Broadway Frontage Property Selling for $27 PSF for Redevelopment

TUCSON, AZ – Entrada Contenta Lot 2 LLC, an affiliate of Reliance Commercial Real Estate of Phoenix (Brian Johnson, member) assembled 18,600-square-feet with 124 feet frontage along Broadway for $500,000 ($26.88 PSF). The buildings at 5720 – 5730 East Broadway sold with 5,460-square-feet of improvements for land value only to be redeveloped.

The properties are located along Broadway between Craycroft and Wilmot, approximately one-mile from Park Place Mall, a major Tucson area shopping spot. Broadway Boulevard is a major east / west business arterial. This section of Broadway has recently had some major retail renovations such as the newly opened Longhorn Steak House, directly across the street

The buyer plans to raze the building for redevelopment for an undisclosed retail use. Reliance represents such clients as Pita Jungle, Applebee’s Japanese Hibachi and Sushi Bar, Pizza 9, Red Robin, Paradise Bakery & Café, Pei Wei Asian Diner, Cash Store and others, but were not able to disclose the user.

Nancy McClure and John Ash with CBRE represented the buyer in the assemblage that included three tax codes and sold in two separate transactions. James Robertson, Jr., CCIM, of Realty Executives Tucson Elite represented the seller, The Friske Family Trust of Tucson, on 5720 E Broadway Blvd., and Pat Darcy with Tucson Realty & Trust Company represented the seller, Bow B AZ-Retail, LLC of Los Angeles, CA, on 5720-5730 E Broadway Blvd.

Friske Optometric Center will continue to occupy 5720 E Broadway in a sale leaseback agreement for 6-months. The other building was vacant at time of sale.

For additional information, McClure can be reached at 520.323.5117 and Ash is at 520.323.5177. Robertson should be contacted at 520.877.4940 and Darcy can be called at 520.577.7000.

To learn more, see RED Comp #3911.