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A former Chuy’s restaurant at 1825 W Valencia in the Tucson West submarket has a new owner. Marvaliz, LLC of Tucson (Alonzo Mendoza and Graciela Garcia) bought the vacant building from the lender, Western Alliance Bank for[mepr-show rules=”58038″]$625,000 ($185 PSF) for a new Mariscos Chihuahua restaurant location. The property is located on .79 acre southwest of  I-19 on Valencia Road. Marisco’s already has eight restaurants in Tucson and Nogales, Mexico. Opening date for the latest location is undetermined.

Before there was a Mariscos Chihuahua, there was only Mariscos. In 1971 a small stand opened in Nogales, Mexico selling Mariscos (Seafood). The stand opened next to a well- known fruit stand “Fruteria Chihuahua”. People from all over Nogales would shop at this famous fruit stand and soon started buying ceviche, cocktails, and other Mariscos at the stand next door. When the word started to spread about this little Mariscos stand and its amazing recipes, people would refer to it as “the Mariscos next to the Chihuahua”, and that is how ‘Mariscos Chihuahua’ came to be. Once the stand grew into a full size restaurant the name Mariscos Chihuahua stuck. As the founding family grew and moved to Tucson and Phoenix, so the recipes and restaurant locations grow.

Buyer purchased with new financing from Bank of America. The property sold previously in 2008 for $1.5 million and returned to the lender, Western Alliance in 2012.

Dave Dutson of CBRE in Tucson represented the seller and Rick Borane of the Volk Company in Tucson represented the buyer.

Mendoza at Marisco’s Chihuahua can be contacted at (520) 884-3457. Dutson is at (520) 5118 and Borane can be reached at (520) 326-3200.

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[ismember]1825 W Valencia closed 6/20/2013 with $312,500 down and new financing from Bank of America. Property had been on the market for sale or for lease. [/ismember]

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The Dollar General Store at 1742 W Ruthrauff in Tucson was committed to by  Colina Investment Properties, LLC (Gary Beynon) of Utah before construction began and sold for[mepr-show rules=”58038″]$1.49 million ($163 PSF). DCM Development Company of Tucson (Chris Lechner, manager) was the developer and seller of property. In a subsequent transaction, Colina sold the property for $1.59 million ($174 PSF) to Saddlehorn Realty, LLC of Sedona, AZ (Stephanie Brand, managing member) in a double escrow.

Dollar General Corporation of Goodlettsville, TN (NYSE:DG) went public on November 13, 2009 in what was called “the largest retail-store IPO in at least 15 years” by Wall Street veterans. At that offering Dollar General raised $716 million, its stock ended at $22.73, up 8% from its IPO price of $21.00. Dollar General’s leases carry corporate guarantees and are typically either 10 or 15 year initial term.

Dave Hammack of Volk Company in Tucson represented the seller, DCM Development Company in the first transaction. J.R. Broadbent of Salt Lake City, Utah represented the buyer and handled the resale of property.

Lechner should be contacted at (520) 888-1212. Hammack can be reached at (520) 326-3200. For Dollar General information contact (615) 855-5210.

For other recent articles on Dollar General, please see: https://realestatedaily-news.com/dollar-general-builds-3-new-stores-plans-7-more-for-2013/

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[ismember]Sale date was 6/14/2013 for both transactions. Exact sale price on first was $1,487,101.66; and second was $1,587,000. The building is 9,100 SF (built 2013) on 56,581 SF lot. The property was purchased with a 7.65% cap rate and net-net lease terms;  it was flipped with a 7.1% cap rate. Dollar General’s leases have a corporate guarantee and are typically either 10 or 15 year initial term. Escalations and landlord responsibilities vary, but Dollar General’s net-net lease terms usually include bumps in lease in year 11, while holding the landlord responsible for at least roof and structure.

On 5/17/2013, in a separate unrelated transaction. 1.02 acres at 2820 W Los Reales sold by Daniel, LLC (Larry E Swindell Sr, Manager) to DCM Development (Chris Lechner) through an affiliate, Tombo 51, LLC for $215,000 ($4.85 PSF) in Tucson’s West submarket, for construction of a “Family Dollar” store that buyer plans to build and hold for investment. [/ismember]

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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.

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[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]