TUCSON, Arizona — The former Canyon Community Bank Plaza, now Thornydale Plaza, at 6811 N Thornydale Road in Marana sold for $1.97 million ($237 PSF) to a Tempe-based, private investor, Thornydale Plaza, LLC.

Dave Carroll of Romano Real Estate in Tucson handled the transaction for buyer and seller, Canyon Community Bank.

Carroll told us, the seller, Canyon Community Bank, occupied an anchor space in the center for its mortgage office. Canyon recently vacated this space and leased it to Enterprise Car Rental. Additional tenants in the Plaza include First Impression Security Doors, Sports Buzz, 5 Star Electronics and coming soon Celebrity Tanning to bring it to 100% occupancy.

The 8,327-square-foot retail plaza is of masonry construction, built in 2004, and located between Ina Road and Orange Grove on Thornydale in front of Costco, Home Depot, Savers, and Sportsman’s Warehouse and many other big box tenants nearby, within a retail hub for Marana, Arizona.

This is the first Tucson area investment for the buyer who was introduced to the property by Carroll without it being on the market for sale.

In a separate transaction, the investor, Thornydale Plaza, also acquired 47,810-square-feet of adjoining land for parking expansion and a car wash to be leased by Enterprise Car Rental. Debbie Heslop of Volk Company in Tucson represented the seller, BOKF, N.A. in this transaction and Carroll represented the buyer.

For more information, Carroll should be reached at 520.577.1000 and Heslop can be contacted at 520.326.3200.

To learn more, login and see RED Comp #4384 and RED Comp #4485.

[mepr-show rules=”58038″]Sale date: 12/14/2016. Property sold at a 7% cap rate. Lease rate ranged from $18-$20 / SF / NNN and $5.34 triple nets. Traffic count: 31,000 VPD on Thornydale. The vacant lot sold for $170,000 ($3.56 PSF). Sale date: 1/17/2017. It was an REO sale. [/mepr-show]

Phoenix, AZ – CBRE has completed the sale of Cave Creek Plaza, a 21,219 sq. ft. retail shopping center located at 16806-16872 N. Cave Creek Road & 2301-2313 E. Bell Road in Phoenix, Arizona. The buyer was DMC Investments, LLC. The seller was PWDAF Bell and Cave Creek, LLC.  Jesse Goldsmith and Steve Julius with CBRE’s Phoenix office represented the seller in this transaction. Total consideration for the deal was $2.55 million.

“Bell and Cave Creek Plaza was in high demand by buyers because of its low price per foot, fair rental rates, and good cash flow,” said CBRE’s Julius. “With the high traffic and dense population, this will be a good long-term investment.” 

Originally constructed in 1978, Cave Creek Plaza is shadow-anchored by a successful 99 Cent Only store. The retail center is also neighbors to Home Depot via two adjacent parking lots. Additionally, low rents and varied lease terms presented an opportunity for long-term revenue growth at this location.

Cushman & Wakefield Negotiates Sale of National Chicken Restaurant Chain

TUCSON, Arizona – Cushman & Wakefield sold the Raising Cane’s chicken restaurant, located at 6352 E. Broadway Boulevard in Tucson for $4.15 million ($1,148 PSF) to Leal 2002 Family Trust of California. This was a record low CAP rate for a Raising Cane’s sale in Arizona.

Cushman & Wakefield Senior Director Chris Hollenbeck represented the seller, Phoenix-based Eisenberg Company. Chris Rodriguez of Pacific Northwest represented the buyer.

The single-tenant property built in 2015, totaling 3,616-square-feet, is under a new, 20 year absolute NNN lease leased to Micatrotto Holdings DBA Raising Cane’s with 19-years remaining. The lease is backed by Micatrotto Restaurant Group (MRG), the largest franchisee for Raising Cane’s with over 25 locations in Arizona and Nevada.

“This was the first location for Raising Cane’s in Tucson and the location has blown away all expectations in terms of sales. Due to the high grossing location as well as the “main and main” real estate, this is an irreplaceable trophy asset in Tucson,” says Hollenbeck. It opened for business on August 28, 2015.

Located at the corner of Broadway Boulevard and Wilmot, the property is right in the heart of the Park Place Mall, one of the largest retail trade areas in Tucson. Surrounded by many national retailers located along Broadway Blvd. makes this an exceptional location.

For more information, Hollenbeck can be reached at 602.224.4475.

To learn more, login and see RED Comp #4472.

[mepr-show rules=”58038″]Sale date: 1/12/2017. Property sold at a 5.6% cap rate.[/mepr-show]