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The O’Reilly Auto Parts building at 3740 E Grant Road in Tucson sold for[mepr-show rules="58038"] $1.13 million ($161 PSF) to a company formed by David R Lee of Tucson, Grant Dodge, LLC. The 7,000-square-foot building was built in 1999 on a .90 acre lot northeast of Dodge Blvd. and Grant Road.
It was 100% leased to CSK Auto, Inc., which was purchased by O' Reilly Auto Parts in 2008 (NASDAQ: ORLY) with a triple net lease with tenant at this high-traffic location with over 62,000 cars per day on East Grant Road.
O'Reilly Automotive, Inc. is one of the largest specialty retailers of automotive aftermarket parts, tools, supplies, equipment, and accessories in the United States, serving both professional service providers and do-it-yourself customers. Founded in 1957 by the O'Reilly family, the Company operated 4,135 stores in 42 states as of September 30, 2013.
David Lee, a real estate broker with the David Lee Real Estate Company of Tucson represented the buying group. The seller was estate probate sale out of Petaluma, CA.
In a separate transaction, E & S Irving, LLC another company formed by David Lee purchased 2.11 acres of vacant land from Circle K Stores, Inc. of Tempe, AZ for $300,000 ($3.27 PSF). The property was purchased to hold for investment and is available for a built-to-suit or spec. retail use, zoned C-2.
The property is located southwest of La Cholla and River Road adjacent to Circle K on the corner.
Rob Tomlinson, a Retail Specialist with Cushman & Wakefield | Picor of Tucson represented the seller, Circle K. David Lee of David Lee Real Estate in Tucson represented the buying group.
Tomlinson can be reached at (520) 546.2757. Talk to Lee at (520) 795-3199 for more information.[/mepr-show]
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[mepr-show rules="58038"]The O’Reilly property sold with a short term lease remaining of about 2-years. The buyer paid $830,000 down and financed the balance with conventional financing. APN: 122-16-109B. The land was purchased in an all-cash transaction. APN: 101-13-014E. [/mepr-show]