Tucson Real Estate: Southside Spectrum shopping center sold for $84M

Tucson Spectrum Shopping Center at Irvington Road and Interstate 19 has been sold for $84 million.

Two years ago, its real estate investment trust owner — SITE Centers — formed Retail Value Inc. to hold and dispose of its centers without prospects for growth or redevelopment, explained Paul Schloss, associate broker with NAI Horizon.

Following the 2012 acquisition of the Tucson Spectrum for $125 million, the shopping center has now been sold to Canadian investors North American Development Group.

The sale price reflects 105% of the property’s loan amount, with the balance retained by RVI for distribution to its shareholders, Schloss said.

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The 12-year-old shopping center includes over 1 million square feet of retail, including Target, Home Depot, Food City and a Harkins movie theater.

While the prior owner expanded it, since 2012 there has been little demand for expansion.

Other recent commercial transactions include:

• Fort Lowell Place, a 40-unit complex at 3475 E. Fort Lowell Road, was sold by Winged Foot Investment Services LP and JHR Investment Services LP for $2 million. Joseph Chaplik, with Joseph Bernard Investment Real Estate, represented the buyer, Dash II Investment LLC.
• Joseph Chaplik, with Joseph Bernard Investment Real Estate, bought the 32-unit Mohave Apartments at 610 E. Mohave Road, for $1.6 million from Winged Foot Investment Services LP.
• Brast Holdings LLC, doing business as Tucson Stoneworks, bought a freestanding building with 12,907 square feet of ground floor and 3,711 square feet of mezzanine floor at 3901 N. Oracle Road for $1.3 million. Craig Finfrock, of Commercial Retail Advisors LLC, represented the seller, 58 Properties Inc. and the buyer was represented by Jon O’Shea, with Vast Real Estate Solutions.
• Garet Webster bought the 13-unit Alturas Apartments, at 115 E. Alturas St., from Monteer Properties LLC for $465,000. Allan Mendelsberg, with Picor, represented both parties.
• Block 4P LLC bought a 3,100-square-foot retail building at 2630 E. 22nd St. from Bruce H. and Joan M. McGinnis for $300,000. Rob Tomlinson and Greg Furrier, with Picor, handled the transaction.
• Safe Harbor Asset Management LLC leased 2.58 acres of vacant commercial land at 3825, 3841 and 3881 N. Highway Drive from JH Associates LLC. Ron Zimmerman, with Picor, represented the landlord and Felix Gafner, with RealtyFelix.com, represented the tenant.
• KC Ministries leased 2,500 square feet in the Park/Ajo Commerce Center, 3760 S. Park Ave., from Park Ajo Associates LLC. Ron Zimmerman, with Picor, represented the landlord.
• Harrington Technologies LLC leased 1,197 square feet of industrial space in South Dodge Business Center, 3601 E. 44th St., from Dodge Business Plaza Partners LLC. Robert C. Glaser and Max Fisher, with Picor, handled the transaction.