TUCSON, ARIZONA -- A newly built, two-tenant, Jersey Mike’s anchored and Mariner Finance occupied, freestanding retail pad investment at 5720 E Broadway Blvd in Tucson sold for $1.794 million ($619 PSF).
Built in 2020, the state-of-the-art 2,896 square-foot property on a 16,688 square-foot pad features new, high-quality construction. Mariner Finance, in 1,496 square feet, just recently opened and both tenants are paying rent. Jersey Mike occupies the remaining 1,400 square feet.
Both tenants recently executed brand new leases that feature rental increases in the initial term, a growing NOI and hedging against inflation. Additionally, both tenants operate under NNN leases, limiting expense leakage for an investor.
Property sold on July 22, 2022, at a 5.35% cap rate.
Patrick Luther with SRS Real Estate Partners in Newport Beach, CA represented the seller, Entrada Contenta Lot 2, LLC of Phoenix (Brian Johnson, manager) and brought the investors, Milan and Nipa Patel of Milpitas, CA.
For more information, Luther should be reached at 949.698.1115.
To learn more, see RED Comp #10061.