This article has been archived, please login for access or subscribe now for a free trial.

QuikTrip Corporation paid[mepr-show rules=”58038″]$2.2 million ($4.79 PSF) for a 10.41 acre lot at the northeast corner of Ina Road and Star Commerce Way for development of QuikTrip #1469, a QuikTrip Travel Center. The seller was Ina Road Group of Tucson (Bill Viner and Phil Pepper). The QuikTrip Travel Center accommodates larger vehicles will be similar to that at 59th Avenue & the Freeway in Phoenix.  There is generally only one Travel Center of this type built in a market. The property address will be 5050 West Ina Road in Marana.

The deal took about 14 months, with questions involving ADOTs’  Ina / I-10 interchange project.  The widening project is to be similar to the completed ADOT project at the Twin Peaks interchange. Also, there was an issue of highway signage for the buyer that took some time to resolve. ADOT has not yet scheduled the Ina Road widening project. Zoned E in Marana, QuikTrip submitted preliminary plans for the property and signage on 11/30/2012, the project is waiting a second submittal from Quik Trip before final approval. Construction may be some time off, as ADOT finishes the four lane widening at the Prince Road interchange scheduled for completion late 2013, and then moves on to Ruthrauff Road interchange widening  before reaching Ina Road.

QuikTrip Corporation is a privately held company headquartered in Tulsa, Oklahoma. Founded in 1958, QuikTrip has grown to a more than $10 billion company with 660+ stores in eleven states. Those revenues place QuikTrip high on the Forbes listing of largest privately held companies. QuikTrip’s strategy is to be the dominant convenience/gasoline retailer in each market and to reach that level not through sheer numbers of stores, but through key, high-volume locations. With nearly 13,000 employees, Fortune magazine has ranked QuikTrip high on the list of ‘Best Companies To Work For’ in the last ten years. QuikTrip also gives back to the communities it serves, donating 5% of net profits to charitable organizations.

QuikTrip currently operates 17 locations in the Tucson area. All QuikTrip stores are company owned – not franchises. The company leases back its stores with typical triple net lease terms of 15 year primary term and seven (7) 5-year options, at annual rate of return 6.75% – 15 year primary term (fixed) and .25 basis increases each option term.

Rob Glaser and Rob Tomlinson of Cushman & Wakefield / Picor Commercial Real Estate Services in Tucson represented the seller. Larry and Will Lewis of Landwire in Tucson represented QuikTrip in the transaction.

Contact JD Dudley, QuikTrip Surplus Real Estate Manager 800-206-4036 for information on properties available in Tucson. Glaser can be reached at (520) 546-2707 and Tomlinson can be contacted at (520) 546-2757. Lewis can be reached at (520) 250-0602.

[/mepr-show]

Login in for additional information.

[ismember] QuikTrip offers a finder fee to brokers. Sale date was 6/19/2013. Exact sale price was $2,172,000. Escrow opened April 2012 and took a long time, not due to any lack of cooperation by all the parties, but waiting on ADOT plans and an sign easement that was granted along the highway.[/ismember]

RETAIL SPACE– 2540 S KOLB RD, TUCSON
Founded in 1969, CSK Auto, dba O’Reilly Auto Parts (formally Checker Auto Parts) is a privately held specialty retailer of auto parts and accessories in the Western U.S., headquartered in Phoenix, AZ. O’Reilly maintains 21 Tucson locations, and recently renewed its lease for 12,960 sq. ft. at 2540 South Kolb Road, at the northwest corner of Golf Links and Kolb. Other tenants in the shopping center include Walmart Neighborhood Market, USA Pawn & Jewelry, and Discount Tire. The landlord, Central One, Inc. was represented by Debbie Heslop, CCIM, of the Volk Company in Tucson.

RETAIL SPACE – 12112 N RANCHO VISTOSO BLVD, ORO VALLEY
The Artistry Academy leased 2,800 sq. ft. at the Safeway Vistoso Center, 12112 N. Rancho Vistoso Blvd., Oro Valley, near Tangerine Road and Rancho Vistoso Blvd. The Academy provides instruction in both music and art for children and adults in group classes or private lessons. The landlord is SB Vistoso, LLC. Robert Nolan of Oxford Realty Advisors in Tucson handled the transaction. The public is invited to an Open House Party planned on Sunday August 25th 12:00 to 5:00 p.m.

OFFICE SPACE – 1131 S. LA CANADA DR, GREEN VALLEY
Specialists in Dermatology, PLLC, headquartered at 2732 N. Alvernon Way, Tucson, with additional locations in Northwest Tucson and Sierra Vista, AZ., is expanding into Green Valley. It recently leased 1,632 sq. ft. at 1131 S. La Canada Drive in Green Valley. The property was leased from Holualoa GV Professional Plaza, LLC., Tom Nieman, Principal and Office Specialist with Cushman & Wakefield | PICOR, represented the tenant in this transaction. The office is scheduled to open on September 3rd and will be open Tuesday – Friday going forward.

OFFICE SPACE – 1870 W PRINCE RD, STE 20, TUCSON
Vertech Industrial Systems, Inc., of Phoenix, is opening an office in Tucson. The industrial control integration firm provides a wide range of engineering and technical services to engineering firms, contractors and OEMs. It leased 1,440 sq. ft. for its Tucson office at 1870 West Prince Road, Suite 20 in Tucson from Presson Corporation. Rob Glaser, SIOR, CCIM, Principal and Paul Hooker, Industrial Specialists with Cushman & Wakefield | PICOR of Tucson, represented the landlord in this transaction, while Andy McMillan with McMillan Commercial Real Estate of Phoenix represented the tenant.

