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TUCSON, AZ-A 102,740-sf shopping plaza in northwest Tucson that had been taken off the market after six months so the owner could renegotiate tenant leases has been sold for $10.8 million to a California investment firm.

Pacific Capital Investments of Roseville, CA, made the unsolicited offer to take over ownership of the Bashas-anchored Cortaro Plaza shopping center from L&B Realty Advisors of Dallas, Bob Young, with CB Richard Ellis Inc.’s Phoenix office, tells GlobeSt.com. “They liked the quality of the center and the location,” Young said of the new owners. “They thought the area was just going to get better over time.”

Located on the southeast corner of Thornydale and Cortaro Farms roads, the neighborhood shopping plaza was 80% occupied at sale time to tenants that include a Bashas grocery store and Pima Community College’s Northwest Community Learning Center.

Young, along with Steven Brabant, Glenn Smigiel and Rick Abraham, all with CB Richard Ellis’ Phoenix office, and Mike Sandahl of CBRE’s Tucson office, represented the seller in the transaction. The buyer handled talks with an in-house broker.

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