Tucson, Arizona – Local investors, Man Tran and Hao T. Nguyen, purchased the retail property located at 8250 East Broadway Boulevard in Tucson from Trinum Properties, LLC of Los-Angeles, California (Shawn Rita Abrahams, manager). The property commanded a sale price of $320,000 ($97 PSF).
The multi-tenant four-unit building consists of an approximately 3,306-square-foot building on approximately 7,500-square-feet of land. It was fully leased at time of sale with two tenants, Retro Hair Studio and Mesquite Community Church, each occupying half of building.
Retro Hair Studio describes itself as a blue-collar salon that caters to the working class, offering quality work at a guilt free, affordable price.
The Nguyens have been converting their portfolio from multifamily to retail investments were attracted to the property for its tenants.
Frank Arrotta of Tucson Realty & Trust Co. represented both the seller and the investor in the transaction.
“Cap rates are higher on these smaller ‘mom & pop’ centers, running in the high 8% - 9% caps,” Arotta said. “The higher end net leased properties are getting around a 6% cap rate for investors. This property was on the market for awhile before we were able to match it with the right buyer.”
For more information, Arotta should be reached at 520.577.7000.
To learn more, see RED Comp #5963.