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Tucson Real Estate: Downtown plaza nets $8.7 million
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Tucson Real Estate: Downtown plaza nets $8.7 million

The mixed-use Plaza Centro, in downtown Tucson, has been sold to Dallas investors for $8.7 million.

Located where North Fourth Avenue meets East Congress Street, the two buildings total more than 23,000 square feet of retail and office space.

The plaza was constructed in 2013 and is 100 percent leased. Tenants include Hi-Fi Kitchen & Cocktails, Fed by Threads, Planet Smoothie, Fired Pie and Obon Sushi.

The Cadence student housing complex, which sits on top of the retail portion of one of the buildings, wasn’t included in the sale. El Centro Garage also was not part of the sale, but the property has a lease agreement for 189 of the 378 parking spaces that was included in the transaction.

The developer and seller of the property was Oasis Tucson. The investor, Crow Holdings of Dallas, bought the property as part of its urban infill portfolio.

Nancy McClure of CBRE in Tucson and Phil Voorhees of CBRE in Newport Beach, California, handled the transaction.

“Having a sophisticated buyer in urban development, such as Crow Holdings, giving its seal of approval acknowledges that downtown revitalization is moving in the right direction,” McClure said.

Other recent commercial transactions include:

  • Real estate and sports mogul Stan Kroenke’s real estate company, The Kroenke Group, bought Plaza Antigua at 4209 N. Campbell Ave. for $7.9 million.

Stan Kroenke owns the St. Louis Rams football team, Colorado Avalanche hockey team and the Denver Nuggets basketball team. The Kroenke Group is the second-largest owner of shopping centers in the country.

The Missouri-based company bought the 20,251-square-foot plaza anchored by Trader Joe’s. The center was built in 2004 and is 100 percent leased.

McClure of CBRE in Tucson and Voorhees of CBRE in Newport Beach represented the seller, Oakdale Farms of Danville, California.

  • The Pier 1 Imports building at 5919 E. Broadway sold for $3.7 to Barrett Associates of Castro Valley, California. McClure and Voorhees, along with Megan Wood and John Read of CBRE in Newport Beach, California, represented the seller, Burnham USA Equities of Newport Beach.
  • Curriculum Associates leased 7,228 square feet at 2015 W. River Road. The landlord, Sundt Companies Inc., was represented by Rob Gillette of Gillette Commercial. Jeff Casper of CBRE represented the tenant.
  • US Healthworks of AZ leased 5,449 square feet at 2301 N. Forbes Blvd. The landlord was represented by Dave Gallagher of Tucson Industrial Realty, and the tenant was represented by David Montijo and Damian Wilkinson of CBRE.
  • Bestcomm Networks leased 3,856 square feet at 6601 E. Grant Road. Montijo and Wilkinson, with CBRE, represented the landlord and Joe Nehls, with Nehls Real Estate, represented the tenant.
  • Global Equity Finance Inc. leased 3,115 square feet of office space at 6303 E. Tanque Verde Road from 6303 Tanque Verde LLC. Michael Gross, of Tucson Realty & Trust Co., represented the landlord and John Sheehan, of Dallas-based Site Selection Group LLC, represented the tenant.
  • Trinity Books, Bible & Music leased 2,941 square feet in San Francisco Square, 3906 N. Oracle Road. McClure, with CBRE, represented the landlord. Alain Hartmann of Hartmann Realty and Howard Druch represented the tenant, who will be relocating from Fort Lowell and Alvernon Way, where its center is being demolished to make way for a Quik Trip.
  • Markham Construction leased 1,889 square feet 201 N. Bonita Ave. The transaction was handled by Montijo and Wilkinson, with CBRE.
  • Copper Mine Brewing Co. leased 1,815 square feet at 3455 S. Palo Verde Road. The tenant was represented by CBRE’s Dave Blanchette. Tim Healy and Bob DeLaney, also with the CBRE, represented the landlord.

Information compiled from records at the County Recorder’s Office and from brokers. Send information to reporter Gabriela Rico at grico@tucson.com

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