New McDonald’s Generic Photo

TUCSON, ARIZONA (May 30, 2025) – The McDonald’s property at 6105 E Broadway Blvd in Tucson is undergoing a complete redevelopment following its recent sale to a California-based investor for $3,675,000 ($864 PSF). The transaction, which closed on May 23, 2025, reflects ongoing investor confidence in single-tenant net-leased (STNL) assets backed by national credit tenants.

The site is subject to an absolute NNN ground lease with McDonald’s Corporation (NYSE: MCD), featuring a new 20-year lease term with 10% rent increases every five years and multiple renewal options. Based on the reported sale price and the first-year net operating income, the transaction is estimated to reflect a cap rate of approximately 4.00%, consistent with recent comps in high-traffic urban corridors.

The buyer and seller are both based in California.

The existing building, originally constructed in 1984, was demolished in January to make way for a 4,252-square-foot, state-of-the-art McDonald’s restaurant being developed by Dias Management Inc., a local franchisee that operates 23 McDonald’s locations across the Tucson metro, employing over 1,400 team members. This marks the fifth McDonald’s location the group has redeveloped in Tucson in recent years.

Situated at the intersection of Broadway Boulevard and Wilmot Road, the property offers exceptional visibility and access, with traffic counts exceeding 81,000 vehicles per day and proximity to Park Place Mall, which draws over 6.2 million visitors annually. The surrounding area supports a dense population base of over 266,000 people within a five-mile radius.

The new store will feature modern design upgrades, a dual-lane drive-thru, and sustainability improvements, consistent with McDonald’s current prototype standards. Construction is currently underway, with the foundation already in place, and reopening is anticipated before the end of the year.

Source: RED Comps #11920

The Elaine, 2322 N Elaine Blvd. in Tucson

TUCSON, AZ (May 29, 2025) – Ray Bolinger has acquired The Elaine, a 16-unit apartment complex located at 2322 N. Elaine Blvd. in Tucson for $1,400,000 ($87,500 per unit). The seller was JRJS West SAC Investors, LLC.

The 7,616-square-foot multifamily property is situated in a central Tucson neighborhood, offering sixteen one-bedroom, one-bath units with access to nearby amenities and transit options.

This acquisition adds to Bolinger’s growing portfolio of residential investment properties in the region that closed on May 20, 2025.

Allan Mendelsberg and Joey Martinez, Principals and Multifamily Specialists with Cushman & Wakefield | PICOR, represented both the buyer and the seller in the transaction. Both Allan and Joey are part of the multifamily brokerage team at Cushman & Wakefield | PICOR. They specialize in apartment and investment property sales, with extensive experience in the Southern Arizona market.

For more information, Mendelsberg can be reached at (520) 546-2721, and Martinez can be contacted at (520) 546-2730.

Source: RED Comp #11917

TUCSON, ARIZONA (May 23, 2025) –The Star Valley master-planned community continues to be “main and main” for homebuilders in Tucson’s southwest sub-market. Ashton Woods/Starlight Homes closed on 255 finished lots that will serve as their initial purchase in the Tucson market. The builder paid $24,790,875 ($97,219 per lot) for the finished lots.

The seller in the transaction was the developer, GAC Star Valley, LLC, a partnership managed by Sunbelt Holdings, including Rick Andreen and Mike Geddes of Phoenix. The project was initially purchased by Geddes and Andreen of Scottsdale in 2019. Earlier in 2020, Geddes and Andreen partnered with Sunbelt Holdings to develop the remainder of the project. Sunbelt Holdings has established itself as one of the largest master developers in the Tucson region, developing well-known projects such as La Estancia, Red Rock Village, Sycamore Canyon, Monarch in Marana, and the anticipated Verano MPC later this year. Star Valley has sold and developed over 1,000 lots to the project’s homebuilders over the past 48 months.

The homebuilder purchased 151 lots, 45′ x 115′ in Block 8, and 104 lots, 40′ x 115′ in Block 9. Star Valley’s forward focus will be on continuing to process several plats for approval into 2025/2026.

The transaction was handled by Will White and John Carroll of Land Advisors Organization in Tucson. Land Advisors has the marketing assignment for all lot sales at Star Valley.

“This is a significant acquisition for several reasons and is testament to the strong execution of the Star Valley master plan,” White commented. “Star Valley is the main supplier of lots to Tucson’s homebuilders in the southwest submarket. The transaction was well executed and seamless. Congratulations to the entire Ashton Woods/Starlight team.”

For more information, White and Caroll should be contacted at 520.514.7454.

Source: RED Comp #11913.