711 E Carefree Hwy
Phoenix, AZ 85085
Tuscani Pointe · Retail Property For Sale

Tuscani Pointe is a ±66,290-SF community center located at 711 E Carefree Hwy in the heart of the Desert Foothills in Phoenix, Arizona. Anchored by Roadrunner Pharmacy with a complementary mix of essential tenants, the property's prime location, lack of deferred maintenance, and stabilized rent roll form an exceptional investment opportunity with upside potential. The property is improved with two buildings, one (1) single-story and one (1) two-story, with ±66,290 gross leasable square feet (GLA) of retail/office space. Built in 2004 as a Class A, Tuscan-style building with imported fountains, stone, and tile, this beautifully landscaped property offers excellent views of the Carefree area. Tuscani Pointe is positioned on one expansive parcel totaling ±5.815-acres and has asphalt-paved drives, abundant parking spaces, and sidewalks. The property is ±87%-occupied and features historically high occupancy and a complementary mix of medical, office, retail, and restaurant space with a drive-thru. Current tenants at Tuscani Pointe include Roadrunner Pharmacy (a 503A FDA drug manufacturing site), Atlas Pharmaceuticals (a 503B facility), Smile Creations, Armando’s Mexican Food, Krazy 4 Koffee, Peaks & Valleys Restaurant, and VIP Nails & Hair Salon. The property is cash flow positive with over $1.6M in in-place rental income. Leases offer a mix of staggered expirations, CAM reimbursements, escalations, and renewal options providing multiple upside scenarios. The property offers immediate value-add for investors via vacancy absorption of the ±8,452-SF for immediate upside via long-term lease-up at market rates (CoStar Est. Rent of $13 - 16/SF for Retail). The property is located in Phoenix, Maricopa County, Arizona. Maricopa County is part of the Phoenix-Mesa-Scottsdale MSA, the 14th largest economic region in the US, and encompasses more than two-thirds of the state of Arizona’s population. Tuscani Pointe offers a prime location with expansive frontage on Carefree Hwy, excellent accessibility, and ease of access to the greater area and major transportation routes. The property lies within the robust Anthem Submarket, has additional locational advantages, and is positioned within 35-minutes from Downtown Phoenix, Sky Harbor International Airport, and Arizona State University. The property offers excellent accessibility and is near an extensive freeway network providing ease of access for commuting and distribution channels. The property's location offers exceptional real estate fundamentals within a robust trade area with compelling demographics and a 2020 population of ±52,512 with an annual household income (AHHI) of ±$128,639 (five-mile radius). The property is located in a desirable location in a thriving and growing area that benefits from an affluent one-mile demographic area with an average household income of ±$146,898. Tuscani Pointe presents investors with the opportunity to purchase an established community center with stable income and various upside opportunities. Property tours are available by appointment only. Please contact Scott Smith at ssmith@camcre.com or (602)-753-3736 to schedule.