TUCSON, Arizona — BV Investment Limited Partnership, LLLP and WV, LLC (Steve Shenitzer and Bill Viner, principals) bought the El Pollo Loco restaurant ground lease at Broadway Festival, 5601 E Broadway Blvd in Tucson for $1.36 million ($42.33 PSF) from CP Venture Partners, LLC and Shenitzer Properties, LLC.

El Pollo Loco’s fast food restaurant is a 2,991-square-foot restaurant built in 2016 on this 32,137-square-foot pad with a leased fee interest in the land. Sellers purchased the 1.9 acre property in 2015 for retail redevelopment of Broadway Festival.  See Church Relocation Leads Way for New Broadway Retail Redevelopment, February 25, 2015.

Located near Park Place Mall, the project was rezoned and fully pre-leased to three national tenants within a year of the purchase and construction was underway for El Pollo Loco, Blaze Fast Fire’d Pizza and Krispy Kreme Donuts. See Tucson Redevelopment of Former Church Site on Broadway Fully Leased, February 11, 2016.

Nancy McClure and John Ash with CBRE in Tucson handled the marketing and leasing of the project for the developers.

Max Freedman of Sands Investment Group (SIG) in Texas handled the sale of the El Pollo Loco ground lease.

For additional information, McClure can be contacted at 520.323.5117, Ash is at 520.323.5177 and Freedman can be reached at 512.766.2711.

To learn more,login and see RED Comp #2624 and #4750.

[mepr-show rules=”58038″]Sale date 4/20/2017, document #2017-1100641. Sale price: $1,360,234. Property was on the market for sale with 19 Years Remaining on lease, Absolute Triple Net (NNN, 10% Rental increases every 5 Years. NOI was $93,000 and property sold at a 6.84% cap.[/mepr-show]

TUCSON, Arizona — Louis River, LLC (Emil H Annabi, member) purchased a 2,510-square-foot office condo located in the Oracle Medical Plaza Condominiums at 7530 N. Oracle Rd., Suite 200, in Tucson.  The investment property was purchased from Natomand, LLC for $633,000 ($252 PSF). 

Isaac Figueroa, Office and Investment Specialist with Cushman & Wakefield | PICOR, represented the buyer in this transaction.  Alan Moore with Chapman Lindsey Commercial Real Estate Services, LLC represented the seller.

Louis River, LLC (Emil H Annabi, member) also purchased a 3,158-square-foot office condo located in the Wilmot Office Plaza at 6226 E. Pima St., Suite 3 in Tucson.  The investment property was purchased from Genifer Chavez Medical Group, LLC for $582,900 ($185 PSF). 

Isaac Figueroa, Office and Investment Specialist with Cushman & Wakefield | PICOR, represented the buyer in this transaction.  Tari Auletta, CCIM, with Keller Williams Southern Arizona represented the seller.

For more information, Figueroa can be reached at 520.546.2743, Moore can be contacted at 520.747.4000 to contact Auletta, call 520.615.8400.

To learn more, login and see RED Comps #4821 and #4826

[mepr-show rules=”58038″]Buyer is was a tenant prior to sale dba Pima Pain Center in both properties and purchased to owner occupy.[/mepr-show]

TUCSON, Arizona — Private investor, Brian Cummings of Tucson purchased the storefront building with three tenants at 760 S Stone Avenue in Tucson for $1,314,350 ($202 PSF). The 6,500-square-foot building on a 7,525-square-foot City lot was built in 1928.

The property has been beautifully renovated and fully activated with great tenants with thriving businesses. Cafe Desta is here for lunch or dinner, Five Points Market for groceries, breakfast and lunch, and Bon Boutique for clothes and a mixture of fun shopping.

The adjacent neighborhoods are changing rapidly, and include the neighborhoods of Barrio Viejo, Armory Park, Barrio Santa Rosa and Downtown Tucson.

Located at the highly visible intersection of South Stone Ave and South Sixth Avenue with 38,529 VPD.  From here north to Broadway are new housing construction projects that will bring more even activity and customers in this pivotal area south of Downtown Tucson.

Buyer purchased for investment and Maria Ruedinger of Canyon Group Realty handled the transaction for buyer and seller, 760 S Stone, LLC (Telahoun Molla, manager).

For more information, Ruedinger can be reached at 520.444.3945.

To learn more, login and see RED Comp #4799.

[mepr-show rules=”58038″]Sale date: 4/28/2017, document #2017-1180360. Property sold with an NOI of $94,239 and a 7.17% cap rate. It was fully leased with three tenant with 4 years remaining on the leases.[/mepr-show]