The local real estate market started the year with two retail centers being sold to investors in January for a total of $42.6 million.
Campbell Plaza, a 190,000 square-foot retail center was sold to Irvine, Calif.-based Krausz Puente LLC and Krausz RC Properties One for $32.3 million. The seller was Camelback Corporate Center Joint Venture LLC, controlled by Tucson-based Holualoa Companies. Holualoa had purchased the property in 1998 for $15.5 million.
Built in 1960, the retail property was 95 percent occupied at the time of the sale, noted the Inside Tucson Business publication. The list of tenants includes T-Mobile, Old Chicago Restaurant, Ace Hardware, Panda Express, Rubio’s Fresh Mexican Grill, Jamba Juice, GameStop, and Sauce Pizza and Wine. Renovated in 1994, the retail center was redeveloped and repositioned by Holualoa in 1998 to attract national big box retailers such as Staples and Ross Dress for Less.
“Investors are attracted to these properties because of their strong, stable income stream and prime location,” said Mike Sandahl with CBRE, who represented the seller together with colleagues Nancy McClure and Bob Young.
The second transaction was the sale of the Swanway Plaza, a 60,000-square-foot shopping center on Tucson’s east side. The new owner of the retail property is Las Vegas-based Nevada Equity Partners.
According to the Arizona Daily Star, the shopping center was 100 percent leased at the time of the sale, being anchored by brands such as Walgreens, Ace Hardware and Anna’s Linens. The purchase price was $10.3 million.
Image courtesy of Holualoa Companies
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