ARIZONA DAILY STAR
BY: Gabriela Rico
January 10, 2013
INVESTORS PURCHASE CAMPBELL PLAZA AND SWANWAY PLAZA
Two longtime retail centers in Tucson have been sold to investors.
Campbell Plaza, on North Campbell Avenue at East Glenn Street, has been purchased by Irvine, Calif.-based Krausz Puente LLC and Krausz RC Properties One.
“Core assets like Campbell Plaza are in high demand,” said Mike Sandahl, a broker with CBRE who represented the seller along with colleagues Nancy McClure and Bob Young.
“Investors are attracted to these properties because of their strong, stable income stream and prime location,” Sandahl said.
Campbell Plaza was built in 1960 and renovated in 1994. It is anchored by Albertsons, and tenants include Ace Hardware, Old Chicago Restaurant and Five Guys Burgers.
The 190,000-square-foot plaza is 95 percent leased.
The seller was Camelback Corporate Center Joint Venture LLC, controlled by Tucson-based Holualoa Cos. The sale price was $32.3 million.
Holualoa bought the plaza in 1998 for $15.5 million.
On Tucson’s east side, Swanway Plaza has been sold to Las Vegas-based Nevada Equity Partners for $10.3 million.
Greg Furrier, with PICOR Commercial Real Estate, brokered the sale of the 60,000-square-foot center. It had been owned by an East Coast investor for 40 years.
Originally anchored by Goodmans Supermarket, the center was built in 1954, said Fred Howard, owner of Progressive Property Management, which has managed Swanway Plaza for 29 years.
Current tenants include Walgreens, Ace Hardware and Anna’s Linens. The property, at Swan Road and East Broadway, is 100 percent leased.
Did you know?
Campbell Plaza and Swanway Plaza were both projects of the late real estate developer Roy P. Drachman.
Contact reporter Gabriela Rico at [email protected] or 573-4232.