PHOENIX, September 22, 2021 – JLL Capital Markets announced today that it was selling JLL 165.25 million on behalf of the seller Macerich Company. A group of local investors bought the asset in a strategic sale. In addition, on behalf of the new owner, JLL arranged the fixed-interest, interest-linked acquisition loan with a full term with an investment bank and a financial services company. Completed in 2003, La Encantada is 93 percent leased to some of the biggest names in apparel, homeware, beauty and jewelry including Crate & Barrel, Tiffany & Co., West Elm, Anthropologie, Athleta, Lululemon, Pottery Barn, Madewell , Warby Parker, Williams-Sonoma and Bluemercury. In addition, the retail center is home to popular health, wellness, and fitness options, Barre 3, Core Health & Fitness, Fuchsia Spa, and Laseraway, as well as a variety of full-service and specialty food and beverage retailers such as AJ’s Fine Foods, RA Sushi Bar, and Restaurant , Northern Italy and Blanco Tacos + Tequila. La Encantada is located near the base of the Santa Catalina Mountains in the coveted Foothills Retail submarket, 2905 E. Skyline Dr. at the intersection of Skyline Dr. and Campbell and is surrounded by some of the world’s most prestigious, affluent, and sought-after neighborhoods. More than 35,000 residents with an average annual household income of US $ 120,785 live within three miles of the property. In addition, the center is Tucson’s premier retail property and draws itself from an expanded commercial area as it has significant market exclusive retailers and restaurants. The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Patrick Dempsey. “This asset is the crown jewel of Tucson retail,” said Dempsey. “Many stores in La Encantada are exclusive to the area, with a draw that expands the entire market. The lack of available land for new developments in the Foothills Retail submarket makes La Encantada an irreplaceable property.” JLL Capital Markets’ Debt Advisory team representing the new owner included Senior Managing Director Jeremy Womack and analyst Zane Coffman. “The CMBS execution by the lender was the best in its class and we are delighted with the incredibly low interest rate and full interest payments,” added Womack. “Although the market for loans backed by some retail properties can be challenging, the high quality of this property, the excellent tenant mix and the outstanding sponsor in the partnership between the three local owners have helped us obtain the best loan terms. for the new owner. ” JLL Capital Markets is a global full-service provider of capital solutions for real estate investors and users. The company’s in-depth local market and global investor knowledge provides the best solutions for clients – whether it’s asset sales and advice, debt advice, equity advice or recapitalization. The company has more than 3,000 capital market specialists worldwide with branches in almost 50 countries. For more JLL news, videos, and research resources, please visit our newsroom. Disclaimer Jones Lang LaSalle Inc. published this content on September 22, 2021 and is solely responsible for the information contained therein. Published by the public, unedited and unchanged, on September 22, 2021, 22:01:05 UTC.
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