Castro Valley, California based Pasquini V & D Living Trust (Dennis Pasquini, trustee) paid $1.6 million ($293 PSF) for the BrakeMAX located at 2240 N Silverbell Rd in Marana. The seller was BrakeMAX #5, LLC. (Ray Pisciotta, president).
The 5,464-square-feet BrakeMAX was built in 2001 and sits on 0.7 acres. BrakeMAX executed a new 20-year lease on the property with absolute triple net terms and rent increases of 7.5% every five years.
BrakeMAX Car Centers was founded in 1997. Over the past 18 years BrakeMAX has grown to 12 locations in Pima County. All locations are AAA certified requiring quality standards in state of the art equipment, certified technicians and facilities. The company remains family-owned to this day.
The single tenant property is located on North Silverbell Road in Marana, AZ in the Northwest submarket of Tucson. The property offers direct frontage on this major arterial boasting traffic counts in excess of 19,000 vehicles per day. Retailers in the area consists of Chase Bank, McDonald’s, Walgreen’s, Jiffy Lube, Circle K, Arby’s, Ace Hardware, Wells Fargo, Subway and a Safeway anchored shopping center among others. In close proximity to the South, additional retailers include Panda Express, Peter Piper Pizza, Taco Bell, Dairy Queen, AutoZone, O’Reilly Auto Parts and Sally Beauty.
The property benefits from a high concentration of residential housing in the surrounding area in conjunction to a variety of retail.
John Glass and Chris Doty with Marcus & Millichap in Phoenix handled the transaction.
For additional information Glass can be reached at 415.625.2114 and Doty is at 602.687.6700.
To learn more, see RED Comp # 3730
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[mepr-show rules="58038"]Property sold at a 6% cap rate with new 20 year lease signed at closing with 7.5% every five years, including the option periods[/mepr-show]