{"id":1004726794,"date":"2024-08-27T03:31:54","date_gmt":"2024-08-27T11:31:54","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004726794"},"modified":"2024-08-27T03:31:56","modified_gmt":"2024-08-27T11:31:56","slug":"first-washington-realty-sells-tucson-shopping-center-for-51m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/first-washington-realty-sells-tucson-shopping-center-for-51m\/","title":{"rendered":"First Washington Realty Sells Tucson Shopping Center for $51M"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Casas-Adobes-Plaza.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1732\" height=\"1299\" data-attachment-id=\"1004726801\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/casas-adobes-plaza-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Casas-Adobes-Plaza-edited.jpg\" data-orig-size=\"1732,1299\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;2.8&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;L1D-20c&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1654371936&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;10.26&quot;,&quot;iso&quot;:&quot;400&quot;,&quot;shutter_speed&quot;:&quot;0.05&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Casas Adobes Plaza\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Casas-Adobes-Plaza-edited.jpg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Casas-Adobes-Plaza-edited.jpg\" alt=\"Aerial view of Casas Adobes Plaza in Tucson, Ariz.\" class=\"wp-image-1004726801\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Casas-Adobes-Plaza-edited.jpg 1732w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Casas-Adobes-Plaza-edited.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Casas-Adobes-Plaza-edited.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Casas-Adobes-Plaza-edited.jpg?resize=1024,768 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Casas-Adobes-Plaza-edited.jpg?resize=1536,1152 1536w\" sizes=\"auto, (max-width: 1732px) 100vw, 1732px\" \/><\/a><figcaption class=\"wp-element-caption\">Casas Adobes Plaza is at the intersection of Oracle and Ina roads in Tucson. <em>Image courtesy of JLL<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>First Washington Realty Inc. has sold Casas Adobes Plaza, a 92,330-square-foot shopping center in Tucson, Ariz., for $51 million. <\/p>\n\n\n\n<p>An entity associated with Litwin Management acquired the property with the help of a $25.5 million loan from Nationwide, public records show. JLL represented the seller and secured the financing. <\/p>\n\n\n\n<p>Sited on 9.5 acres, Casas Adobes Plaza came online in 1953 and was remodeled in 2014. The asset was 97 percent leased at the time of sale, anchor tenants including Whole Foods, but also Starbucks, Pei Wei, Talbots and Chico\u2019s.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide\" style=\"background-color:#abb8c3;color:#abb8c3\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/retail-owners-gain-leverage-in-jll-report\/\">Retail Owners Gain Leverage: Report<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide\" style=\"background-color:#abb8c3;color:#abb8c3\"\/>\n\n\n\n<p>Casas Adobes Plaza is at 7001-7139 N. Oracle Road, at the intersection of Oracle and Ina roads. The shopping center serves Tucson\u2019s two most affluent residential communities in Tucson, Catalina Foothills and Oro Valley, the trade area having an average household income of more than $122,240 in a 1-mile radius, according to JLL.<\/p>\n\n\n\n<p>Managing Directors Patrick Dempsey and Geoff Tranchina led the JLL Capital Markets Investment Advisory team, while Senior Managing Director Greg Brown and Senior Director Jason Carlos led the Debt Advisory team. Analyst Quin Madden supported both groups.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-fertile-desert\">Fertile desert<\/h2>\n\n\n\n<p>The Tucson area is enjoying modest rises in both population and employment, but also an unemployment rate that declined to 3.4 percent, according to a second-quarter report from Cushman &amp; Wakefield.<\/p>\n\n\n\n<p>The metro\u2019s retail market was stable at 5.7 percent vacancy and positive absorption of 52,500 square feet over the previous 12 months. Some spaces have been repurposed this year, including two Walgreens that were converted into Dollar Tree locations.<\/p>\n\n\n\n<p>Last January, <a href=\"https:\/\/www.commercialsearch.com\/news\/whole-foods-anchored-center-trades-in-tucson\/\">First Washington Realty sold River Center<\/a>, a 107,508-square-foot Class A retail center in Tucson, to a private investor for $31.1 million. Whole Foods anchors that property as well.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Whole Foods anchors the 97 percent-leased property.<\/p>\n","protected":false},"author":882,"featured_media":1004726801,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21749,15],"tags":[46502,38207,32796,37404,39642],"class_list":["post-1004726794","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-retail","category-west","tag-first-washington-realty-inc","tag-greg-brown","tag-jll","tag-litwin-management","tag-patrick-dempsey"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>First Washington Realty Sells Tucson Shopping Center for $51M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"First Washington Realty Inc. sold Casas Adobes Plaza, a shopping center in Tucson, Ariz., to a Litwin Management affiliate.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/first-washington-realty-sells-tucson-shopping-center-for-51m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First Washington Realty Sells Tucson Shopping Center for $51M\" \/>\n<meta property=\"og:description\" content=\"First Washington Realty Inc. sold Casas Adobes Plaza, a shopping center in Tucson, Ariz., to a Litwin Management affiliate.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/first-washington-realty-sells-tucson-shopping-center-for-51m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-27T11:31:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-27T11:31:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Casas-Adobes-Plaza-edited.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1732\" \/>\n\t<meta property=\"og:image:height\" content=\"1299\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/first-washington-realty-sells-tucson-shopping-center-for-51m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/first-washington-realty-sells-tucson-shopping-center-for-51m\/\",\"name\":\"First Washington Realty Sells Tucson Shopping Center for $51M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/first-washington-realty-sells-tucson-shopping-center-for-51m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/first-washington-realty-sells-tucson-shopping-center-for-51m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Casas-Adobes-Plaza-edited.jpg\",\"datePublished\":\"2024-08-27T11:31:54+00:00\",\"dateModified\":\"2024-08-27T11:31:56+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"description\":\"First Washington Realty Inc. sold Casas Adobes Plaza, a shopping center in Tucson, Ariz., to a Litwin Management affiliate.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/first-washington-realty-sells-tucson-shopping-center-for-51m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/first-washington-realty-sells-tucson-shopping-center-for-51m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/first-washington-realty-sells-tucson-shopping-center-for-51m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Casas-Adobes-Plaza-edited.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Casas-Adobes-Plaza-edited.jpg\",\"width\":1732,\"height\":1299,\"caption\":\"Aerial view of Casas Adobes Plaza in Tucson, Ariz.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/first-washington-realty-sells-tucson-shopping-center-for-51m\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"First Washington Realty Sells Tucson Shopping Center for $51M\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\",\"name\":\"Scott Baltic\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"caption\":\"Scott Baltic\"},\"description\":\"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"First Washington Realty Sells Tucson Shopping Center for $51M - Commercial Property Executive","description":"First Washington Realty Inc. sold Casas Adobes Plaza, a shopping center in Tucson, Ariz., to a Litwin Management affiliate.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/first-washington-realty-sells-tucson-shopping-center-for-51m\/","og_locale":"en_US","og_type":"article","og_title":"First Washington Realty Sells Tucson Shopping Center for $51M","og_description":"First Washington Realty Inc. sold Casas Adobes Plaza, a shopping center in Tucson, Ariz., to a Litwin Management affiliate.","og_url":"https:\/\/www.commercialsearch.com\/news\/first-washington-realty-sells-tucson-shopping-center-for-51m\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2024-08-27T11:31:54+00:00","article_modified_time":"2024-08-27T11:31:56+00:00","og_image":[{"width":1732,"height":1299,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Casas-Adobes-Plaza-edited.jpg","type":"image\/jpeg"}],"author":"Scott Baltic","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/first-washington-realty-sells-tucson-shopping-center-for-51m\/","url":"https:\/\/www.commercialsearch.com\/news\/first-washington-realty-sells-tucson-shopping-center-for-51m\/","name":"First Washington Realty Sells Tucson Shopping Center for $51M - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/first-washington-realty-sells-tucson-shopping-center-for-51m\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/first-washington-realty-sells-tucson-shopping-center-for-51m\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Casas-Adobes-Plaza-edited.jpg","datePublished":"2024-08-27T11:31:54+00:00","dateModified":"2024-08-27T11:31:56+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"description":"First Washington Realty Inc. sold Casas Adobes Plaza, a shopping center in Tucson, Ariz., to a Litwin Management affiliate.","breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/first-washington-realty-sells-tucson-shopping-center-for-51m\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/first-washington-realty-sells-tucson-shopping-center-for-51m\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/first-washington-realty-sells-tucson-shopping-center-for-51m\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Casas-Adobes-Plaza-edited.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Casas-Adobes-Plaza-edited.jpg","width":1732,"height":1299,"caption":"Aerial view of Casas Adobes Plaza in Tucson, Ariz."},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/first-washington-realty-sells-tucson-shopping-center-for-51m\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"First Washington Realty Sells Tucson Shopping Center for $51M"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555","name":"Scott Baltic","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","caption":"Scott Baltic"},"description":"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Casas-Adobes-Plaza-edited.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004726794","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/882"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004726794"}],"version-history":[{"count":5,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004726794\/revisions"}],"predecessor-version":[{"id":1004726821,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004726794\/revisions\/1004726821"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004726801"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004726794"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004726794"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004726794"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}