NEWPORT BEACH, CALIF. – November 3, 2021 – LUCESCU REALTY Private Client Services, a division of LUCESCU REALTY, a market leading investment real estate services firm, announced today the sale of Green Valley Village in Green Valley (Tucson MSA), Arizona for a total consideration of $9.35 Million. The seller was Holualoa Companies, headquartered in Tucson, AZ, a privately held, real estate investment firm with a 35-year track record of investing in office, retail, industrial, multifamily, hotel, and mixed-use properties across the United States and Europe. The Buyer is a privately held Investment and Management Company, headquartered in Nogales, AZ, that has a significant footprint in the region. Alex Minoofar (in the Newport Beach, CA office) and Greg Wendelken (Phoenix, AZ office) exclusively represented Holualoa in the sale and directly procured the Buyer as well.
Green Valley Village is a Mixed-Use Center anchored by Ace Hardware, Sears HomeTown, and Arizona Blood and Cancer Specialists. The Center, totaling approximately 175,647 square feet of Gross Leasable Area, is uniquely positioned to provide essential services to local residents, as well as nearby markets as an alternative to Tucson, 20 miles to the North. The Property is leased to a diverse mix of internet-resistant tenants, with over 40% of leasable area tenanted by Medical and Office, and includes national tenants such as Ace Hardware, Sears HomeTown, Edward Jones, Color Me Mine, Allstate Insurance, Nationwide Insurance, United Health Care, and Compass Bank (ATM). Located at Southwest Quadrant of Interstate 19 and W. Esperanza Blvd (on/off ramp adjacent), the Property boasts approximately 900 feet of frontage along Interstate 19. The Buyer was attracted by the value-add opportunity (67% occupied at time of sale). Offers were received from prospective buyers from around the country.
“This is quite the unique trade area, as the Property actually saw increased leasing activity during the COVID-19 Pandemic,” noted Minoofar. “As Arizona continues to grow, especially with retirees, properties like this one that understand their local customers and communities will continue to succeed.”
Wendelken added, “The local Buyer is very hands on and well positioned to get the property leased up to market levels and benefit from today’s historically low rates, creating a high yield investment for years to come.”
LUCESCU REALTY is a market leading investment real estate services firm that uniquely combines a vertically integrated range of services with a complete and thorough understanding of real estate fundamentals to execute a wide range of services on behalf of its clients. LUCESCU REALTY Private Client Services leverages the firm’s industry expertise and interdisciplinary Institutional Services teams to bring the same focus, accountability, and highest levels of service to private clients in any market. Scope of services include Sale transactions, Advisory | Consulting, Debt | Equity Placement, Asset | Property Management, Market Research and Financial Services. LUCESCU REALTY is annually recognized as one of the most active real estate service firms in the United States. Headquartered in Newport Beach, California, LUCESCU REALTY has regional offices in Phoenix, Arizona and Las Vegas, Nevada and plans to open an office in San Francisco in 2022.
For more information, please visit www.lucescurealty.com.