European investor sinks money into Arizona retail

Old Spanish Trail Marketplace trades in all-cash deal

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A European-based investment company has purchased Old Spanish Trail Marketplace in Tucson, Ariz., for a price of $33.1 million. Allied Trading and Transacting Corp. N.B., based in the Netherlands, bought the 140,652-square-foot retail center for cash from Brown Tucson LLC and W.M. Grace Development. The Old Spanish Trail Marketplace retail center is located near the intersection of East 22nd Street & Harrison Road directly across the street from Old Spanish Trail Crossings, a 200,000-square-foot retail center anchored by Target Greatland and Walgreens. At the time of sale, the property was 98 percent leased to tenants that included Ross Dress For Less, Petco and Office Max. *** What's your opinion? Leave your comments below or send a letter to the editor. ...