TUCSON, ARIZONA – DSW Commercial Real Estate purchased Campbell Plaza shopping center for $33 million with its partners at Iridius Capital and JCR Capital.
Campbell Plaza is a 190,022-square-foot grocery-anchored mixed-use center and is considered a core-plus asset. The shopping center is strategically located along Campbell Avenue, a major arterial route in Tucson’s central corridor. Campbell Plaza benefits from its proximity to the University of Arizona, Banner University Medical Center, surrounding businesses, and densely populated residential neighborhoods. Campbell Plaza has been an integral part of Tucson’s retail landscape since 1960.
Michael Sarabia, managing director of DSW stated, “This established community center offers a full spectrum of daily amenities including grocery, apparel and home improvement stores and a wide variety of restaurants.” Partner James Hardman added “The plaza has nine entry and exit points and street frontage on Campbell Avenue that give it excellent accessibility and visibility.”
Mark Lucescu of Lucescu Realty represented the seller, The Krausz Companies. James Hardman of DSW Commercial Real Estate represented the buyer. Tim Storey
of Newmark Realty Capital secured the equity and debt financing for the acquisition. The acquisition of the retail center is a continuation of DSW Commercial Real Estate and Iridius Capitals’ investment platform, where they’ve grown their total partnered portfolio to $125 million since 2016. DSW will provide property management services to the center, adding it to their portfolio of over 1-million-square-feet of commercial real estate space under management.
Michael Sarabia and James Hardman negotiated the purchase of the operating platform for DSW Commercial Real Estate from the DESCO Group in 2016, to continue to develop and invest in commercial real estate and operate the property management and brokerage business independent from the DESCO Group. Since that time, DSW has invested in nearly $125 million dollars of commercial real estate.
Currently DSW manages over one-million-square-feet of office, medical and retail real estate and is currently developing a number of office, medical and retail centers. Today DSW Commercial Real Estate continues to pursue its acquisition platform, operating with the optimum balance of experience and ingenuity. For more information, visit dswcommercial.com.