A&C Properties offloaded a seven-property, grocery-anchored for $108.7 million. The properties, making up 422,000 square feet of space were in Phoenix and Tucson.
JLL represented A&C Properties Inc., in the transaction. 11North Partners acquired the asset. Working on behalf of the new owner, JLL also arranged $66.36 million in acquisition financing through a leading insurance company. The JLL Capital Markets Investment Sales and Advisory team was led by Patrick Dempsey, Tess Berghoff and Ross Jorgensen. The JLL Capital Markets Debt Advisory team was led by Jarrod Howard.
Currently operating at 96% occupancy, the portfolio is anchored by Fry’s Food & Drug and features a diverse tenant mix of daily-needs and necessity-based retailers serving each community.
The properties deliver strong cash flow through their grocery-anchored format while offering investors mark-to-market opportunities through tenant curation and lease renewals. The Phoenix and Tucson markets continue to attract retail investment capital due to population growth, favorable business climates and strong consumer spending patterns.
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