Scottsdale-based, EBCO, Inc., (Ed Breunig, President) the operating company for Arizona’s La-Z-Boy Furniture Galleries purchased a .64 acre parcel at 6828 E. Camelback Road in Scottsdale, Arizona for $2.8 million ($100 PSF). The parcel sold with a 10,096-square-foot office building to be razed for a new 11,000-square-feet new La-Z-Boy concept store, expected to open by the end of March 2014.

The 27,878-square-foot parcel is located just east of Camelback and 68th Street, at an intersection that has been the focus of increased construction activity in the past year after an apartment complex on the southeast corner was demolished to make way for Optima Sonoran Village, an upscale apartment community.

“We have worked with the La-Z-Boy management team for several years throughout Arizona,” said Darren Pitts, Executive Vice President of Velocity Retail Group Pitts. “We were pleased to identify a very high-profile location in close proximity to Scottsdale Fashion Square Mall, one of the top malls in the country,” he added.

Bob Kling, Principal with Lee & Associates Arizona said, “This prime location near Scottsdale Fashion Square and other amenities provides a great opportunity for La-Z-Boy. Add in as many as 576 upscale apartments to be constructed across the street and they could have a strong customer base at their doorstep.”

Ed Breunig of EBCO commented, “We are very pleased to be opening our second store in Scottsdale. This will be our first La-Z-Boy Home Furnishings and Décor store, which is a new concept store for La-Z-Boy featuring a fresh new layout and updated finishes giving the shopper an easier and more fulfilling experience in the store. We will continue to provide excellent service including complimentary In Home Design and a beautiful selection of custom fabrics and great accessories to furnish the entire home.” This will be the 9th location in Arizona for the company.

T.D. Note, LLC, the Seller, was represented by Bob Kling of Lee & Associates in Phoenix. Bob Crum, Principal of Ross Brown Partners in Scottsdale and Darren Pitts, Executive Vice President of Velocity Retail Group in Phoenix represented EBCO in the transaction.

Kling can be reached at (602) 954-3751. Crum may be contacted at (480) 362-9500, and Pitts is at (602) 682-8100.

3 Amigos Tequila of El Mirage, a Phoenix suburb, was awarded a gold medal for its Organic Blanco Tequila at the fifth annual Spirits International Prestige (SIP) Awards competition held in Las Vegas. This marks the second year 3 Amigos Tequila has brought home honors from the competition.

A small family business, the 3 Amigos Tequila story begins with the Gonzalez family from the Highlands region of Jalisco, Mexico. With deep roots in farming that span multiple generations, the family has grown 100% blue Weber agave for more than four generations. From growing and harvesting agave plants to distilling and bottling tequila, the Gonzalez family is dedicated to time-honored traditions in order to bring you superior, premium tequila each and every time.

Santiago Gonzalez says, “Farming is my passion — this comes from how I was raised in Mexico. When you grow a crop – especially something that will be consumed by people sitting around a table – it really matters and has purpose. When I’m farming I’m thinking about growing the best that I possibly can.”

The annual SIP Awards avoid industry bias by using actual consumers as its testers. The consumers participated in blind tastings judging entrants on aroma, taste, and finish. Although hundreds of brands enter the competition, only those brands with the highest scores receive honors from the panel of 70 judges.

3 Amigos Tequila from its headquarters in El Mirage, grows and distills its own 100% blue Weber agave in Mexico and imports it into the United States as four different products: Blanco, Organic Blanco, Reposado, and Anejo. 3 Amigos Tequila can be purchased at retail outlets such as AJ’s, BevMo!, and Total Wine & More. It is also available at a number of restaurants, including Calico Jack’s and America’s Taco Shops.

For more information, visit www.3amigostequila.com.

The Dollar General store at 3751 S Pantano Road in the Eastern submarket of Tucson sold for $1.7 million ($188 PSF) to DG Pantano & Escalante, LLC a private investment group out of Salt Lake City, UT (Gary Benyon, managing member). The 9,100 sq. ft. building (built 2013) is on 1.07 acres. The seller and builder was DCM Development Company of Tucson (Chris Lechner, managing member).

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[mepr-show rules=”58038″]Dave Hammack of Volk Company in Tucson represented the seller. J.R. Broadbent of Salt Lake City, Utah represented the buyer.

Family Dollar could be an acquisition target according to Credit Suisse analyst Edward Kelly, and an FDO fusion with DG makes “compelling strategic sense.” Kelly believes Dollar General could pay in the $90-to-$100-a-share range for Family Dollar if the FTC approval is granted. This $90-to-$100-a-share range equates to a 24-38 percent premium above FDO’s share price of $72.49 at Monday’s close.

Shares of both Dollar General (NYSE: DG) and Family Dollar (NYSE: FDO) are outperforming the broader equities market as analysts speculate on a likely buyout deal.

Dollar General has more than 10,600 stores, while Family Dollar has almost 8,000. A buyout by Dollar General, which has more than double Family Dollar’s $8.3 billion market value, may cut costs at the smaller company, according to Albert Fried & Co. Credit Suisse Group said Family Dollar could get as much as a 39% premium in a sale. The deal could create a dominate retailer through reduced competition and a move towards a more proactive (rather than reactive) management style. Kelly also sees potential cost and revenue synergies resulting from the acquisition.

Dollar General Shares closed at $55.59 Monday, up 5.5% since buyout speculation began last week.

Private-equity bidders could see an opportunity to make Family Dollar more efficient and turn a greater profit, analysts at Edward Jones & Co. said. The retailer’s profit margins lag behind those at Dollar General Corp., which KKR & Co. bought in 2007 and took public two years later.

Family Dollar rejected a $55-to-$60-a-share offer from Trian in 2011, saying it “substantially” undervalued its business. The retailer also adopted a “poison pill” defense to discourage unsolicited bids at that time. Family Dollar’s board removed the poison pill in November.

Dollar General, a discount retailer based in Goodlettsville, Tenn., emerged from private-equity ownership with higher operating margins than Family Dollar: 10.2% during the past year versus Family Dollar’s 6.6%. Buyout firms may see a similar chance to increase Family Dollar’s efficiency, said an analyst at Edward Jones.

If Family Dollar Chairman and CEO Howard Levine can be persuaded to sell, the company’s shareholders should welcome a merger, said Sachin Shah, arbitrage and special situations analyst at New York-based Albert Fried.

Lechner can be contacted at (520) 888-1212. Hammack can be reached at (520) 326-3200. For Dollar General Information contact (615) 855-5210.[/mepr-show]

[ismember]Sale date was 7/26/2013. Sale price was $1,706,425. Property sold with a 7.6% cap rate. Property was in escrow before construction. [/ismember]