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

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 real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit or follow @CushWake on Twitter.

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Joshua Deale San Diego Communications Manager
Joshua Deale

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