Cornerstone Plaza Sells For $3.05 Million

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All Real Property, Inc. of Delaware, an investment group affiliated with Height Properties, LLP of Tucson (Eric Laytin, manager) bought Cornerstone Plaza at 2485 N Swan Road[mepr-show rules=”58038″] for $3.05 million ($218 PSF) located northwest of the Swan and Grant Roads intersection, and anchored by Walgreens, Bally Fitness and Applebees.

The seller, TRES S.E.Z., Inc (Neil Capin, CEO) was represented by court-appointed receiver, Michael Stilb of CBRE Tucson Management Services of Tucson.

The 14,000 sq. ft. strip center (built 2000) includes such tenants as Panda Express, Jimmy John’s, Alltel, Swan Nails Spa, Warehouse Vitamins and Cost Cutters. It sold with two vacancies.

The property is located across the street from the 200,000 sq. ft. Crossroads Festival on the northeast corner, anchored by Fry’s Food and Drug, Bed Bath and Beyond, Grant Road Cinema, Party America, and Outback Steakhouse; Trader Joe’s and Petsmart are on the southeast corner. The trade area comprises densely populated residential neighborhoods with middle to above average household incomes.

Michael Sandahl of CBRE of Tucson was the listing broker and Jim Egan of Prime Properties represented the investor.

For more information contact Stilb at (520) 888-5127. Sandahl can be reached at (520) 323-5115. Egan is at (520) 512-1000.

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