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TUCSON-An investor from Huntington Beach, CA, Bay Shore Oil Co., has won the keys to 40,087 sf of the 237,018-sf Costco Plaza. The buyer, paying $6.3 million, was one of a dozen investors chasing the property.

The selling partnership--Kimco Realty Corp. of New Hyde Park, NY and DRA Advisors of New York City--hawked a 25,815-sf PetsMart, 14,272 sf of inline space and a pad site primed for another 20,000 sf of shop space. The PetsMart lease expires in 2011, Robert Young, a first vice president with CB Richard Ellis Inc.'s Phoenix office, says about the partial sell-off in Costco Plaza at 3901 W. Costco Dr.

"We had very aggressive, quick buyers," Young tells GlobeSt.com. "The stability of the property and the upside from the pad site was attractive to a lot of investors." He says the property was on the market just three weeks before going under contract to Bay Shore Oil, which was the highest bid and offered the shortest due diligence of 20 days. "They went non-refundable from the beginning," he says.

The 15-year-old Costco Plaza is 95% occupied with quoted rents range from $9 per sf to $18 per sf. The sale did not include the center's anchors, Costco and Home Depot. Besides Young, the CBRE team included Glenn Smigiel, Steven Brabant and Rick Abraham in Phoenix and Mike Sandahl in Tucson.

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SoCal Buyer Wins Battle With $6M Offer for Retail Piece

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