TUCSON, ARIZONA — The Canadian parent company of Circle K, Couche-Tard, that owns San Antonio-based Corner Stores brand of convenience stores, closed on five Tucson locations last week for $5.16 million in a bulk sale, or an average sales price of $1,092,475.

If your Corner Store hasn’t rebranded yet, it will next week to a Circle K as signage is changed at the following locations:

• 8395 N Thornydale Road, Tucson (at Cortaro)
• 10410 N La Canada Dr, Oro Valley (at Lambert Lane)
• 2088 W Orange Grove Road, Tucson (at La Cholla Blvd)
• 4685 E Valencia Road, Tucson (at Benson Highway)
• 920 E 22^nd Street, Tucson (at Park Ave.)

The Quebec-based Alimentation Couche-Tard is the parent company of Tempe-based Circle K, and  agreed to its $3.7 billion merger with CST Brands Inc.in 2016.

CST Brands became a Fortune 500 company overnight upon spinning off from Valero Energy Corp. in 2013. Then after selling off more than 200 stores to satisfy antitrust regulators in the U.S. and Canada. Couche-Tard’s global operations, Statoil, Couche-Tard, Mac’s, and Circle K are its key brands. will have gained more than 1,300 stores in both countries via the merger, expanding its footprint to almost 9,500.

The Circle K acquisition established the Canadian firm as a major player in the US market while Statoil moved it into Europe. The fragmented US convenience store market and trend by major oil companies to cast off their retail operations has afforded Couche-Tard ample opportunity to acquire small, independently-operated chains, and occasionally a big fish. With about 70% of its sales (even more in the US) coming from gas, Couche-Tard is vulnerable to fluctuations in motor fuel prices. To protect itself from such volatility, the retailer is focused on developing its in-store merchandise sales (especially fresh foods), which return higher margins and are less volatile.

CST’s Corner Stores eventually will be all be branded Circle K.

To learn more, see RED Comp #5839, #5838, #5836, #5835 and #5834.

TUCSON, Arizona – On the eve of the release of NAR Pending Home Sales Index (PHS) April report, a leading indicator of housing activity, based on what we are seeing here in Tucson we predict it to be a positive one for the third month running.  Two major homebuilders, D.R. Horton and Richmond American Homes have restocked inventory in the Tucson market this month. D.R. Horton acquired an aggregate of 82-lots and Richmond American 76-lots during the month of May.

In the Southern submarket, northwest of Columbus and White Water Drive, D.R. Horton bought 62-lots remaining in a 157-lot subdivision, Desert Vista Estates from Clayton Properties Group for $1,627,500 ($26,250 per lot). The seller is a manufactured home manufacturer, Clayton Homes, and lots are mostly 55’ x 90’. We were unable to learn whether or not D.R. Horton plans to re-plat the lots.

D.R. Horton also purchased 6 finished lots under a rolling option agreement from Tucson Land, LLC at Santa Cruz Meadows in Sahuarita. The price was $51,000 per lot for the 7,000-square-foot lots, or $306,000. This was a takedown on an option for 93-lots.

Tucson Land was represented by Randy Emerson of GRE Partners and D.R. Horton was represented by Dan Feig of Chapman Lindsey.

An additional 14-lots were also taken down at Fianchetto Farms in Northern Marana, near Gladden Farms for $685,500 ($48,964 per lot).  This is D.R. Horton’s second option agreement for 60-lots in this 114-lot subdivision, having finished its first agreement recently for 46-lots.

Dan Feig with Chapman Lindsey Commercial Real Estate Services handled the transaction.

Two new projects were likewise acquired by Richmond American in the Northwest submarket.

Linda Vista 18 is a 36-lot subdivision southeast of Linda Vista Blvd. and Thornydale Road. Richmond acquired the 36-lots and common area totaling 12.6-acres for $30,000 per lot or $1,080,000. The seller / developer was Red Point Development (Daniel Leung, manager).

Magee 17, a 35-lot subdivision, was also bought by Richmond from Red Point Development for $875,000 ($25,000 per lot). Located also in the Northwest submarket, the new 17.54-acre subdivision is northwest of Thornydale and Magee Roads. Average lot size is 7,425-square-feet.

Richmond American Homes also took down 6 finished 70′ wide lots at Santa Cruz Meadows in Sahuarita for $312,500, or $62,500 per lot.  The fourth takedown, or 27 lots, on an agreement to purchased 49-lots at Santa Cruz Meadows.  The seller was represented by Randy Emerson of GRE Partners and the buyer was self-represented.

Richmond has also opened several lots in Rancho Sahuarita at Entrada Del Rio.

For additional information, Randy Emerson can be reached at 520.396.4812 and Dan Feig is at 520.747.4000.

To learn more, see RED Comps #5793, #5784, #5800, #5787, #5833, and #5802.

Tucson, Arizona – Surf Thru, Inc. closed on its third site in the Tucson area last week. The Bakersfield, CA-based quick service carwash chain paid $700,000 ($14.90 PSF) for 46,986- square-feet of land located at 6307 E. Grant Road, Tucson, AZ. It is at the northeast corner of Grant and Wilmot Roads adjacent to Carl’s Jr. and Costco.

This will be the 16th location for Surf Thru Express Car Wash, with four locations currently under construction. Surf Thru is expanding throughout the Southwest, including Southern California, Arizona, Nevada, New Mexico, and Texas.

Craig Finfrock of Commercial Retail Advisors, LLC represented the buyer, Surf Thru, Inc, and Rob Tomlinson and Isaac Figueroa of Cushman & Wakefield | Picor represented the Seller, Altima Investments, LLC, in this transaction.

For more information, Finfrock can be reached at 520.290.3200 and Tomlinson can be contacted at 520.546.2757.

To learn more, login and see RED Comp #5816.