JLL Capital Markets has completed an enormous deal that will see its client, Macerich Company, take possession of a popular open-air mall in Tucson.

La Encantada, a completely open lifestyle center consisting of 246,256 square feet of real estate, has been sold for $165.25 million to a band of local Tucson investors. The sale was engineered- and closed- by the efforts of Managing Director Patrick Dempsey.

“This asset is the crown jewel of Tucson retail,” Dempsey said in a recent interview with AZ Big Media. “Many stores at La Encantada are exclusive to the area, with a draw expanding the entire market. Lack of available land for new development in the Foothills Retail submarket makes La Encantada an irreplaceable property.”

The property sits on the base of the scenic Santa Catalina Mountains in an area dubbed the "Foothills Retail Submarket." Its official address is listed as 2905 E. Skyline Dr. at the intersection of Skyline Drive and Campbell Avenue. With well over 90% of its available space currently leased to big-name retailers, and located within and nearby several relatively high-income neighborhoods, it's fair to say that demand for space in JLL Capital Market's newest purchase is likely to be extremely high.