These five owner/ user retail sales in Tucson, listed by submarket, have a combined total of $1.6 Million. Only one was a distress sale. All represent business owners who decided it time to take the leap into property ownership.

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[mepr-show rules=”58038″] NORTHEAST SUBMARKET
L & L Pool Services of Tucson (Lonnie Lominac) purchased a 2,400 square foot retail building on a 13,000 square foot lot at 2900 N. Country Club Road in Tucson from Complete Landscaping, Inc. of  Tucson (Billy Gibson) for $425,000 ($177 PSF). The property is zoned C-1 and previously occupied by seller for a landscaping business, complete with fenced yard. This move represents a substantial expansion, and consolidation for L & L Pools. Russell W. Hall, SIOR, GSCS and Stephen D. Cohen Principals and Industrial Specialists with Cushman & Wakefield | PICOR of Tucson, represented the buyer in this transaction while Fernando Acevedo with KW Commercial of Tucson represented the seller.

Old Pueblo Industrial Products, LLC of Tucson (Amanda Tobak) acquired Industrial Chemical of Arizona of Tucson (Leslie Smith) business and real estate at 5302 E Pima Street in Tucson. The 3,360 square foot building at 5302 E Pima was purchased for $220,000 ($65 PSF) and the business purchased separately. Industrial Chemical of Arizona is a cleaning supplies specialist, focusing on the maintenance and restoration of carpets, natural tile, concrete, wood, clay and brick for the kitchen, restroom and showroom. The business has been selling cleaning products in Tucson, Arizona for over 36 years, since 1977. They provide products of over 200 vendors. The financing was handled by SBA.

EAST SUBMARKET

Pyramid Glass, LLC of Tucson (Eugene Zavala), a newly formed business, purchased 6,185 square feet at 2011 S. Alvernon Way in Tucson from Vantage West Credit Union for $162,000 ($26 PSF) in an REO sale. Brandon Rodgers, CCIM, and Aaron LaPrise, Commercial Specialists with Cushman & Wakefield | PICOR, handled this transaction.

Ker Haus, Inc. of Tucson (John Stanek, President) dba Mercedes-Benz Repair by Benztek Automotive, purchased the property that it was occupying as a tenant at 4610 East 1st Street in Tucson for $275,000 ($68 PSF). The 4,020 square foot concrete block building (built 1986) on a 16,800 square foot fenced lot was sold by Malco Enterprises of Las Vegas, NV (John Mallo, President).

Bucking Bronco, LLC of Tucson (Al and Bonnie Bianco) purchased the 7,916 square foot retail building known as “Al’s Ace Hardware” at 4010 E 29th Street in Tucson for $554,120 ($70 PSF). Built in 1986, the property was previously leased by the buyer. The seller was JAB 29th Street Corporation as successor in interest to J.A.B. Corporation of Tucson (Gary Fletcher, President). Al’s Ace Hardware is locally owned and operated since 1988.

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2900 N Country Club: sale date 8/16/2013. Down payment was $28,800., Zoned C-1, Tucson.
5302 E Pima St: Sale date 7/2/2013. Down payment was $15,400. Zoned C-1, Tucson
2011 S Alvernon Way: ale date 8/29/2013. Down payment was $8,000. Zoning C-2(AE), Tucson.
4610 E 1st Street: Sale date: 8/9/2013. Down payment was $98,250. Zoned C-2, Tucson
4010 E 29th Street: Sale date: 7/31/2013. All cash deal. Zoned C-2, Tucson [/mepr-show]

The retail sub-sector is showing some real signs of life. For investors, it could finally be time to bet on that beleaguered strip mall. After getting trounced during The Great Recession, the retail real estate space spent much of the last two years floundering with the retail sub-sector seeming to have been left behind. However, things are finally turning around for the market as evidenced by these three deals.

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[mepr-show rules=”58038″]A Wienerschnitzel property at 3460 N Oracle Rd in Tucson sold to Sam Third, LLC of Tucson (Steven Mar, managing member) for $330,000 all-cash. The 600 square foot building was built for Wienschnitzel in 1967. The seller was an individual from San Marino, CA. The transaction was handled principal-to-principal without broker representation.

Wienerschnitzel is an American fast food chain founded in 1961 (as “Der Wienerschnitzel”) that specializes in hot dogs. Wienerschnitzel locations are found in California, Texas, Arizona, Colorado, Illinois, Louisiana, New Mexico, Nevada, Utah, and Washington state. There is also a store in Guam.

The Eegee’s property at 3806 E Grant Road in Tucson sold for $792,363 to an investment group out of Jenkintown, PA. The 2,423 square foot building (built 1990) is one of 23 locations for the Tucson restaurant chain that specialize in, among other things, signature frozen fruit drinks.

A strip retail center at 5760-5764 E Broadway Blvd. in Tucson sold for $429,000 ($66 PSF). The buyer was IST Investments, LLC of Tucson (Abdulla Yilmaz, member) and the seller Harose Realty Investment Company of Tucson (Theodore Direnfeld, President). The retail center sold with two tenants, Stuart Cooper Jewelers and Dee’s Shoes. The center had 1,500 square feet vacant from a downsizing by the jewelry store. The property is located across the street from the retail center being razed for a new Longhorn Steakhouse.

Financing was handled by Wells Fargo.

Gary Best and John Hamner of Keller Williams of Southern Arizona in Tucson handled the sale and are also leasing the available space. Best and Hamner can be reached at (520) 615-8400.

Sale date on 3460 N Oracle Road was 8/22/2013. APN: 106-03-132C. $330,000 all cash. Seller was Todd Nathan Weber of San Marino, CA.

Sale date on 3806 E Grant Rd was 89/2013. APN: 122-16-3570 & 3580. Buyer paid all cash. The seller was CNL APF Partners, LP of Scottsdale, AZ.

Sale date on 5760-5764 E Broadway Blvd was 7/31/2013. APN: 128-03-003A. Buyer put $177,075 down and financed the balance conventionally.
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The office building at 1331 N Wilmot Road in Tucson sold for $1.5 million ($94 PSF) for the 15,881 square foot building. The investor was 1331 Wilmot, LLC (Jeffrey Quick, principal), a private investor from Tucson and the seller, NVC Acquisitions, #1, LLC a private investment group of Tucson (Michael Stilb, managing member).

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[mepr-show rules=”58038″]The 2-story building (built 1985) on a 1.07 acre property located at the southwest corner of Wilmot and Fairmount. The building is a class A building, in good condition and has covered parking, but sold with a high vacancy rate, Clarissa Lopez of M.A.S. Real Estate reported to us. Lopez had been property manager of the property for several years.

The seller owned the property for 15 years, since September 1999. M.A.S. Real Estate Services is continuing to manage the property.

National Bank of Arizona handled the financing for buyer.

Michael Stilb of M.A.S Real Estate Services in Tucson was self-represented as seller and John Yarborough of Romano Real Estate in Tucson represented the buyer.

Stilb and Lopez are reachable at (520) 888-5127. Yarborough can be contacted at (520) 577-1000.[/mepr-show]

[ismember]Sale date was 9/4/2013. Prior sale was 9/16/1999 when seller bought the property for $1.35 million from Aegis Properties. APN: 121-08-053A. Buyer paid $187,500 down and financed the balance with conventional financing. No special conditions were reported. [/ismember]