Tucson, AZ — Freddy’s Frozen Custard & Steakburgers at 10205 E Old Vail Road in Tucson sold to a California investor, Gokel Family Living Trust, for $2.29 million ($692 PSF). The 3,300-square-foot building was built and opened in 2015 on a one-acre pad in Las Plazas and is the fourth location in metro Tucson for Freddy’s.

The property is located across from the Walmart Supercenter-anchored Houghton Town Center, which includes Panda Express, Taco Bell, Verizon, McDonald’ s, Dunkin’ Donuts, AutoZone, Freddy’s, and Northwest Emergency Room Hospital.

Property sold as an investment sale with 15-year absolute net lease to Freddy’s Frozen Custard & Steakburgers and sold at a 6.04% cap rate.

John Andreini and Katie Galvin with Capital Pacific in San Francisco represented the seller / developer, Las Plazas Freddy’s LLC of Buckeye, AZ. Rick and Bob Sanner also with Capital Pacific represented the investor in the transaction.

Andreini can be reached at 415.274.2715, Galvin is at 415.274.7392 and the Sanners should be contacted at 415.274.2700

To learn more, go to RED Comp #3501.

Chicago-based, Boyd Watterson Asset Management (Jack Walsh, Sr. Vice-President), an SEC-registered investment advisory firm, purchased the Rio Nuevo Professional Plaza at 201 N Bonita Avenue in Tucson for $12.4 million ($168 PSF).

The 73,826-square-foot, two-story office building sits on 5-acres and was constructed in 2002. It sold 100% occupied by two GSA tenants, the US Census and Social Security, KB Homes, Carrington College, an affiliate of Devry Schools and Markham Contracting.

The seller was RNPP LLC, an affiliate of Diamond Ventures (Bill Kelley, CFO) that represented itself. The buyer was represented by David Montijo, Michael Sandahl, Martin Encinas and Damien Wilkinson of CBRE’s Tucson office.

For more information, the CBRE team can be reached at 520.323.5100. To learn more, see RED Comp #3521.

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WCCP Rosemont LLC, an affiliate of West Coast Capital Partners (William Metzler, manager) and PVP Investments, LLC bought the former AOL Building at 155 N Rosemont Blvd in Tucson for $7.13 million ($143 PSF).

The 50,000-square-foot office building was constructed in 1998 and sits on a 5.28-acre lot. It sold 100% occupied by two tenants: Open Text, a training facility on the first floor, and Centene Corporation (Centene), a national leader in the healthcare services field, on the second floor.

WCCP, that recently sold 333 E Wetmore Road in Tucson (click here for full story), reported that they intend to update the common areas of the property, such as redoing the lobby, refresh landscaping, and other general cosmetic updates to the property over the next three months.

The seller, BP 155 Investors LLC, an affiliate of Bourn Partners of Tucson (Don Bourn, manager) was represented by Bill Palmer of Palmer Capital in Roseville, CA. The investor was represented by Phil Skillings of NAI Horizon in Tucson.

For more information, Palmer can be reached at 916.462.6300 and Skillings should be contacted at 520.977.6369. To learn more, see RED Comp #3544.

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Five Daughters LLC, an affiliate of TCI Wealth Advisors of Tucson (John Stephens, member) bought the office building at 4021 E Sunrise Drive in Tucson at La Paloma Office Center for $1.4 million ($222 PSF). The buyer exercise a lease purchase agreement entered into one year prior.

The 6,328-square-foot building, constructed in 2008 on a 10,233-square-foot lot. It was 50% occupied by the buyer, TCI, and 50% occupied by the tenant, Catalina Eye Care.

The seller, Sunrise HDS LLC, an affiliate of Scotia Group Ltd.of Tucson (Peter Aronoff, manager) was self-represented. Alan Moore with Chapman Lindsey Commercial Real Estate Services represented the buyer in the lease agreement and purchase.

For more information, Moore can be reached at 520.747.4000. To learn more, see RED Comp #3498.

Meritage Homes of Arizona (Jeff Grobstein, regional president) purchased 89 platted and engineered lots in the Gladden Farms master planned community for $1.68 million ($18,900 per lot). Located along Tangerine Farms Road just west of Interstate 10 in Marana, Arizona, the Gladden Farms community consists of over 1,250 homes situated within lushly landscaped greenbelts. Development activity on the lots is expected to start immediately.

Will White and John Carroll with Land Advisors Organization in Tucson negotiated the transaction, representing the seller, Crown West Realty (Dean Wingert, vice-president Tucson).

For additional information, contact either White or Carroll at (520) 514-7454. To learn more, see RED Comp #3545.