LAKE
FOREST, Ill., Feb. 20,
2024 /PRNewswire/ -- Prairie Hill Holdings has
acquired Rillito Crossing Marketplace, a 96,424 sqft
Sprouts (NASDAQ : SFM) anchored shopping center in Tucson, AZ for $27.5mn.
Rillito Crossing Marketplace comprises a mix of local and
national "daily needs" tenants consisting of grocery, fitness,
health & wellness, restaurants and other complimentary uses.
The presents Prairie Hill with the rare opportunity to purchase a
dominant grocery anchored neighborhood center with multiple
value-add components, including two undeveloped parcels.
The backdrop of negative sentiment in commercial real estate is
creating some incredible opportunities, according to Matthew Sandretto, the Chief Investment Officer
of Prairie Hill Holdings.
"Retail property fundamentals are fantastic, with historically
low vacancy, and above trend rental growth. Bearish sentiment in
commercial real estate throughout 2023 put most buyers on the
sidelines. This sentiment isn't justified in Retail, yet it reduced
competition considerably and enabled us to have our choice on the
very best opportunities nationally."
Prairie Hill has big plans for Rillito Crossing and is actively
presenting the development opportunity to national retailers. The
shopping center contains an undeveloped parcel adjacent to LA
Fitness that is buildable up to 25,000 sqft, as well as a
parcel at the entrance suitable for a quick serve restaurant
drive-through.
Prairie Hill is taking on more capital for its acquisition
campaign in 2024, with another $50mn+ of acquisitions planned in
retail and industrial.
About Prairie Hill Holdings
Prairie Hill Holdings (PHH) is a private real estate investment
manager that enables institutions and individuals to invest
directly in a diversified portfolio of high-quality, high-yielding,
yet low risk commercial real estate assets. PHH focuses exclusively
on triple net lease (NNN) properties, in markets and in sizes in
which it has an informational advantage, enabling PHH to exploit
mis-pricing through roll-up of individual assets into a well
constructed portfolio. Learn more at www.prairie-hill.com
Contact:
Matthew Sandretto
msandretto@prairie-hill.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/prairie-hill-acquires-rillito-crossing-marketplace-for-27-525-000--302066623.html
SOURCE Prairie Hill Holdings