Located at the intersection of Watt and El Camino Avenues, Arizona Partners bought the property from overseas owners UBS Asset Management, a subsidiary of UBSAG, a company formed by the merger of Swiss Bank Corp. and Union Bank of Switzerland. CB Richard Ellis' Bill Palmer brokered the deal.

Country Club Plaza is the first Sacramento acquisition for Arizona Partners, which says it will spend $10 million over the next two years renovating the shopping center, bringing in 100,000 sf of new tenants and adding a skatepark for younger shoppers. A source at Arizona partners says the company is in the process of considering the purchase of other Sacramento and Northern California properties.

UBS Asset Management purchased the shopping mall more than a decade ago. It is currently 70% leased, according to a company source. As part of the renovation plans, 80% of the stores will face the street while still maintaining interior access. Ross Dress for Less and HomeTown Buffet already have street access.