Cushman & Wakefield announced recently the firm has brokered the sale of a portion of the Santa Cruz Plaza shopping center in Tucson, Arizona. The buyer was Blue Hat, LLC based in Carlsbad (San Diego), Calif. who acquired the multi-tenant shop building for $2.5 million. The seller was Santa Cruz Center, LLC out of Los Angeles. Chris Hollenbeck and Shane Carter of Cushman & Wakefield’s Phoenix office represented the seller in the investment transaction.
Located at 3782 S. 16th Avenue, the 7,200-square-foot asset consists of an outparcel shop building to Fry’s Grocery (Kroger) that anchors the larger approximately 271,600-square-foot Santa Cruz Plaza also featuring Burlington Coat Factory, Boot Barn and other popular retailers.
The shop building is 100% leased to a strong retail tenant roster comprising all national brands—Subway, Cricket Wireless, Nationwide Vision, and Affordable Dentures & Implants. Each of the four tenants have operated at this location between seven to 25 years.
Chris Hollenbeck, Executive Director, said, “The buyers saw long-term opportunity in this property given its longstanding, extreme stability and in being anchored by a Fry’s grocery. Furthermore, the property’s strategic location right off the I-19 freeway, at the high-traffic intersection of Ajo Way, provides access to a large, densely populated trade area.”