TUCSON, Arizona – The now open, the new Native Grill & Wings at Steam Pump Village, 11107 N Oracle Road in Oro Valley, sold in an investment sale for $3.34 million ($673 PSF) to local investors, Andy and Marilyn Bowden.
The 4,962-square-foot Native Grill & Wings restaurant celebrated its grand opening on Monday, June 5th and sold June 20th in a triple net investment. This was an all-cash deal and the buyers’ upleg in a 1031 exchange.
The restaurant marks the Arizona chain’s first Oro Valley location and its 5th restaurant in the metro Tucson region. The chain prides itself in using only quality ingredients, which sets it apart from a typical ‘sports grill,’ and has as its primary goal to provide a welcoming environment for the whole family. Native, as the regulars call it, is known for offering more than 20 wing flavors that customers can order by the wing. The restaurant also offers pizza, burgers, sandwiches, salads and more.
Steam Pump Native Development, the seller, purchased the 58,072-square-foot pad in October for construction of Native together with an adjoining pad for Freddy’s Custard & Steakburgers’ restaurant.
Roger Breckenridge with Long Realty Tucson represented the seller and Tom Hoch with Park Properties and Investment of Tucson represented the investor.
For additional information, Breckenridge should be reached at 520.577-7400 while Hoch can be contacted at 520.400.0898.
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[mepr-show rules="58038"]Sale date: 6/20/2017; document #2017-1710101. Sale price: $3,339,130. Property sold with an NOI of $192,000 with 15-year term and 5.75% cap rate.[/mepr-show]