HFF announces $21.45 million sale of grocery-anchored retail center in Tucson, Arizona
PHOENIX, AZ – August 14, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the closing of the $21.45 million sale of Ventana Village, a 110,116-square-foot, grocery-anchored shopping center in Tucson, Arizona.
The HFF team marketed the property on behalf of the seller, Westwood Financial. Austin-Texas based Epic Real Estate Partners purchased the asset free and clear of existing debt.
Anchored by Bashas’ Supermarket, the 90.8-percent-leased Ventana Village is also home to Tuesday Morning, Risky Business, Wells Fargo, El Charro Café, Subway, The UPS Store and Ventana Animal Hospital. The center is situated on 11.88 acres at 6860-6920 East Sunrise Drive on the southwest corner of East Sunrise Drive and North Kolb road in the northern part of Tucson in the core resort corridor. Ventana Village is proximate to affluent neighborhoods Catalina Foothills and Sabino Canyon, and the average household income exceeds $110,000 within a one-mile radius of the center.
The HFF retail investment sales team included managing directors CJ Osbrink and Gleb Lvovich.
“Ventana Village saw a broad spectrum of buyers from private high-net-worth and exchange-driven investors to REITs and institutional advisors,” Osbrink said. “The center’s long-term lease with a daily-needs anchor, stable rent roll and affluent surrounding demographics checked several boxes that investors are looking for in retail acquisitions today.”
About Westwood Financial
For over 40 years, investors have turned to Westwood Financial for proven returns on strategic real estate investments. The company has successfully acquired and sold hundreds of income-producing properties, generating substantial profits for its partners. In the process, Westwood Financial has earned a reputation and longevity that is unparalleled in the shopping center world.
Westwood Financial, led by co-CEOs Joe Dykstra and Randy Banchik, continues this tradition today with a staff of over 71 retail experts directing a portfolio of over 120 shopping centers in 26 metropolitan markets. Westwood Financial is fully integrated in asset management, property management, leasing and acquisition efforts from its Los Angeles headquarters and regional offices in Dallas, Atlanta and Scottsdale, Arizona.
About Epic Real Estate Partners
Epic Real Estate Partners is a commercial real estate investment firm headquartered in Austin, Texas. In conjunction with institutional partners, Epic seeks value-add opportunities in grocery-anchored and power center retail in top 60 markets, select college towns and resort communities nationwide. For more information, please visit our website at epicrepartners.com.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information please visit hfflp.com or follow HFF on Twitter @HFF.