TUCSON, ARIZONA (May 16,  2025) – A retail property at 5000 E Valencia Road in Tucson has been sold to 5000 E Valencia Rd, LLC, a San Francisco-based investment entity, for $2.5 million. The buyer is affiliated with William J. Mandel.

The 1.42-acre site includes a 5,205-square-foot retail building constructed in 2001. It is home to two national tenants: Speedway, a leading convenience store and fueling station, and Jack in the Box, a quick-service restaurant with a full menu available around the clock. The property’s visibility and access are enhanced by its location in Tucson’s rapidly growing south side, just east of major employers like Raytheon and Davis-Monthan Air Force Base, and approximately 4 miles from Tucson International Airport.

The transaction closed on May 12, 2025.

Previously listed for $2,711,618, the asset offered investors a net operating income (NOI) of $149,139 and a cap rate of 5.5%. According to marketing materials, Jack in the Box is on a long-term lease with scheduled rent escalations. The annual rent is set to increase from $138,091.68 to $149,139.01 in June 2025, with future adjustments tied to the Consumer Price Index (CPI) starting in 2030.

The transaction reflects continued investor interest in high-visibility retail assets with stable, credit-rated tenants in strategic growth corridors. The immediate area around the property is experiencing strong demographic trends, with a projected 4.06% population growth within a one-mile radius by 2029.

Simon Assaf with Matthews Real Estate Investment Services, based in Scottsdale, Arizona, handled the transaction on behalf of the seller.

For more information about the transaction or similar investment opportunities, contact Assaf at 949.873.0275.

Reference: RED Comp #11905.

TUCSON, ARIZONA (May 15, 2025) – Providence Property Group has acquired the Tropicana Apartments, a 14-unit garden-style multifamily property located at 3815–3819 E. 3rd Street in Tucson, Arizona, for $1,735,000. The sale price equates to $123,929 per unit and $200.58 PSF.

This marks Providence Property Group’s first acquisition in the Tucson market. The firm—active across Georgia, Florida, North Carolina, and Texas—focuses on acquiring well-located, stabilized multifamily, office, retail, and adaptive reuse properties in growth markets.

Tropicana Apartments features a mix of (2) studios, (8) one-bedroom/one-bath, and (4) two-bedroom/one-bath units. Each unit includes in-unit washers and dryers and private backyards. Residents also enjoy access to a central courtyard with a pool and BBQ area. The property maintains a strong occupancy history and is ideally positioned near the University of Arizona and Park Place Mall, offering a convenient lifestyle for tenants.

The transaction represents a turn-key investment opportunity for Providence, aligning with its strategic focus on acquiring high-quality assets with value-add potential.

Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both buyer and seller in the transaction.

For more information, Mendelsberg can be reached at  520.546. 2721 and Martinez is at  520.546.2730.

Reference: RED Comp #11902

TUCSON, ARIZONA (May 14, 2025) – Washington-based Costco Wholesale Corporation has acquired Costco Plaza, a 14,519-square-foot retail strip center on 3.81 acres at 3821 W. Costco Drive in Tucson, Arizona, for $4,206,000 (approximately $290 per square foot). The seller was Bay Shore Oil Company Inc. of Huntington Beach, California.

The retail center is adjacent to Costco’s existing warehouse near the high-traffic Ina and Thornydale retail corridor. Current tenants at the center include Complete Flooring, E-Konomy Pool Service & Supplies, and Brett Interiors Leather Furniture Gallery. Situated at the entrance to the Costco complex, the center offers high visibility and customer exposure.

Costco purchased the property to facilitate the expansion of its adjoining gas station, aiming to significantly enhance fuel service capacity and alleviate long-standing traffic congestion at the site. Customer reviews frequently cite long lines and challenging access due to the gas station’s heavy usage. The acquisition aligns with Costco’s broader strategy to expand fuel services in growth markets, including a recent land purchase at The Bridges at Tucson Marketplace for a similar purpose.

These expansion efforts reflect Costco’s continued commitment to improving fuel accessibility and overall customer convenience at its warehouse locations nationwide. The NW Tucson site benefits from a strong retail mix surrounding it, with neighboring anchors such as Home Depot, DSW, and Michaels, further contributing to robust customer traffic.

Dave Hammack, Principal and Retail Specialist with Cushman & Wakefield | PICOR, represented the seller in the transaction. Greg Laing of Phoenix Commercial Advisors represented the buyer.

For more information, Dave Hammack is at  (520) 546-2712, and Greg Laing is at (602) 734-7207

Reference: RED Comp #11867