Prairie Hill Acquires Rillito Crossing Marketplace for $27,525,000

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