ORO VALLEY, Ariz. – Miles Labeling Company (Paul J. Miles, president) purchased the building at 2300 E Vistoso Commerce Loop in Oro Valley recently for $1.125 million ($95 PSF) from Anthem Equity Group.

Miles Labeling Company is a 107-year-old printing business that lost its building on North Business Park Drive, near Cortaro Road and Interstate 10, when it suffered significant fire damage on April 17^th. The building had been the company’s home office since 1985, leaving the company to deal with insurance companies to see what their next steps would be.

From its humble beginnings in an Iowa garage to today’s modern industrial plant in Tucson, Miles Label Co., Inc. remains a family business. When Russell Hubert Miles began running a printing operation out of his Des Moines garage in 1912, he started a family legacy that lives on a century later. By 1930, he and his son Paul Wilson Miles, were printing labels and creating such specialty items as policy labels and business forms for insurance companies. Paul Wilson Miles, Russell’s son, began doing gum labels for the insurance industry in the 1930s and now they are doing almost any kind of label and packaging products for a variety of industries. Paul Wilson and his son Robert H. Miles moved the business to Tucson, Arizona in 1962 and in 1967 the first Mark Andy label press was brought online and its current manufacturing started.

The new 11,800-square-foot building, built in 1980, sits on 1.84 acres with an 8,400-square-foot warehouse and 3,400-square-feet of office space.

Rob Glaser, SIOR, CCIM, and Max Fisher, Industrial Specialists with Cushman & Wakefield | Picor, represented the seller in the transactions. John Slattery and Jesse Blum, both Senior Associates with CBRE in Tucson, represented the buyer.

For more information, Blum and Slattery should be reached at 520.323.5100. Glaser and Fisher can be contacted at 520.748.7100.

To learn more, see RED Comp #6807.

TUCSON, ARIZONA — Benson-DBS, LLC, a California investor from Rancho Mission Viejo, CA, purchased the brand-new Dollar General located at 28890 S. Nogales Highway in Amado, AZ.  The 9,100-square-foot Dollar General, that opened last week, was purchased from DCM Development Company, LLC for $1,642,800 ($180.53 PSF).  The store sits on a 1.8-acre site.

Dave Hammack, Principal and Retail Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction.

In a separate transaction, another Dollar General at 3436 N Country Club Road in Tucson sold for $1.670 million ($185.50 PSF). Built in 2014, this is the second time the investment property has sold with an absolute NNN lease term to the Rayner Family Trust from Palo Alto, CA.

The 9,002-square-foot building sits on a .8-acre site in central Tucson in a dense population area with approximately 113,236 people within a 3-mile radius of the site.

Dollar General is one of the largest dollar store chains in the US and a publicly traded company. It started in 1939 by J.L. Turner in Kentucky offering a broad selection of merchandise, including consumables, seasonal, home products and apparel at deep discounts.

From a net lease point of view, Dollar General is appealing given its lower price points, respectable sales record, and corporate expansion strategy in a growing market segment. Dollar General’s new store model is approximately 9,100 square feet on approximately 1-acre of land to accommodate a minimum of 30 parking spaces. Dollar General net lease properties have high visibility and full ingress/egress along retail corridors with good traffic. Higher cap rates and lower price points result in a larger pool of qualified buyers.

All Dollar General net leases have a corporate guarantee and typically the newer stores are NNN with 15-year initial terms. New Dollar General’s lease terms usually include 10% bumps every five (5) years and in options making it a passive investment deal for Out-of-State investors. A significant portion of the new stores are subject to build-to-suit arrangements.

At the end of 2018, Dollar General operated 15,227 stores across 44 states. In the first three quarters of 2018, Dollar General opened 750 new stores. Dollar General plans to open 975 additional stores this year.

For more information Dave Hammack should be reached at 520.546.2712.

To learn more, see RED Comp #6803 and #6750.

MARANA, ARIZONA — Ina QOF, LLC an affiliate of I Chief, LLC, purchased the former Quick Mart at 4479 West Ina Road in Marana, at Ina & I-10, for construction of a Jack in the Box restaurant.  The .71 acres has a 1,071-square-foot building to be razed and was sold for $798,700 land value ($25.80 PSF) by David and Cathy Lee Trust.

David Lee with David Lee Real Estate Company in Tucson handled the transaction.

San Diego based, Jack in the Box Inc. (NYSE: JBX), is a restaurant company that operates and franchises Jack in the Box® restaurants, one of the nation’s largest hamburger chains, with more than 2,100 restaurants in 21 states and Guam.

The Southern Arizona franchisee was recently noted for its community participation in such programs as No Kid Hungry and Make a Wish Foundation. It is a family owned business that has completely remodeled 5 existing locations and committed to building 3 brand new Jack in the Box locations in metro Tucson with this its second in Marana. This location design feature will include RV and trailer parking and have a larger than normal drive-thru to accommodate travelers.

Gene Goldstein of Bramic Design Group in Tucson is the architect for the project.

The other two brand new Jack in the Box restaurants are the one just completed at Mission and Ajo and the soon-to-start construction location at Marana and Sandario roads.

For more information, Lee should be reached at 520.954.8008.