Retail Value has sold Tucson Spectrum, a 716,704-square-foot, class A, grocery-anchored retail center situated in an infill location in Tucson, Ariz., for $84 million.
The new owner is North American Development Group.
Tucson Spectrum is 88 percent leased to a diverse slate of tenants, including Harkins Theatres, Food City, Bed Bath & Beyond, Ross, Marshalls, Best Buy, Michaels and Old Navy. Completed in 2001, the center is shadow anchored by Target and The Home Depot. The center is positioned at the intersection of West Irvington Road and Interstate 19, exposing the center to approximately 126,000 vehicles a day. As the only complex, large-scale retail center with nationally recognized tenants for 15 miles on Interstate 19, Tucson Spectrum serves an expanded trade area that includes an estimated 541,000 residents within a 10-mile radius. The property is seven miles from the 45,000-student University of Arizona and is less than an hour from the most trafficked por
