TUCSON, AZ — Steven Swanson II of Chicago Illinois recently purchased two Tucson Walgreen stores in two separate transactions. The Walgreens at 4910 N First Avenue in Tucson was purchased for $3.06 million ($197 PSF) for the 15,525-square-foot building on 2.56 acres and the Walgreens store at 1415 W River was purchased for $2.45 million ($158 PSF) for the 15,252-square-foot building on 1.96 acres.

The lease at 4910 N First Ave was recently extended to over 12 years showing a strong commitment to the location. This property benefited from a remodel in 2016 with improvements including a new roof with transferrable 20-year warranty, new parking lot and an exterior facelift. It sits on the hard corner of North 1st Avenue and River Road which oversees a combined 69,000 vehicles per day. Walgreens has been there since 1994.

The seller at 4910 N First Ave, Meadville Holdings, a Las Vegas Investor, was represented by Peter Deltondo with Marcus & Millichap of Newport Beach, CA and the buyer represented by John Susank also with Marcus & Millichap of Newport Beach, CA.

The Walgreens at 1415 W River Road is located at the intersection of La Canada Dr. and River Road in Tucson. Walgreens recently extended their lease term at this location for an additional 5 years through April 2021, with the ability to renew through April 2056. The location benefits from high traffic visibility at the intersection with 55,000 vehicles per day. Walgreens has been at this location since 1996.

Cole Flanagan with NAI Maestras and Ward in Albuquerque, New Mexico represented the seller of 1415 W River Road, The Donny Tina Bird Trust, a Private Trust from Albuquerque. John Susank with Marcus & Millichap of Newport Beach represented the buyer.

For additional information, Deltondo and Susank can be reached at 949.419.3200 and Flanagan should be contacted at 505.878.0001.

To learn more, login to see RED Comp # 4128 and #4164.

TUCSON, AZ — HTC Shops I LLC, an affiliate of Diamond Ventures (Chad Kolodisner, vice-president) sold the fully-leased outpad at 9160 S Houghton Road in Tucson in Houghton Town Center for $3.9 million ($422 PSF).

This was an upleg in a 1031 exchange for the investor, Hawaii Holdings of Princeville, HI (Rakesh Joshi) for the 9,235-square-feet building on a 12,023-square-foot lot. Built in 2015, the property leased with six tenants: Houghton Family Dental Care, SuperCuts, Nationwide Vision, Champion Pool & Spa Supplies, Papa Murphy’s Pizza and opening soon, My Nails by Yen.

Anchored by Super Walmart, Houghton Town Center is conveniently located at Houghton and Old Vail Roads and is the first project of its kind to service Tucson’s southeast valley. Houghton Town Center serves the communities of Rita Ranch, Vail and Corona de Tucson in the Tucson area.

The latest shops to open at Houghton Town Center have been Brake Masters in August and Papa Murphy’s Pizza in July.  My Nails by Yen will be opening later this year.

Jamie Medress, Chris Lind and Mark Ruble with Marcus & Millichap of Phoenix represented the seller in the transactions and Marc Irvin with Marcus & Millichap of Atlanta, Georgia represented the investor.

For additional information, Medress can be reached at 602.687.6778, Lind can be called at 602.687.6780 and Ruble can be contacted at 602.687.6766. Irvin should also be reached at 678. 808.2725.

To learn more, see RED Comp #4168.

LGE Design Build as contractor and architect expertly renovated the  industrial property at 7741 N Business Park Drive in Marana before it was sold for $11.035 million ($235 PSF) in a net lease sale.

7741 Business Park Dr. was a full redevelopment of a former manufacturing facility (built 1982) to a state-of-the-art 47,000-square-foot office facility with modern architectural appeal. LGE Design Build’s renovations included a complete interior gut and refinish, new roof, HVAC, new parking lot and covered patio in the rear. The interior includes sprawling open space for connectivity among employees, LED lighting throughout, and light colors to brighten the workspace. The building is located on 3.18 acres within the dense business district of Peppertree Ranch Business Park in Marana, Arizona.

LGE Design Build is one of only a few design build firms in the western U.S. with its own architects. Renovations began October 2015 and completed June 2016, taking eight months to complete the cutting edge tenant improvements.

Under the purchase agreement, Net Lease Capital Advisors of Nashua, New Hampshire acquired the fully net-leased GSA building from Marana Business Park Partners, LLC.

Eric Wichterman, Michael Coover and Shannon Kling with Cushman & Wakefield of Phoenix represented the selling entity, Marana Business Park Partners LLC, in the transaction.

Wichterman can be reached at 602.224.4471 x271, Coover should be contacted at 602.224.4473 and Kling can be called at 602.224.4476.

To learn more, see RED Comp #4158.