ARIZONA DAILY INDEPENDENT
May 16, 2013
The Continental Shopping Plaza at 180-260 West Continental Road in Green Valley sold to Continental Green Valley Associates, LLC an affiliate of Glen Una Management Company of Los Gatos, CA (Kenneth Levy, President) for approximately $18.2 million ($120 PSF) for the 151,585 sq. ft. regional shopping center.
The Plaza opened in 1980 with eleven shops and businesses, and within the next five years, increased in size to approximately 152,000 sq. ft. with forty-eight businesses. It is anchored by Safeway, CVS Pharmacy and True Value Hardware, with a diverse tenant mix, including apparel and gift shops, restaurants, financial advisors and institutions, hair salons, home improvement stores and others.
It is located at the northwest corner of Continental Road and I-19 on 14.56 acres. The Green Valley / Sahuarita market area is a diverse community of young families and established retirees.
Rob Tomlinson, a retail specialist with Cushman & Wakefield / Picor Commercial Real Estate Services as well as a local Green Valley resident, commenting on the property said, “it has always been a good strong regional center with low vacancy, and should continue to remain stable and a good investment for the new buyer.”
The seller was Holualoa GV Shopping Plaza, LLC an affiliate of Holualoa Companies of Tucson (Michael Kasser, CEO). Holualoa Companies was founded in 1985 in Kona, Hawaii and expanded in 1992 to its Tucson office, which became the company headquarters. Over the years, the company’s expanding network of investment opportunities has established offices in Phoenix, Los Angeles and Paris. Holualoa currently controls assets in excess of $600 million according to its website.
The retail / investment team of Mike Sandahl and Nancy McClure of CBRE in Tucson and Bob Young of CBRE in Phoenix represented the seller in the transaction. The same team that represented Holualoa in the sale of Campbell Plaza Power Center in Tucson for $31.5 million.
According to the CBRE 1Q 2013 Retail Market Report, Grocery-anchored retail development is driving activity, especially in energy-based suburban markets like Texas, Oklahoma, Pittsburgh and Denver. The housing recovery and new housing in markets like Phoenix and Southern California hold promise for the hardest-hit markets returning to health. Multifamily development is driving retail opportunity in infill and urban redevelopment projects.
Kasser can be reached at (520) 615-1094. Levy is in San Francisco at (415) 503-4048. Sandahl should be contacted at (520) 323-5115 and McClure is at (520) 323-5117. Young can be reached in Phoenix at (602) 735-5576.