TUCSON, ARIZONA (May 2, 2025) – Agree Central, LLC, a subsidiary of Agree Realty Corporation (NYSE: ADC), a publicly traded real estate investment trust based in Royal Oak, Michigan, has acquired a freestanding retail property at 8730 E Broadway Blvd, Tucson, AZ for $3,031,200. The transaction closed on April 28, 2025, with the seller listed as Como Se Va LLC, a TCII Capital Group subsidiary of Aventura, Florida.

The 21,440-square-foot building on a 2.15-acre parcel was originally developed in 1981 as a Walgreens and is now being redeveloped as a Harbor Freight Tools store. Located at the high-traffic northeast corner of E Broadway Blvd and S Camino Seco Rd, the site offers 153 feet of frontage on Broadway, 210 feet on Camino Seco, and features 120 parking spaces, a drive-thru, and C-1 zoning for commercial/retail use.

According to the company, the new Harbor Freight store at this location will open in June 2025.

The acquisition by TCII Capital was strategically de-risked during due diligence, as the property became pre-leased to Harbor Freight Tools—a national leader in discount tools and equipment—before closing. The lease was secured by seller TCII, accelerating the asset’s repositioning and ensuring a seamless transition from vacancy to long-term tenancy.

The property is part of Broadway East Plaza, a retail hub that includes a mix of service providers and national brands, enhancing the site’s visibility and long-term performance.

This acquisition aligns with Agree Realty’s core strategy of acquiring and developing retail properties net-leased to industry-leading tenants. As of March 31, 2025, the company owned a portfolio of 2,422 properties across all 50 states, totaling approximately 50 million square feet of gross leasable space.

For more information about Agree Realty Corporation, visit www.agreerealty.com or call (248) 737-4190.

Reference: RED Comp #11883

ORO VALLEY, ARIZONA (May 2, 2025) – MFG SPEC 1, LLC, a Phoenix-based CRE investment firm managed by William Finch, has acquired the former Bank of America branch at 12132 N Rancho Vistoso Blvd in Oro Valley, Arizona. The purchase price was $650,000 ($145 PSF), and the transaction closed on April 23, 2025. Bank of America was the seller.

The property consists of a 4,533-square-foot freestanding retail building on a 0.86-acre lot. Originally constructed in 2001, the building includes a drive-thru lane, 27 parking spaces, and is zoned C-1, allowing for a variety of commercial uses. It is located within the Safeway-anchored Vistoso Plaza shopping center, a high-traffic retail corridor in north Oro Valley.

The former bank branch was sold “as-is” in a modified sales bid process and marketed as a redevelopment opportunity suitable for reuse or repositioning.

Regan G. Amato and Ryan Tanner of Jones Lang LaSalle (JLL), who represented the seller, brokered the sale. The buyer is a licensed real estate agent with AT Real Estate in Phoenix.

This acquisition underscores continued investor interest in adaptable, well-located commercial properties across the greater Tucson market.

For more information, Amato can be reached at 602.282.6322, and Tanner is at 602.282.6323. Finch can be contacted at 602.432.4336.

Reference: RED Comp #11874.

PISA, 4881 E. Grant Road, Tucson

TUCSON, ARIZONA (May 1, 2025) – Seattle-based Elliott Bay Medical Properties Holdings III, LLC has acquired a 15,000-square-foot medical office building at 4881 E. Grant Road in Tucson for $5,500,000 ($372.35 PSF). The seller was a Tucson-based private investment group.

The property is fully leased long-term to the Pain Institute of Southern Arizona (PISA), a prominent provider of interventional pain management services throughout Southern Arizona. Established over two decades ago, PISA offers advanced treatment options through a team of board-certified physicians with training from institutions such as the Mayo Clinic, Stanford, and Harvard. The practice operates multiple regional clinics, including Tucson, Benson, Queen Creek/San Tan Valley, and Apache Junction.

The property sold at an attractive cap rate, reflecting strong investor confidence in the tenant and location.

Bryce Horner, Capital Markets Specialist with Cushman & Wakefield | PICOR, represented the seller, AEH Investors, an affiliate of Hazen Enterprises of Tucson, the developer of the building in the transaction.

The transaction was finalized on April 11, 2025.

Strategically positioned along a key medical corridor, the property offers strong visibility and easy access, further enhancing its value as a stable, long-term healthcare investment.

For more information, contact Horner at 520.546.2737.

Reference:  RED Comp #11850.