CVP acquired this 136,871 square foot shopping center in December of 2014 from Sunlife Insurance of Canada, Inc. as an REO asset. We sold the asset to a family office from La Jolla in November of 2017. The project is located along the Interstate 19 Freeway and the full interchange road of South Nogales Highway in Sahuarita, Arizona (25 minutes south of Tucson).
Upon acquisition, we aimed to improve the shopping experience and foster stronger relationships with the existing tenants. Our early efforts have paid off for our partnership. In addition, we successfully signed a long-term lease with Dollar Tree Stores, Inc. to occupy approximately 10,000 square feet, thus taking our occupancy to 100%. To accommodate this building footprint for Dollar Tree, we expanded our square footage by just under 3,000 SF. They are now open and operating at Sahuarita Plaza.
The anchor tenants include Ross Dress for Less, Big Lots, Petco, Ace Hardware and Joann Fabric & Craft. Several locally owned businesses round out the tenant mix in addition to Little Ceasers Pizza, Leslie’s Swimming Pool Supplies and Subway.
Arcadia Management Group headed up the property management efforts for the asset and Brenna Lacey at Volk Company leased the project. Tim Storey and Chad Metzger from Newmark Realty Capital brokered the financing with our lender, Goldman Sachs Mortgage. Dave Murphy and David Bernstein at Bernstein Murphy represented CVP on this acquisition and disposition.