TUCSON, ARIZONA, January 3, 2023 -- Cypress Green Gardens, LLC, (Susan Ong, manager) has purchased the two properties known as ‘Lee Plaza’, located at 3439-3461 E. Speedway Blvd., from Lee Plaza, LC and Lee Family Property Management, LLLP. The sale includes two properties from separate ownerships purchased in simultaneous closings for a total of $3,835,000.
Lee Plaza was developed, owned and managed by the Lee family for over 40 years. The center is home to a variety of long-term retail and service-based tenants such as Stereo Pad and FastSigns. The property has been upgraded and remodeled several times over the years and is fully leased.
Susan Ong is the representative of the Buck Sam Chu estate and has been working on entitlements, upgrading and repositioning many of its extensive holdings. The purchase the Speedway project by Cypress Green Gardens was a portion of a 1031 trade from farm land in Marana sold to a home builder. Susan is also in the process of demolishing Amphi Plaza, on the north east corner of First Ave and Ft. Lowell roads to make way for development of a multi-use commercial project.
Susan Ong represented the buyer in this transaction, while the seller was represented by David Lee and Cameron Lee of David Lee Real Estate Company, and Matthew Wong of Crestline Properties.
To learn more, see RED Comps #10373 and #10374.