Phoenix, Ariz. – Cushman & Wakefield completed the sale of Oro Valley Marketplace, a Walmart anchored shopping center in Oro Valley, Ariz. Town West Realty of Tucson, Ariz. purchased the property from Phoenix-based Vestar.
Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller.
Oro Valley Marketplace is a 517,584-square-foot shopping center located at the southwest corner of Tangerine Road and Oracle Road. The property is currently leased to a diverse tenant roster including Walmart, Cinemark Theatre, Best Buy, Petco, DSW and Ulta.
The sale included excess land for development and outparcels Chase Bank, Keg Restaurant, Red Lobster and Olive Garden. Developed in 2008, Oro Valley Marketplace earned the first LEED Silver certification among Arizona retail projects from the U.S. Green Building Council.
“Oro Valley Marketplace is a grocery and theater anchored destination center developed in the highest quality standards and provides new ownership with the opportunity for continued value enhancement,” said Executive Managing Director Ryan Schubert.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.