The Macayo’s Mexican restaurant building at 7360 N Oracle Road in Tucson sold for $1.5 million ($186 PSF) to JML Property LLC (Emma Vera, manager) of Tucson, the owner of Guadalajara Original Grill.

The 8,065-square-foot building sits on .84 acres located north of Ina on Oracle Road in the Catalina Village Shopping Center.  Built in 1986, at now one of the busiest intersections in Tucson, with over 65,800 vehicles per day on Oracle and 37,500 vehicles per day on Ina Road.

Vera plans to renovate and rebrand the property to Guadalajara Original North to differentiate it from the current Guadalajara Original Grill at 1220 E Prince Road in Tucson.  Both will carry the same food and drink menu, with tableside salsa and a sizable margarita list. The owner plans to hire about 55 people.

Macayo’s, which is part of a Phoenix chain of restaurants with one other Tucson location, had leased the property since the early ’80s and occupied it right up until the closing of this transaction.

Pete Villaescusa and Jesse Peron with CBRE in Tucson handled the lease termination for the tenant. Rob Tomlinson with Cushman & Wakefield | Picor represented the seller, Robert & Eileen Pierides in the sale. Rick Borane with Volk Company represented the buyer.

To watch for opening news and general info, follow the restaurant on Facebook at facebook.com/GuadalajaraOriginalGrill

For more information, Villaescusa can be reached at 520.323.5112, Peron is at 520.323.5130. Tomlinson should be contacted at 520.546.2757 and Borane can be called at 520.326.3200.

To learn more, see RED Comp #4049

After two years of negotiations and three transactions, QuikTrip has completed the assemblage of 2.47 acres (107,779 SF), a full city block, at the northwest corner of Fort Lowell and Alvernon Way in Tucson.

Desert Streams & Waterfalls, Inc. (Michael Coffey, president) sold its 40,963-square-foot contractor yard, with a 666-square-foot building at 3232 N Winstel Blvd. for $425,000 ($10.38 PSF) to QuikTrip. The water feature contractor relocated the business a few blocks west of this location.

Tony Marrs with AW Marrs of Tucson represented the seller in this first leg of the transaction and assisted the other legs to follow.

Pet Associates, LLC (Richard Tofel, manager) sold The Catalina Plaza, with Catalina Pet Hospital, at 3801 East Fort Lowell for $1.9 million ($47.96 PSF). The 10,000-square-foot building sits on a 39,614-square-foot lot that sold to QuikTrip for land value.

The seller / occupant, Catalina Pet Hospital, plans to relocate across the street to a new build-to-suit being built by Rio West (Walter Hoge).

To complete the assemblage, Pima County sold 3 parcels along Alvernon Way for $206,000 ($7.57 PSF) to QuikTrip. These three parcels completed the full city block from Fort Lowell to Farr Place and Alvernon Way to Winstel Blvd that will allow QuikTrip entry from all four sides when it uses the property to construct a QuikTrip Convenience Store and Gas Station.

Trinity Bookstore, a tenant at Catalina Plaza that has been in that Ft. Lowell/Alvernon center for many years has leased +/-2941-square-feet at San Francisco Square, 3912 N. Oracle Road, Ste. #104. The landlord was represented by Nancy McClure, CBRE, and Tenant was represented by Alain Hartmann, Hartmann Commercial Real Estate, and Howard Druch.  Trinity Bookstore will relocate once the space’s interior construction is completed.

The Catalina Pet Hospital will remain in property until its new building is constructed so construction of QuikTrip is anticipated in about a year.

For additional information, Marrs can be reached at 520.465.0455.

To learn more, see RED Comp #4034 and 4093.

Hamilton Zanze & Company of San Francisco  (Mark Hamilton, CEO) sold five apartment complexes with a total of 1,004-units to Monarch Investment Management Group “Monarch” of Franktown, CO (Andy Newell, CEO) for $47.5 Million ($47,311 per unit). The properties sold in a bulk portfolio sale.

The properties included four in Tucson and one in Sierra Vista, AZ as follows:

• Lakeside Casitas (310 units) 8250 E Golf Links Rd, Tucson (built 1983)
• San Mateo (254 units) 2800 S Mission Rd, Tucson (built 1987)
• Solano Springs (152 units) 6340 S Santa Clara Ave, Tucson (built 1982)
• Hampton Park (160 units) 8600 E Old Spanish Trail, Tucson (built 1973)
• Highland Woods (128 units) 555 N 7th Street, Sierra Vista, AZ (built 1984)

The investor Monarch, specializes in acquisition and management of investment grade income producing properties, primarily multi-family apartment communities and currently manages 33,517 apartment units. Monarch self-manages by providing in-house maintenance, accounting, marketing, and legal services.

This was Monarch’s first acquisition in the Arizona multifamily market.

Cindy and Brad Cooke with Colliers International in Phoenix represented the seller in these transactions.

For more information, contact the Cooke Multifamily Team, Cindy Cooke can be reached at 602.222.5039 and Brad Cooke can be contacted at 602.222.5088.

To learn more, see RED Comp #4090.