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, Ariz.
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.”