OFFICE SPACE – 1605-1611 N WILMOT, TUCSON, AZ 85712
The Tungland Corp. founded in 1983 and headquartered in Phoenix has opened a new office in Tucson. The community support organization offers support services for children, adolescents, adults and elders with disabilities. Tungland leased 1,072 sq. ft. at Dorado Park offices, 1605-1611 N Wilmot Rd in Tucson, near Wilmot Road and Pima Street.  Andrew Sternberg of Oxford Realty Advisors in Tucson represented the landlord, Deebco Properties. Fred Howard of Progressive Property Management in Tucson represented the tenant.

RETAIL SPACE – 1835 S ALVERNON, STE 209, TUCSON
Ozzi Properties, LLC leased 900 square feet at 1835 S. Alvernon, Suite 209 in Tucson, from Presson Midpoint, LLC. Rob Glaser, SIOR CCIM, and Paul Hooker, Industrial Specialists with Cushman & Wakefield | PICOR of Tucson represented the landlord in this transaction, while Jabari McKee with Real Hero’s Real Estate and Development of Tucson represented the tenant.

OFFICE SPACE – 1835 S ALVERNON WAY, STE 210, TUCSON
Paul Kant Insurance Agency dba American National Insurance leased 900 square feet at 1835 S. Alvernon, Suite 210 in Tucson, from Presson Midpoint, LLC. Rob Glaser, SIOR CCIM, and Paul Hooker, Industrial Specialists with Cushman & Wakefield | PICOR, handled this transaction.

Submit your sales and leases to [email protected]

Please login for additional lease information.

[ismember]Specialists in Dermatology at 2732 N. Alvernon Way, reported paying $2,720.00/mo. or $1.66 SF – $19.92 for 1,632 SF.
American National Insurance at 1835 S. Alvernon, Suite 210, asking rates were 10.44-10.68/SF/YR.
The Artistry Academy at Safeway Vistoso Center, 12112 N. Rancho Vistoso Blvd., Oro Valley leased 2,800 sq. ft. reported rate of $16.50/SF/NNN
Tungland Corp at Dorado Office Park, 1605-1611 N Wilmot in Tucson leased 1,072 SF. Asking rate was $15.50/SF/YR Full Service.[/ismember]

This article has been archived, please login for access or subscribe now for a free trial.

Baceline Investments, a private REIT out of Denver, CO (David Puchi, Managing Partner) purchased the Cortaro Crossings strip center at 8205 -8225 N Courtney Page Way in Marana, northwest of Tucson, for[mepr-show rules=”58038″]$3.78 million ($190 PSF). The 19,902 sq. ft. center (built 2007) is located within Continental Ranch near Arizona Pavilions. It was 94% occupied, with 1,200 sq. ft. vacant when it sold in this Receiver’s Sale.

The center is in one building and sold with 2.4 acres. Tenants include the Native New Yorker restaurant, Sushi Cortaro, Nana’s Kitchen, ChopStix, VIP Insurance, and a martial arts school. The sale did not include the car wash at the corner, but did include a vacant 22,309 sq, ft. expansion pad  to the west of property.

Michael Stilb of CBRE Tucson Management Services handled the management and leasing of property prior to sale and represented the seller and lender in this transaction.

The investor, Baceline Investments was founded in 2003 by David Puchi. After serving as a real estate asset manager for a privately held real estate investment firm, Puchi created Highline Group, LLC in 1994, a property management entity affiliated with Baceline REIT. Puchi continues as managing partner of Baceline, overseeing its capital development and leasing strategy. Baceline and its predecessor entities have developed an impressive track record of owning and managing a wide array of commercial properties, but has specialized in retail.

This is Baceline’s first acquisition in the Tucson market although it is not new to Arizona. It bought another retail center in Sedona last year. “We have Arizona connections and are looking for other retail assets,” according to Puchi. Typical investments range from $2 million to $30 million, and are class-B or higher multi-tenant properties with national, regional and/or local credit.

Currently the company owns 28 retail centers, including the two in Arizona. Others are in Texas and the Midwest. Puchi said, “Baceline prefers smaller, growing markets such as Sedona and Tucson. This property was bought as part of our ‘no-debt real estate investment fund’ an income fund that we manage.”

Baceline usually handles its own property management and hires local leasing agents for its properties.

Michael Sandahl, Senior Vice President Investment Properties at CBRE in Tucson handled the transaction for both investor and seller.

Puchi can be reached at (800) 730-9544. Stilb should be contacted at (520) 888-5127. Sandahl can be contacted at (520) 323-5115.

[/mepr-show]

Please login in for additional sale information.

[ismember]Sale date: 6/21/2013. Escrow Time: 90 days (March 27- June 21) Recorded seller was Courtney Page Way, LLC. Lease range was reported from the high teens to low twenties average rate was $18/SF/ NNN. Puchi reported that due to it being a receiver’s sale, the cap rate was higher than normal, with an NOI of  $359,100, property sold at a reported 9.5% cap rate based on income at time of sale. [/ismember]