The mixed-use Plaza Centro, in downtown Tucson, has been sold to Dallas investors for $8.7 million.
Located where North Fourth Avenue meets East Congress Street, the two buildings total more than 23,000 square feet of retail and office space.
The plaza was constructed in 2013 and is 100 percent leased. Tenants include Hi-Fi Kitchen & Cocktails, Fed by Threads, Planet Smoothie, Fired Pie and Obon Sushi.
The Cadence student housing complex, which sits on top of the retail portion of one of the buildings, wasnβt included in the sale. El Centro Garage also was not part of the sale, but the property has a lease agreement for 189 of the 378 parking spaces that was included in the transaction.
The developer and seller of the property was Oasis Tucson. The investor, Crow Holdings of Dallas, bought the property as part of its urban infill portfolio.
Nancy McClure of CBRE in Tucson and Phil Voorhees of CBRE in Newport Beach, California, handled the transaction.
βHaving a sophisticated buyer in urban development, such as Crow Holdings, giving its seal of approval acknowledges that downtown revitalization is moving in the right direction,β McClure said.
Other recent commercial transactions include:
