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Tucson’s River Center trades for $24.8 million
Tucson, Ariz. — Lee & Associates Arizona has negotiated the $24.8 million sale of the River Center, a 117,563-sq.-ft. shopping center anchored by Whole Foods and Petco. Located on East River Road in the Catalina Foothills of northeastern Tucson, the center posted a cap rate of 5.5%.
Lee & Associates Arizona represented the buyer, Global Retail Investors LLC, a subsidiary of First Washington Realty of Bethesda, Md., and the seller, River Center Canada.
River Center was constructed in 1986 and remodeled in 1997 and 2013. -
CPRT names new chief operations officer
Baton Rouge, La. — Commercial Property Realty Trust, a REIT that manages and develops property holdings of the Baton Rouge Area Foundation has named Gerard “Stick” Thibodeaux VP and COO.
Thibodeaux will oversee the leasing and property management of Acadian Village Shopping Center in Baton Rouge, La., and the retail components of two traditional neighborhood developments — American in Zachary, La., and 5401 North in Raleigh, N.C.