TUCSON, ARIZONA (May 10, 2023) -- Back to the Future Cottonwood, LLC, brothers Wesley, and Carson Mehl, purchased Cottonwood Plaza recently for $11.78 million ($242 PSF) with funds from a 1031 exchange. Cottonwood Plaza is located at 7250 - 7356 N Oracle Road in Northwest Tucson at the southwest corner of Oracle and Sahuaro Vista, just north of Ina Road, one of the busiest intersections in Northwest Tucson, strategically located between the affluent communities of the Catalina Foothills and Oro Valley.
Located in the heart of northwest Tucson, Cottonwood Plaza is a mixed-use neighborhood retail center located in Northwest Tucson, Arizona. The majority of the property was built in 1989 and consists of approximately 48,628 square feet / 46,339 rentable square feet of space situated on 3.86 acres of land. The Plaza consists of 37,502 square feet of prime ground-level retail & restaurant space as well as 8,837 square feet of Class “A” upstairs office space that features private balconies and outstanding views.
With tremendous frontage and two access points along Oracle Road, Cottonwood Plaza offers its 21 tenants high visibility and access. In addition, the property has access through the parking lot of the property to the north (occupied by the Guadalajara Original Grill restaurant), which provides access off of Sahuaro Vista. Abundant parking exists on all sides of the property, providing convenient access to all suites for tenants and their customers.
“We are excited to own it again…our dad, David, and his brother George developed the center and officed there in the 1980s, Carson Mehl told us. “We are going to modernize and restore the building while keeping the overall character of the plaza intact. It has a great existing tenant mix and some exciting opportunities for new tenants that we hope to introduce soon.”
The seller, Cottonwood Plaza, LLC c/o Gary Tenen, manager, was represented by John Yarborough and David Carroll of Romano Real Estate of Tucson.
The asset closed on April 20, 2023.
For additional information, Yarborough and Carroll should be reached at 520.577.1000.
To learn more, see RED Comp #10638.