CBRE completed the sale of Campbell Plaza, a 190,000 SF grocery-anchored retail center located on the NEC of Campbell Ave. and Glenn St. in Tucson. The purchase price was $32.3M.
Mike Sandahl and Nancy McClure in CBRE’s Tucson office, along with Bob Young in the Phoenix office, represented the seller, Camelback Corporate Center Joint Venture LLC, a company controlled by Tucson-based Holualoa Companies. The buyer was Krausz Puente LLC and Krausz RC Properties One LLC of Irvine, Calif.
“Core assets, like Campbell Plaza, are in high demand,” Sandahl said. “Investors are attracted to these properties because of their strong, stable income stream and prime location, which in the case of Campbell Plaza is close to the center of town and the University of Arizona, with significant barriers to entry for other new retail developments.”
Campbell Plaza was built in 1960 and renovated in 1994. Holualoa purchased the asset in 1998, and repositioned and redeveloped the property over the following decade.
“The repositioning of Campbell Plaza included reconfiguring the tenant mix and the addition of national retailers Staples and Ross Dress for Less,” said Mike Perlman, senior vice president of Holualoa Companies, who oversaw the redevelopment of the property.
The center is anchored by an Albertsons grocery store and has a number of other brand name tenants, including Ace Hardware, Panda Express, Rubio’s Fresh Mexican Grill, T-Mobile, Jamba Juice, GameStop, Old Chicago Restaurant, Five Guys Burgers and Fries, and Sauce Pizza and Wine.
“Reconfiguring the tenant base, attracting big box retailers and redeveloping portions of the complex not only reinvigorated the plaza, but it expanded the customer base and attracted a number of other well-known tenants to the project, which significantly added to the asset’s value,” said McClure, who has been the leasing agent at Campbell Plaza since 2006.
Campbell Plaza was 95% leased at the time of sale.