TUCSON, Ariz., (June 28, 2024) – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced today the sale of Hawaiian Bros, a 4,520-square foot net-leased property located in Tucson, Arizona.

The asset sold for $3,925,925 ($869 PSF).

“The property was on the market for four months, and the buyer is using the property to satisfy his 1031 requirement,” says Mark Ruble, an investment specialist in Marcus & Millichap’s Phoenix office.  “Our team has been able to leverage local market knowledge, asset experience, and a national platform for this transaction.” Ruble, Chris Lind and Zack House, investment specialists in the firm’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The sale included a brand new 15-year absolute triple-net (NNN) lease with corporate guaranty and 10 percent rental increases every five years with multiple renewal options.

B28ilt in 1999, Hawaiian Bros is located at 203 South Wilmot Road in Tucson, Arizona. This property has excellent frontage along South Wilmont Road, with approximately 77,000 cars per day at the corner of Wilmont Road and Broadway Boulevard. The asset is located across from Park Place Mall, and seven million visits have been reported over the past 12 months per Placer.ai. The tenant is a successful franchise with plans to open 75 Hawaiian Bros locations throughout Arizona and North Texas. With a recent opening in February 2024, the property had a complete interior and exterior renovation. Hawaiian Bros is a rapidly growing restaurant chain with over 50 locations in eight states and $100 million in 2022 revenue and $200 million projected for 2023.

To learn more, see RED Comp #11343.

TUCSON, AZ (June 28, 2024) – Cushman & Wakefield | PICOR announced one of its top sales this month at 4825 N Sabino Canyon Road, which sold for $2,758,000 ($107.42 per square foot). The 25,675-square-foot property—originally home to the former Hidden Valley Inn restaurant and most recently used as an office building—was acquired by Gould Family Properties VIII LLC from HVI, LLC. Paul Hooker, SIOR, Principal, and Industrial Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction.

Wayne Gould, renowned for his passion for classic cars, will relocate and expand his Tucson Auto Museum into this prime location. Gould, who transformed his retirement into a legacy of automotive preservation, has curated a collection of over 70 meticulously restored vehicles. Highlights in this award-winning collection include a Model T, a 1929 Duesenberg Model J, a one-of-one 1948 Kurtis-Omohundro Comet, a 1957 Dual-Ghia, plus cars used on the sets of Batman, Charlie’s Angels, and Mannix. The museum also features nostalgic automobilia such as signs and gas pumps from yesteryear. The museum is a nonprofit organization dedicated to preserving rare classic cars for public enjoyment.

The new location at 4825 N Sabino Canyon Rd is ideally situated within one mile of the popular Sabino Canyon Recreation Area, which attracts over a million visitors annually. This strategic location offers excellent visibility and accessibility for the museum’s expansion.

Additionally, the current museum site at 990 S Cherry Avenue is now available for sale. This 21,518-square-foot property is perfect for a manufacturing or warehouse facility. Interested parties should contact Paul Hooker for more details.

Cushman & Wakefield | PICOR is proud to be a part of the Tucson Auto Museum’s growth and looks forward to witnessing its continued expansion and sharing its passion for rare classic cars.

TUCSON, AZ (June 16, 2024)  – Historic, eclectic, and self-proclaimed as “the middle of everywhere,” Rincon Heights is deemed one of Tucson’s most architecturally diverse neighborhoods. The River Loft Bungalows, two properties next to each other at 227-239 N Warren Ave and 1663-1665 E 9th Street, recently sold for $1.5 million ($147,500 per unit).

The ten units in seven buildings are ready-to-move-in loft bungalows freshly renovated, and only two blocks, and less than a five-minute walk to the University of Arizona and less than a five-minute drive to Downtown Tucson!

The renovations feature showers, bathrooms, and kitchens. It is centrally located in Tucson for hiking, and it includes all the main areas for work. Units feature free parking, on-site washer and dryer, and high-speed internet.

The area appeals to history buffs, students, artists, and all others who desire what comes with living near everything. Rincon Heights is centrally located and encompasses five historic subdivisions with over 400 properties contributing to its unique character, including single-family homes, duplexes, and multi-family condo complexes.

The investor was The River Bungalow of Historic Rincon Heights, LLC, a Circle Stone Capital affiliate; the seller was Tucson Warren, LLC, a California investor in Venice, CA.