A Tucson shopping center, home to the only movie theater on the city's far east side, has been purchased by Idaho investors.
Alturas Capital Partners bought Montesa Plaza, a 75,643-square-foot retail center at East Broadway and South Houghton Road that is anchored by Galaxy Theatres. It was 95 percent occupied at the time of sale.
The Pima County Recorder’s office shows a sale price of $14.2 million.
Alturas Capital Partners continues to target Tucson because of its demographics and economic trends, the company said.
Montesa Plaza, on Broadway and Houghton Road, was bought by Idaho investors who plan to add new retail to the site.
The sale was handled by Nathan Thinnes and Darren Tappen, of Kidder Mathews, and local developer, Larsen Baker.
“This transaction came together as a direct result of the strong relationships we’ve built in the Tucson market over the last year,” said Joshua Utke, director of acquisitions at Alturas. “Montesa Plaza is a strategic addition to our portfolio – its stable cash flow and high occupancy align perfectly with our investment criteria and the opportunity to develop the vacant pad building will allow us to create further value for the community and our investors.”
Larsen Baker will be the leasing broker for Montesa Plaza as Alturas explores plans for the vacant pad site.
Other local commercial activity includes:
• 4-D Properties LLP bought the 8,205-square-foot building at 3719 N. Campbell Ave., which is fully leased to Circle City ABA, for $2 million. Circle City provides therapy for a wide spectrum of autism disorders. John Read, Trent Steeves, Philip Voorhees and Nancy McClure, with CBRE, represented the seller, 3719 Campbell Partners LLC. The buyer was represented by Lori Casey and Doug Marsh, with Oxford Realty Advisors.
• Richard and Connie Luebke bought the 17,865-square-foot building at 10129 E. Speedway from Desert Christian Schools Inc. for $1.5 million and donated it to Habitat for Humanity. Rob Tomlinson, with Picor, handled the transaction.
• Woof Gang Bakery & Grooming leased 1,222 square feet at Sunrise Village Shopping Center, 4748 E. Sunrise Drive, from Sunrise Village Investors LLC. Dave Hammack, with Picor, represented the landlord and Ali Hill, with Phoenix Commercial Advisors, represented the tenant.
• V's Barbershop leased 1,100 square feet of retail space at Old Spanish Trail Crossing, 9565 E. 22nd St., from Barclay Holdings XVIII-A LLC for its third Tucson location. Dave Hammack and Aaron LaPrise, with Picor, represented both parties. V’s opened its first Tucson barbershop in 2016.
This popular Tucson shopping center has a new owner
