TUCSON-Camelback Corporate Center Joint Venture LLC, a company controlled by locally based Holualoa Cos., ended its close to 15-year hold on Campbell Plaza, selling it to entities belonging to Krausz Cos., which is headquartered in San Francisco. When the dust settled, the seller received $32.3 million for the 190,000-square-foot retail asset, which is anchored by an Albertsons grocery store.
The center, situated on the northeast corner of Campbell Avenue and Glenn Street, is also home to other regional and national credit tenants such as 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.
The property was 95% leased at the time of the sale. Mike Sandahl and Nancy McClure in CBRE’s Tucson office, along with Bob Young in CBRE’s Phoenix office, represented the seller.
Campbell Plaza was built in 1960 and renovated in 1994. Holualoa purchased the asset in 1998, and spent the following decade repositioning and redeveloping the property. “The repositioning of Campbell Plaza included reconfiguring the tenant mix and the addition of national retailers Staples and Ross Dress for Less,” says Mike Perlman, of Holualoa Cos. SVP in a press release.
“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,” adds CBRE’s McClure in the same release announcing the transaction. McClure has been the leasing agent at Campbell Plaza since 2006.
Representatives involved with the transaction were not immediately available for comment. A follow-up story will be posted soon.