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Cushman & Wakefield Brokers Sale of Santa Cruz Plaza Property in Tucson, AZ

3/16/2020
TUCSON, Ariz., March 16, 2020 – Cushman & Wakefield announced today the firm has brokered the sale of a portion of the Santa Cruz Plaza shopping center in Tucson, Arizona. The buyer was Blue Hat, LLC based in Carlsbad (San Diego), Calif. who acquired the multi-tenant shop building for $2.5 million.

Santa Cruz PlazaThe seller was Santa Cruz Center, LLC out of Los Angeles. Chris Hollenbeck and Shane Carter of Cushman & Wakefield’s Phoenix office represented the seller in the investment transaction.

Located at 3782 S. 16th Avenue, the 7,200-square-foot asset consists of an outparcel shop building to Fry’s Grocery (Kroger) that anchors the larger approximately 271,600-square-foot Santa Cruz Plaza also featuring Burlington Coat Factory, Boot Barn and other popular retailers.

The shop building is 100% leased to a strong retail tenant roster comprising all national brands—Subway, Cricket Wireless, Nationwide Vision, and Affordable Dentures & Implants. Each of the four tenants have operated at this location between seven to 25 years.

Chris Hollenbeck, Executive Director, said, “The buyers saw long-term opportunity in this property given its longstanding, extreme stability and in being anchored by a Fry’s grocery. Furthermore, the property’s strategic location right off the I-19 freeway, at the high-traffic intersection of Ajo Way, provides access to a large, densely populated trade area.”

About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.

Contact/Author

Joshua Deale San Diego Communications Manager
Joshua Deale

Communications Manager • Costa Mesa

Mr. Deale leads strategic media relations and thought leadership efforts for the West Region markets, and oversees their online presence including managing article and social media efforts.

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