TUCSON, ARIZONA (May 7, 2025) — Two prominent retail buildings in Tucson’s iconic Historic 4th Avenue Commercial District changed hands in separate transactions on April 9, reflecting continued investor interest in the city’s walkable, culturally rich urban core.

In the first deal, Western American Investments, LLC, a Scottsdale-based real estate investment firm, acquired the fully occupied retail property at 545–561 N. 4th Avenue for $805,000 ($183 PSF) in an all-cash transaction. The seller was Birds of a Feather, a Maryland-based entity.

The 4,400-square-foot building, constructed in 1944 and designed by renowned architect Josias Joesler, is a contributing property in the Historic 4th Avenue Commercial District. Home to La Iguana Art Gallery, the site sits amid a vibrant mix of locally owned shops, restaurants, and entertainment venues that draw year-round foot traffic from students, residents, and tourists alike.

Founded in 2016, Western American Investments focuses on acquiring, managing, and repositioning value-add commercial properties across Arizona, particularly in high-traffic urban areas. The company is located at 7802 E. Gray Road in Scottsdale and can be reached at (480) 998-4850 or online at www.commercialcondomls.com.

WTF Land Holdings, LLC, acquired a nearby retail building at 400–404 N. 4th Avenue in a separate transaction for $1,050,000 ($162 per square foot). The 6,476-square-foot property sits in the heart of the same historic corridor, well known for its eclectic vibe and as host of the 4th Avenue Street Fair, which draws more than 600,000 annual visitors.

At the time of sale, 1,123 square feet of the property was available for lease at an asking rate of $20 per square foot NNN, offering immediate opportunity for retail or hospitality tenants eager to capitalize on the district’s dynamic foot traffic and cultural cachet. See also WTF Land Holdings Acquires Prime Retail Property in Tucson’s Iconic 4th Avenue District – Real Estate Daily News

The sellers, South on Seventh, LLC and Birds of a Feather, LLC were represented by Rob Tomlinson, Principal and Retail Specialist at Cushman & Wakefield | PICOR, along with Fred Howard of Progressive Property Management, LLC. The buyers, Western American Investments, LLC and WTF Land Holdings, LLC were represented by Paul Hooker, SIOR, Principal and Industrial Specialist, also with Cushman & Wakefield | PICOR.

“These transactions affirm the strength of Tucson’s urban retail market,” said Tomlinson. “4th Avenue continues to attract both local entrepreneurs and out-of-market investors looking to participate in the district’s ongoing renaissance.”

For more information, Hooker can be reached at 520.546.2704 and Tomlinson is at 520.546.2757. Howard can be contacted at 520.320.0010.

Reference: RED Comps #11846 and #11848.

PHOTO: 545–561 N. 4th Avenue, Tucson

TUCSON, ARIZONA (May 6, 2025) – RW Adelaide, a Phoenix-based investment entity affiliated with RW Partners, has acquired a three-property multifamily portfolio in central Tucson for $3,420,000, or approximately $122,143 per unit. The seller was Shelwood Forrest, LLC of Golden, Colorado.

The portfolio includes properties located at 1415 E. Adelaide Drive, 1503 E. Adelaide Drive, and 1511 E. Blacklidge Drive, comprising 28 multifamily units. The property consists of 13 duplexes and two single-family residences (SFRs), offering a mix of housing options attractive to various tenant profiles.

The assets closed on April 21, 2025.

The well-located portfolio offers proximity to major educational and healthcare institutions, retail corridors, and public transit routes, making it highly desirable for students, healthcare workers, and young professionals. Situated within Tucson’s 85719 ZIP code, demand for rental housing in this central submarket remains strong, supported by the city’s continued economic and population growth.

Operating as a family office, RW Partners actively manages a diverse portfolio of real estate assets across Arizona, including multifamily, medical office, retail, and flex-industrial properties. The acquisition of these 28 units aligns with the firm’s investment strategy of targeting stable, income-producing properties in high-demand markets.

As of this report, no information regarding brokers or agents involved in the transaction has been disclosed.

Reference: RED Comp #11870

PHOTO: 1415 E. Adelaide Drive, Tucson, AZ, 85719

TUCSON, AZ (May 7, 2025) — Scottsdale-based Plato Holdings has acquired the former Kneaders Bakery & Café at 135 S. Wilmot Road in Tucson for $2,300,000 ($508.84 PSF), which equates to $508.85 per square foot. The 4,520-square-foot freestanding building will be repurposed as Angie’s Prime Grill, a growing fast-casual concept known for serving USDA Prime steaks, burgers, and grilled chicken.

The new location will mark the fourth and largest Angie’s-branded restaurant in Tucson, and notably, the first full-service, sit-down restaurant in the company’s portfolio. It is located directly across the street from an existing Angie’s Lobster. Other current Tucson locations include 2574 N. Campbell Avenue (Angie’s Prime Grill) and 110 S Wilmot (Angie’s Lobster), which operate as drive-thru only formats.

Meanwhile, Angie’s Prime Grill recently opened its newest Tucson location in a newly constructed 800-square-foot double-drive-thru building at 3805 E Broadway Blvd, at Camino del Norte, just west of Alvernon Way. The brand’s mission of delivering “affordable luxury” is showcased in a menu that includes prime steak, organic grilled chicken, and fresh-cut salads, served as bowls, burritos, or wraps—all grilled to order.

Angie’s Prime Grill and Angie’s Lobster are owned by Angie’s Food Concepts, founded in 2021 by Tony and Roushan Christofellis, the creators of the Salad and Go chain. After selling that brand and its 40 locations, the Christofellises launched the new concepts to focus on high-quality, value-driven food served quickly and affordably. Learn more at angiesprimegrill.com and angieslobster.com.

In the Wilmot property sale, the seller, Roebbelen Investors I of Powell, Ohio, was represented by Bill Clarkson, CCIM, of Realty Executives in Scottsdale. The buyer, Ray Plato, who leads Plato Holdings, is also a licensed real estate broker with Scottsdale-based Visa Realty.

The acquisition signals the continued expansion of the Angie’s brand in Southern Arizona. It underscores the growing investor demand for properties along Tucson’s high-traffic Wilmot corridor, a rapidly evolving retail and dining destination.

Reference: RED Comp #11856.