TUCSON, Arizona  – CBRE has completed the $2.47 million sale of a single-tenant property leased to Dutch Bros Coffee, located at 120 South Wilmot Road in Tucson, Ariz. The 824-square-foot building is on the southwest corner of Broadway Boulevard and Wilmot Road, which benefits from high traffic counts of over 80,000 vehicles per day.

Joseph R. Compagno with CBRE’s Phoenix office represented the seller, Oregon-based, Cole Valley Partners. Sunny Gill of Habitat Investment Advisors represented the buyer, Calif.-based LD Enterprises, LLC.

“The California Buyer paid a 4.85% cap rate for a long-term 15-year corporate lease and placed new financing on the property through CBRE,” said CBRE’s Compagno. “The buyer was attracted to the property’s infill location and to Dutch Bros’ overall success. Additionally, we are seeing strong demand from investors looking for new single-tenant investments leased to coffee users.“

Dutch Bros Coffee was founded in Oregon in 1992 and has over 300 locations in seven States. This location is their first in Tucson and celebrated their grand opening on October 9th with free coffees.

To learn more, see RED Comp #6331.

The following commercial leases were reported to the Real Estate Daily News for the Tucson Lease Report from November 5 thru 9, 2018.

RETAIL – 13380 E MARY ANN CLEVELAND WAY, VAIL, ARIZONA
Chase Bank leased an outparcel pad at the new Safeway Center in Vail from Vail-SSC, LLC.  Aaron LaPrise, Retail Specialist with Cushman & Wakefield | PICOR represented the landlord; Nancy McClure with CBRE, represented the tenant.  Chase Bank will open the new branch in 2019.

INDUSTRIAL – 1635 S. RESEARCH LOOP, TUCSON
Verge Church, Inc. leased 5,790-square-feet at 1635 S. Research Loop in Tucson, from Presson PV Eleven, LLC.  Rob Glaser, SIOR, CCIM and Max Fisher, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord; Alan Moore with Chapman Lindsey, represented the tenant.

RETAIL – 7090 N. ORACLE RD., TUCSON
Borderlands Trading Company has leased 4,966-square-feet at 7090 N Oracle Rd Suite 156 Tucson, AZ. Juan C. Pantoja from Grimm Commercial, LLC represented the Tenant in this transaction. Jesse Peron from CBRE represented the Landlord.

INDUSTRIAL – 2949 E. ELVIRA RD., TUCSON
DHL Global Forwarding renewed their lease on a 4,000-square-foot space at 2949 E. Elvira Rd. in Tucson, from H&A Realty, LLC.  Steve Cohen and Russ Hall, SIOR, GSCS, Industrial Specialists with Cushman & Wakefield | PICOR, represented the tenant in this transaction.

INDUSTRIAL – 2002 N. FORBES RD., TUCSON
Hart Scientific Consulting International, LLC leased 3,353-square-feet at 2002 N. Forbes, Suite 102 in Tucson, from Forbes Investors, LLC.  Brandon Rodgers, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord; Terry Lavery with Re/Max Commercial, represented the tenant.[mepr-show rules=”58038″]Tenant Phone: 520.419.6401[/mepr-show]

RETAIL – 4702 E. 22
Pat Egan Automotive Group, Inc., leased the property located at 4702 E. 22nd Street, Tucson, Arizona, consisting of approximately 2,800-square-feet of Retail space, from Omaga Investment Company. Pat Darcy of Tucson Realty & Trust Co. represented the Landlord in the transaction.  [mepr-show rules=”58038″]Tenant Phone: 520.790.9897[/mepr-show]

RETAIL – 5024 N. ORACLE RD., TUCSON
Desert Wind Shutters, Inc. leased 1,200-square-feet at 5024 N. Oracle Rd. in Tucson, from River Equities, LLC.  Dave Hammack, Retail Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. [mepr-show rules=”58038″]Tenant Phone: 520.745.1093[/mepr-show]

RETAIL – 13380 E MARY ANN CLEVELAND WAY, VAIL
Subway leased 1,200-square-feet at the new Safeway Shopping Center in Vail, from Vail-SSC, LLC. Aaron LaPrise, Retail Specialist with Cushman & Wakefield | PICOR, handled this transaction. 

OFFICE – 1661 N. SWAN RD., TUCSON
Joni B. Studio & Spa, LLC leased 419-square-feet at 1661 N. Swan Rd., Suite 136 in Tucson, from DHS Property Investments, LP. Tom Nieman and Ryan McGregor, Office Specialists with Cushman & Wakefield | PICOR, represented the landlord; Mark Hays with Tierra Antigua Realty, represented the tenant. [mepr-show rules=”58038″]Asking lease rate: $18.00 SF/YR Full Service [/mepr-show]

Submit sales and leases to REDailyNews@outlook.com

Expands insurance leader to 139,000 s.f. of creative office space in Tempe, Arizona

PHOENIX, Arizona – On behalf of New York-based insurance company Oscar, the Phoenix office of JLL has completed a 46,000-square-foot lease that will double Oscar’s presence at The Circuit creative office project in Tempe, Arizona and pave the way for the creation of 400 new local jobs by 2020.

The expansion brings Oscar’s total footprint at The Circuit to 139,000-square-feet. It also allows for the expansion of the company’s Concierge Team, a group that relocated to the property in September 2016 and since that time has emerged as a core component of Oscar’s member-focused platform.

“The open, creative design of The Circuit is the perfect environment for Oscar’s culture of collaboration,” said JLL Executive Vice President Ryan Bartos, who represented Oscar in its lease negotiations. “It was a pleasure to help Oscar locate and lease this space in 2016, and it is great to see how they have used their Tempe location to continue to expand on their mission.”

“The Circuit has been an excellent foundation for Oscar to build our Concierge Team and recruit talented employees with a clear passion for providing exceptional support to our members,” said Mario Schlosser, CEO and co-founder of Oscar. “The work our Tempe team does every day is crucial to Oscar’s vision for a more member-focused health care experience, and we are thrilled to be investing more in Arizona as our membership grows.”

Located at 615 S. River in Tempe, The Circuit is a 200,000-square-foot creative office project that was redeveloped between 2014 and 2015 by EverWest Real Estate Investors. The redevelopment transformed a former Jabil Circuit manufacturing facility into an ultra-modern creative office project featuring 17-foot ceilings, 14-foot floor-to-ceiling windows, more than 60 skylights and glass roll-up doors that connect to outside patios and entertainment areas.

Employees who bike to work benefit from a separate area with showers and lockers. Those who commute by car are served by a 7/1,000 parking ratio, which is approximately 40 percent higher than most competing office building parking ratios in the market.

The Circuit sits on 16 acres just southeast of the Loop 101-202 interchange, offering immediate access to the Valley’s major transportation routes and prime access to the Valley’s skilled labor pool. It is minutes from Sky Harbor International Airport, downtown Tempe and Arizona State University.

Oscar, one of the country’s fastest growing health insurance companies, will move into its new space in summer 2019.