Irvington Plaza Sells for $5.95 Million

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Ethan Christopher, LLC of Encina, CA, a syndicator of the purchase of medical office buildings and shopping centers in Southern California and Arizona purchased through its affiliate, EC Irvington Foundation, LLC the shopping center at 1758-1850 E Irvington Road and 4980 S Campbell Ave in Tucson for[mepr-show rules=”58038″]$5.95 million ($108 PSF). Leon, LLC (Gabriel Gutierrez Gomez) was the seller.

The 54,480 sq. ft. shopping center at Irvington Road and Campbell Avenue was fully leased to sixteen tenants when it sold. Tenants include Goodwill of Southern Arizona, O’Reilly Auto Parts, KinderCare, Sunny Daze Cafe, Ace Cash Express, Advance Cuts, Liberty Tax, Egee’s, New Nails, Major League Barber Ship, Wash Mill, Oasis Insurance, T-Mobile and Sue’s Fashion and two kiosks leased to Wells Fargo ATM and Rjen Aqua – Water.

Ethan Christopher was founded in 1999, and owns and operates approximately 1.6 million sq. ft. of medical office buildings and shopping centers. The Company is a hands-on operator for approximately 700,000 sq. ft. of medical office properties and another 900,000 square feet of shopping centers. The Arizona subsidiary of the firm, Ethan Christopher Arizona LLC, manages shopping centers in the Phoenix area and claims to be the largest landlord for Goodwill stores in Arizona. Ethan Christopher AZ, LLC coordinates the management activities of the firm’s Arizona assets from its Peoria office.

“O’Reilly’s is a beautiful store and the Walgreen’s on the corner was recently upgraded; the only work needed at the center is parking lot repair, that will be expensive and will probably be done this Fall,” said Browne.

Ethan Christopher has holdings in California, Nevada, Oklahoma, Texas and Arizona and is actively looking to acquire additional medical offices and shopping centers in Tucson. The Company’s preferred products are valued at $3 million and up, with preference for value-added transactions (70-85% leased), but the Company will consider stabilized properties with an upside and at least five tenants, with staggered lease expirations.

Mark Ruble, Senior VP of Investment at Marcus & Millichap, in Phoenix represented the investor. David Lee of the David Lee Real Estate Company in Tucson represented the seller.

For more information on Ethan Christopher contact Aric Browne or Mark Hamermesh at (818) 986-9174. Ruble can be reached at (602) 687-6766 and Lee is at (520) 795-3199.

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