Cushman & Wakefield Negotiates Sale of National Chicken Restaurant Chain

TUCSON, Arizona – Cushman & Wakefield sold the Raising Cane’s chicken restaurant, located at 6352 E. Broadway Boulevard in Tucson for $4.15 million ($1,148 PSF) to Leal 2002 Family Trust of California. This was a record low CAP rate for a Raising Cane’s sale in Arizona.

Cushman & Wakefield Senior Director Chris Hollenbeck represented the seller, Phoenix-based Eisenberg Company. Chris Rodriguez of Pacific Northwest represented the buyer.

The single-tenant property built in 2015, totaling 3,616-square-feet, is under a new, 20 year absolute NNN lease leased to Micatrotto Holdings DBA Raising Cane’s with 19-years remaining. The lease is backed by Micatrotto Restaurant Group (MRG), the largest franchisee for Raising Cane’s with over 25 locations in Arizona and Nevada.

“This was the first location for Raising Cane’s in Tucson and the location has blown away all expectations in terms of sales. Due to the high grossing location as well as the “main and main” real estate, this is an irreplaceable trophy asset in Tucson,” says Hollenbeck. It opened for business on August 28, 2015.

Located at the corner of Broadway Boulevard and Wilmot, the property is right in the heart of the Park Place Mall, one of the largest retail trade areas in Tucson. Surrounded by many national retailers located along Broadway Blvd. makes this an exceptional location.

For more information, Hollenbeck can be reached at 602.224.4475.

To learn more, login and see RED Comp #4472.

[mepr-show rules=”58038″]Sale date: 1/12/2017. Property sold at a 5.6% cap rate.[/mepr-show]

TUCSON, Arizona — Brenna Lacey of Volk Company represented La Jolla Verde Land Holdings, LLC in the sale of 17.7 acres of land at the southeast corner of Old Nogales Highway and Abrego Drive in Sahuarita, Arizona to FAE Holdings 461354R, LLC. The purchase price was $3.5 million ($4.54 PSF).

The new grocery anchored shopping center called The Crossing at Sahuarita is planned at the site, for a 2018 opening, to be developed by Wadsworth Development Group and Accelerated Development Services.

Sahuarita is located south of the Tohono O’odham Nation and abuts the north end of Green Valley, 15 miles south of Tucson. The population was 25,259 at the 2010 census. This growing retail hub across from Walmart Supercenter, Ross, Big Lots, Jo-Ann Fabrics, Petco, Wells Fargo, Walgreens, Bank of America, 99 Cent Only and other national retailers. All conveniently located near a full diamond interchange at I-19 and Duval Mine Road.

The groundbreaking and anchor announcement is expected in the next 60-days.

Darren Pitts of Velocity Retail Group in Phoenix represented the buyer in the sale transaction.

Brenna Lacey and Kevin Volk of Volk Company in Tucson and Velocity Retail Group’s Brian Gast, Dave Cheatham and Darren Pitts will handle leasing of the inline shops at the new center.

For additional information and for leasing, Lacey and Volk should be reached at 520.326.3200. Gast can be contacted at 602.682.8155, Cheatham at 602.682.6060 and Pitts is at 602.682.6050.

To learn more login or see RED Comp #4488.

[mepr-show rules=”58038″]Sale date: 1/23/2017. Rumor has it the anchor grocery store will be a Sprout’s Market[/mepr-show]

TUCSON, Ariz. – Tom Hunt and Bob Davis, partners in Tango Commercial Real Estate, represented Cook Tucson LLC (Corinne Tso, manager) in the acquisition of the 3,200-square-foot building located at 1702 N. Stone Avenue in Tucson for $190,000 ($59 PSF).

The property was purchased for conversion to a commissary and culinary incubator.

“As these transactions illustrate, Tango Commercial Real Estate works with a diverse range of clients,” said Tom Hunt. “We enjoy the thrill of the hunt, finding suitable spaces for our clients whether they are local start-ups or large, out-of-state tech companies looking to expand into Tucson. We know Tucson, we love what we do and we always aim to be our clients’ partners in success.”

David Gallaher, President of Tucson Industrial Realty, represented the sellers, Steve and Deborah Martin and Jerry Norman who were owner occupants doing business as Custom Toppers.

For more information Hunt and Davis should be reached at (520) 288-1231.