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TUCSON-A grocery-anchored, fully leased shopping plaza that wasn’t on the market has gone to a group of Phoenix investors who offered the seller $2.5 million for 25,741 sf of shadow retail space.

Jeff Chalfin with Sperry Van Ness, tells GlobeSt.com that Tucson’s Rincon Plaza wasn’t on the market when owner Harrison Family Properties of Phoenix was approached by 9240 Golf Links LLC of Phoenix with the multi-million dollar offer. “We had a relationship with the owner and knew he was willing to entertain offers so we brought him one that was accepted,” Chalfin said of the deal that delivered the deed for 9240 Golf Links.

Chalfin said the plaza appealed to the buyer because its location at 9240 Golf Links Rd. is in an area of growing demographics and limited shopping venues. The plaza also was debt free, allowing the buyer to place new financing on the property. The offer was acceptable to Harrison Family Properties, which was looking for a larger investment deal, because the buyer had placed no financial contingencies on the sale, he noted.

For the money, 9340 Golf Links LLC got a center located just minutes from the Davis-Monthan Air Force Base in a higher-end, newly developed housing area of the Tucson submarket. The tenant line-up includes Subway, Mail Boxes Etc., Goodyear Tires and Farmers Insurance. Not part of the sale are sites belonging to Safeway, Walgreens, McDonald’s and Taco Bell. Chalfin and Ari Spiro, also with Sperry Van Ness in Phoenix, represented both parties in the transaction.

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