Heslin Holdings, Inc. Announces Acquisition of Tucson Retail Property
Commercial Real Estate Firm to Invest $75 Million in Next 12 Months
Laguna Hills, CA (October 8, 2018) – Heslin Holdings, Inc. a privately owned commercial real estate investment and development firm, today announced its newest acquisition, a 35,000 s.f. retail building in Tucson. The acquisition is part of its larger plan to invest $75 million in retail properties over the next year and is the fifth in a series of similar acquisitions. The property will be remodeled, repositioned and leased to a single retailer.
“Heslin Holdings is aggressively looking for retail acquisitions, such as this one, in key metro markets in the western United States,” said Casey McKeon, vice president of acquisitions for Heslin Holdings. “Shifts in the retail marketplace continue to open up opportunities to reposition quality older assets for increased ROI.”
The retail space is located at 5548 E. Grant Road, on the southeast corner of Grant and Craycroft Roads. Situated side-by-side to a ROSS Dress for Less, the space was previously occupied by a Safeway. Heslin inked a lease with a single retailer who will open in 2019.
“Our firm has re-worked a number of similar spaces and been successful at attracting quality tenants back into these properties, to the benefit of the local community,” said Matthew Heslin, principal and CEO with Heslin Holdings. “With so many larger retailers going out of business, or reducing many of their physical real estate locations, there’s a heightened need to reimagine these assets.”
The newly acquired property sits along a prominent retail corridor, which supports demand from the roughly 102,278 surrounding population and 73,809 daytime employees, both within three miles. The 600-bed Tucson Medical Center is directly across the street and employs 2,900 individuals. Additional prominent national retailers and services within a mile of the site include Target, Trader Joe’s, Costco, Starbucks, Bank of America, Wells Fargo and others.
Heslin Holdings purchased 5548 E. Grant Road from Albertson’s for $2.5 million and will invest $1.5 million in development and improvement efforts.
The firm will continue to pursue additional value-add commercial property opportunities throughout the country, with an emphasis on the Western U.S. growth regions where market fundamentals such as positive employment, housing and retail indicators support the firm’s value-add investment strategy.
About Heslin Holdings, Inc.
Founded in 2003, Heslin Holdings is a commercial real estate investment and development firm. The firm invests its own funds alongside a network of investors with varying investment criteria. Heslin Holdings and its affiliated companies oversee a real estate portfolio comprising over two million square feet of investment properties. The firm is headquartered in Laguna Hills, California.