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Bourn Brings Tucson’s 2nd Nordstrom Rack

Rendering courtesy of Bourn Companies

By Karen Schutte for Real Estate Daily News

Seattle-based Nordstrom, Inc. announced Thursday plans to open Nordstrom Rack at Wilmot Plaza in Tucson, Arizona. The approximately 25KSF store is scheduled to open in spring 2016. The property is owned by an affiliate of Bourn Companies LLC, a commercial real estate investment, development and services company based in Tucson.

Nordstrom Rack will be joining fellow anchors TJ Maxx and Dick’s Sporting Goods in the redeveloped Wilmot Plaza shopping center, located at the northeast corner of Broadway Boulevard and Wilmot Road, near Park Place Mall. Wilmot Plaza will encompass approximately 140,000-square-feet of retail space when the 10-acre shopping center is fully redeveloped.

In a separate transaction, Bourn Companies, through affiliate BP Grant PAD Investors LLC, bought a 31.7KSF retail pad at 6572 E. Grant Road in Tucson from Target Corporation for $640K ($20.16/sf). The property is located at Grant and Tanque Verde and was excess land for Target.

Bourn purchased it to pre-lease for either a single tenant built-to-suit ranging from 2,500SF to 7,500SF, or possibly a multi-tenant building up to a 7,500SF footprint.

Read more at Real Estate Daily News

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