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The Continental Shopping Plaza at 180-260 West Continental Road in Green Valley sold to Continental Green Valley Associates, LLC an affiliate of Glen Una Management Company of Los Gatos, CA (Kenneth Levy, President) for approximately[mepr-show rules=”58038″]$18.2 million ($120 PSF) for the 151,585 sq. ft. regional shopping center.

The Plaza opened in 1980 with eleven shops and businesses, and within the next five years, increased in size to approximately 152,000 sq. ft. with forty-eight businesses. It is anchored by Safeway, CVS Pharmacy and True Value Hardware, with a diverse tenant mix, including apparel and gift shops, restaurants, financial advisors and institutions, hair salons, home improvement stores and others.

It is located at the northwest corner of Continental Road and I-19 on 14.56 acres. The Green Valley / Sahuarita market area is a diverse community of young families and established retirees. Rob Tomlinson, a retail specialist with Cushman & Wakefield / Picor Commercial Real Estate Services as well as a local Green Valley resident, commenting on the property said, “it has always been a good strong regional center with low vacancy, and should continue to remain stable and a good investment for the new buyer.”

The seller was Holualoa GV Shopping Plaza, LLC an affiliate of Holualoa Companies of Tucson (Michael Kasser, CEO). Holualoa Companies was founded in 1985 in Kona, Hawaii and expanded in 1992 to its Tucson office, which became the company headquarters. Over the years, the company’s expanding network of investment opportunities has established offices in Phoenix, Los Angeles and Paris. Holualoa currently controls assets in excess of $600 million according to its website.

The retail / investment team of Mike Sandahl and Nancy McClure of CBRE in Tucson and Bob Young of CBRE in Phoenix represented the seller in the transaction. The same team that represented Holualoa in the sale of Campbell Plaza Power Center in Tucson for $31.5 million.

According to the CBRE 1Q 2013 Retail Market Report, Grocery-anchored retail development is driving activity, especially in energy-based suburban markets like Texas, Oklahoma, Pittsburgh and Denver. The housing recovery and new housing in markets like Phoenix and Southern California hold promise for the hardest-hit markets returning to health. Multifamily development is driving retail opportunity in infill and urban redevelopment projects.

Kasser can be reached at (520) 615-1094. Levy is in San Francisco at (415) 503-4048. Sandahl should be contacted at (520) 323-5115 and McClure is at (520) 323-5117. Young can be reached in Phoenix at (602) 735-5576.

A new on-site property manager was brought on for Glen Una Arizona Mgmt. Co. after the sale: Kelly J Gardner w) 520-625-5005, cell: 510-863-1554 [/mepr-show]

A former Kindercare Preschool at 7251 N Meredith Blvd. in Marana sold for $325,000 ($71 PSF) to Ronald Benitto and Haydee Catacora. The preschool closed about one year ago and was purchased to lease or for redevelopment by the investor.

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Located off Ina and Thornydale Road, the property is situate behind the Fry’s shopping center at a major shopping intersection in Marana. The leasing agent, Tim De Niro of Commercial Real Estate Group of Tucson believes the 4,567 sq. ft. building with a 23,534 sq. ft. lot has a lot of potential for re-development as a single-tenant professional office use such as for an engineering or accounting firm, or is ideal for a charter school.

Roger Breckenridge of Long Realty represented the seller, The Lok Revocable Family Trust (Bruce and Uyen Lok) who were downsizing their portfolio in the sale. Tim De Niro represented the buyer and continues to be retained by the buyer

The past years have been difficult ones for daycare operators. Across the nation, daycare operators are in the same boat. The recession hits them from two sides: They have been hemorrhaging income as laid-off parents pull their kids from daycare, while subsidies from deficit-ridden governments were being slashed at the same time.

Arizona’s child care assistance programs are administered by the Department of Economic Security’s Child Care Administration. Assistance in paying for all or part of child care costs are guaranteed to those enrolled in Temporary Assistance for Needy Families (TANF), employed and transitioning off of TANF, or within the Child Protective Services (CPS) system. When funding is available, assistance is offered to qualified families with incomes below 165% of the federal poverty level, which for a family of three is about $30,216.

The Arizona Child Care Association weighed in on the budget issue this month voicing concerns that 4,000 CPS children may be removed. In April 2009, more than 15,000 parents in Arizona got letters from the state saying there were no more funds for daycare subsidies. The Legislature appropriated $18.2 million in federal stimulus money to restore the subsidies, but the state had to reduce rates paid to providers by 5% in the process.

Governor Brewer has requested $9.6 million in 2014 to fund the increase in CPS child care and to prevent the removal of 4,000 currently served children beginning in July. Without the $9.6 million, child care for low income working families will be reduced from 29,600 children in February 2009 to only 4,500 children – an 85% reduction.

De Niro can be reached at (520) 299-3400 and Breckenridge is at (520) 577-7400.

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According to a Reuters news report, Phoenix-based  Sprouts Farmers Markets, Inc. financially backed by Apollo Global Management, LLC a private equity firm located in New York, filed last week to raise $300 million in its initial public offering of common shares. The application with the SEC did not divulge the number of shares that Sprouts is arranging to tender or the value of the terms.

The company sells natural and organic food focusing on health and wellness at affordable prices, including fresh produce and bulk foods, meat and seafood, vitamins, supplements and household items. It operates in over 157 stores within the United States, three of which are in the Tucson area.

In 2011 Sprouts was picked up by Apollo through its Smart & Final subsidiary, and was later merged with Henry’s Farmers Market and Sun Harvest. Like Henry’s, Sprouts also merged with another grocer Sunflower Farmers Market in 2012. Sprouts Farmers Market reported net revenue of  $19.5 million on its pro forma sales of $2 billion last Thursday.

According to the IPO filing with the Securities and Exchange Commission, Apollo currently owns 51.8 % of the business. It shows that Goldman Sachs and Credit Suisse will act as joint book runners for the IPO.

Sprouts is planning to list on Nasdaq under the ticker symbol “SFM” and intends to allocate the proceeds of its initial public offering for settlement of loans and other financial requirements of the corporation. No word yet on when the company will go public.