Heslin Holdings Acquires Tucson Retail Asset
- Oct 11, 2018
Heslin Holdings has closed a $2.5 million retail acquisition in Tucson, Ariz., adding 35,000 square feet to its portfolio. This marks the fifth deal in a $75 million investment plan that the company started this year and plans to continue during the next quarters. The asset will undergo a $1.5 million redevelopment for a single retailer which plans to open the store in 2019.
Previously occupied by a Safeway, the asset is located at 5548 E. Grant Road, on the southeast corner of Grant and Craycroft streets. It is adjacent to a Ross Dress for Less and across the street from the Tucson Medical Center. The upcoming business will be part of a retail corridor that also includes Target, Trader Joe’s, Costco, Starbucks, Bank of America and others. The store is exposed to more than 100,000 residents within a three-mile radius and more than 70,000 daytime employees.
“Shifts in the retail marketplace continue to open up opportunities to reposition quality older assets for increased ROI,” said Casey McKeon, vice president of acquisitions with the company, in prepared remarks. Heslin plans to acquire more value-add retail properties with an emphasis on those located in western markets.
Image courtesy of Heslin Holdings