DDR Buys Tucson Spectrum Shopping Center for $80M
- Jul 26, 2012
Tucson Spectrum, a million-square-foot shopping center on West Irvington Road, was recently bought by DDR Corp., an Ohio-based real estate investment trust, for $80 million.
The open-air retail center is currently 99 percent leased and major tenants include Harkins Theatres (l80,527 square feet), Target (124,696 square feet), JCPenney (99,956 square feet), Home Depot (104,000 square feet) and Food City (55,000 square feet), reported the Arizona Daily Star.
DDR Corp., through its divisions — DDR Tucson Spectrum III LLC and DDR Tucson Spectrum II LLC — divided the property into two parcels, according to Pima County records.
Built on 113 acres of land, Phase II of the shopping center was opened in 2008, according to the company’s website. It also shows that DDR is looking for tenants for about 52,000 square feet of space.
Meanwhile, state water officials decided in favor of a 5,900 homes project in Sierra Vista on July 23, 2012. The Arizona Daily Star reported that officials lack the authority to stop the big Tribute project, which is to be the largest planned development in Sierra Vista’s future, representing an important potential for the city’s growth.
The Arizona Department of Water Resources decided that water is sufficient to meet the company’s estimated water needs by 2032. Still, Castle & Cooke Arizona Senior Vice President Rick Coffman said that the development would not be built out for at least 20 to 30 years.
Tribute is a 2000-acre Master Planned community, developed by Castle & Cooke Arizona, which will consist of a mix of residential, commercial, recreational, and institutional uses.
Photo credits: The Barclay Group
Chart courtesy of CBRE