River Center sold for nearly $25 million

2014-01-14T00:00:00Z 2014-01-15T10:40:47Z River Center sold for nearly $25 millionBy Veronica M. Cruz Arizona Daily Star Arizona Daily Star

The River Center shopping center, home to a Whole Foods Market and two dozen locally owned retailers and restaurants, has a new owner.

The 117,000-square-foot shopping center, on the northeast corner of East River and North Craycroft roads, was sold last week to an affiliate of Maryland-based Global Retail Investors for $24.75 million, said a news release from Larsen Baker.

An affiliate of Larsen Baker, River Center Amigos, owned the center for 14 years, according to George Larsen. Global Retail Investors is a partnership of Bethesda, Md.-based First Washington Realty and the California Public Employees Retirement System, the largest public pension fund in the U.S.

Merchants at the center include: Petco, Caffe Torino, Skybox Restaurant and Bar, The West, Southern Arizona Watercolor Guild Gallery and Sparkle Cleaners.

The center was fully occupied at the time of the sale.

Andy Seleznov and Melissa Lal of Larsen Baker represented the seller. 

Patrick Dempsey and Jan Fincham of Lee & Associates represented the buyer. 

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