Tucson, Ariz. – CBRE has completed the sale of a twenty-four property gas station and convenience store portfolio for properties in Tucson and 5 counties throughout Southern Arizona. The portfolio commanded a sale price of $39.75 million, in the largest sale to date for the new year in Southern Arizona.
Pete Villaescusa and Jesse Peron in CBRE’s Tucson office represented the seller, Reay’s Ranch Investors, LLC of Tucson. The buyer was a national REIT, American Realty Capital Properties (ARCP).
Of the twenty-four convenience store locations, eight are in the Tucson area, and the rest are located throughout Southern Arizona. Under a new master lease agreement between ARCP and El Paso, Texas-based Western Refining, the stores will be rebranded and operate under the “Giant” moniker.
Property addresses include: 15841 W El Tiro Rd, Marana, 6777 N Sandario Tucson, 11200 S Sierrita Mtn, Tucson, 6890 N Sandario Rd, Tucson, 6225 W Ajo Hwy Tucson, 3902 E Speedway Tucson, 4301 E Broadway Blvd, Tucson, 6280 E Broadway,Tucson, 1690 E Ash Street, Globe, 105 W 2nd Street, Winkelman, 520 N Pinal Pkwy, Florence, 780 N Arizona Blvd, Coolidge, 325 E Hwy 70, Safford, 105 E Hwy 70, Safford, 750 8th Ave, Safford, 1780 W Thatcher Blvd, Safford, 3775 W Main St, Thatcher, 104 E 4th St, Benson, 101 16th St, Douglas, 94 Bisbee, Bisbee, 1060 18th St, Douglas, 5620 S Hwy 92, Hereford, 251 Frontage Rd, Pearce, and 5217 S Hwy 92, Sierra Vista.
In addition to the twenty four sale properties, another seven locations were leased to Western Refining for a total of thirty-one new locations for Western to operate.
“This sale was the culmination of tremendous efforts and cooperation between the Reay’s Ranch group, ARCP, and Western Refining,” said CBRE’s Villaescusa. “It was a very complex deal involving operating businesses, fuel supply agreements, some fee owned and some leasehold real estate, and existing inventory and employees. It will provide Western Refining with more retail outlets for their product and reward the Reay’s group for building a successful business over their operating history.”
ARCP have been actively investing in Tucson in 2014 with the purchase of several CVS Pharmacies. See Real Estate Daily News coverage for ARCP Buys CVS Pharmacy at Broadway & Wilmot for $5.45 Million, and ARCP REIT Buys Second CVS in Tucson Area for $4.95 Million.
To learn more Villaescusa should be reached at 520.323.5112 while Peron can be contacted at 520.323.5130.
For additional information refer to RED Comp #2438.