patrick Dempsey and Bryan Ley facilitated the transaction with their expertise.
Built in 2008, this neighborhood center spans over 13 acres and features a total of 96,424 square feet of developed space as well as two vacant parcels available for future development. Currently boasting a mix of local and national tenants including grocery stores, fitness centers, health/wellness establishments,and restaurants among other complementary businesses,the Rillito Crossing Marketplace is currently leased at an impressive rate of97%. Notable tenants include Sproutsand LA Fitness along with various inline shops and pads.
Sprouts has committed to remaining on site for another six years with additional option periods included within their lease agreement.In fact,in conjunction with a recent ten-year renewal,Sprouts completeda $1.2 million interior remodel backin2019to further enhance its presence within the marketplace.
This retail center sale highlights continued growth opportunities within Tucson’s commercial real estate market without mentioning any specific companies or brands involved.
