Lee Lee’s Plaza Trades for $6.45 Million
Lee Lee’s Plaza at 1980-2080 West Orange Grove on the northeast corner of Orange Grove and La Cholla Blvd traded to California-based, Black Lion Investment Group (Robert Rivani, president) for $6.45 million ($87 PSF).
Located directly across from the Northwest Medical Center, it is between the Foothills Mall to the north, Oracle to the east and the Sprouts anchored Marana Marketplace to the west.
Lee Lee International Supermarket anchors the center, one is the largest ethnic grocery stores in Arizona, and offers the widest variety of foods from Asia and around the world. Operating 3 locations in Chandler, Peoria and Tucson. It’s not your typical grocery store. Lee Lee carries products from more than 30 countries. It’s a place where both families craving food from home and chefs of global cuisine seeking authentic ingredients can find what they are seeking.
Other tenants include such name brands as Subway, Farmer’ s Insurance, Domino’ s, Goodwill, Curves and Checkmate.
The investor, Black Lion Investment Group, is a privately held commercial retail real estate investment and management firm based in Los Angeles, that oversees approximately 1 million-square-feet of retail space through the United States. This is the company’s first venture in Arizona.
Built in 2001, the approximate 74,445-square-feet of buildings sits on approximately 8.53 acres that wraps the Valero convenience store/gas station at the hard corner. It also has 2 marquee signs, and is well parked with multiple points of access.
The property was lender operated when it sold in this short sale. Bruce Romano, John Yarborough and David Carroll with Romano Real Estate of Tucson managed and handled the transaction for the lender, Transwest Partners, LLC (Michael Hanson, manager) of Tucson.
While in escrow, 1,750-square-feet was leased bringing the property to 94% occupancy at closing.
Yarborough and Carroll have been retained by the new owners to manage and lease the property.
For additional information, Romano, Yarborough and Carroll should be reached at 520.577.1000.
To learn more, see RED Comp #3948.