GV Mall being sold: Owner of Continental Shopping Plaza agrees to pay $12.95 million

A Tucson company has agreed to buy the Green Valley Mall for $12,950,000, according to a filing with the Securities and Exchange Commission.

Holualoa Green Valley Mall LLC, located at 3573 E. Sunrise, Suite 225 in Tucson, is in the process of closing the deal. Tenants in the mall have been notified of the pending sale.

The mall, at 101-126 S. La Cañada Drive, is owned by Concord Milestone Plus of Delray Beach, Fla.

Green Valley Mall Manager Terry Klum said Thursday he had no comment.

Holualoa executive Sandy Alter in Tucson did not return phone calls seeking comment. 

The company owns three other properties in the Green Valley-Sahuarita market, the Continental Shopping Plaza at 180 S. Continental, the Green Valley Professional Plaza at 1151 S. La Cañada and the Sandstone Ridge Apartments in Sahuarita.

The Green Valley Mall, completed in 1983 and sold to Concord in 1986, has space for more than 80 businesses.

Current tenants include the Green Valley News and Sun, Ace Hardware, Beall's Home Outlet and Family Dollar Store.

The mall has more than 173,000 feet of retail and office space on 23.46 acres with 975 parking spaces.

Rumors of the mall’s sale have been circulating in the Green Valley-Sahuarita business community for months.

Mike McAuliffe, owner of Ace Hardware, has been here for just a few months. He said he expected the transition to go smoothly and added, “The maintenance men do a great job.”

At BonWorth, manager Barb Gonzales said she has “high hopes for improvements to the mall” and that ways are found to improve traffic.

The Holualoa Cos. were founded in 1985, with the original office in Kona, Hawaii. The investment company added a Tucson office in 1992, and it became company headquarters.

Holualoa has more than doubled its assets since 1999, when it controlled more than $200 million in property. As of 2005, the company controlled $500 million with property in nine states and two foreign countries.

The company recently acquired the Tucson Airport Center, a 129,000-square-foot property adjacent to Tucson International Airport.

“They’re easily the largest commercial real estate company based in Tucson,” said Philip Moore of Inside Tucson Business, a sister publication of the Green Valley News. “They’re also a quality operator, taking pride in improving their office, retail and apartment properties. Their purchase of the Green Valley Mall is a good thing for mall, its customers and the community.”

The Green Valley Mall sale price of $12.95 million was a fraction of the sale price for the Tucson Mall in 2001. The regional shopping center was sold for $180 million.