TUCSON, AZ, May 2, 2023 —  Phoenix-based, Super 99cent Store (Seong Ho Lee) purchased an 8,000-square-foot building at Santa Cruz Plaza, 3780 S. 16th Ave. in Tucson, from ZRYW LLC of Brooklyn, NY for $1.25 million ($157 PSF).

The property was formerly a Sleep Outfitter Outlet and was vacant at the time of sale. The asset closed on April 4, 2023.

Santa Cruz Plaza is a 271,645-square-foot shopping center at Ajo Way and I-19, 3640-3786 S 16^th Ave, and 802 Ajo Way.  The center has a strong tenant mix including Fry’s, Burlington Coat Factory, VF Outlet, Footlocker, Wells Fargo, Desert Sports & Fitness Center, Subway, and other national and local tenants.

The Super 99cent Store brand is owned by the buyer and merchandise ranges from dollar items up. When you shop at a Super 99cent store, you can shop for the whole family and find any number of fine goods, clothes, food, toys, cleaning supplies, books, electronics, beauty supplies, tools, school supplies, and more.

Aaron LaPrise and Dave Hammack, Principals and Retail Specialists with Cushman & Wakefield | PICOR, represented the seller in this transaction. James Shin, with SK Realty of Queen Creek, AZ, represented the buyer.

For additional information, LaPrise can be reached at 520.546.2770 and Hammack is at 520.546.2712. Shin can be contacted at 602.882.0787.

To learn more, see RED Comp #10585.

TUCSON, ARIZONA, APRIL 28, 2023 – Three Quik Marts in Tucson were recently sold for $7.17 million by Southwest Convenience SPE, LLC of Solano Beach, CA and negotiated by NNN Property Group of New York, Glenn Kunofsky and James Westerberg.

• Quik Mart at 7895 East Golf Links Road sold for $2,148,000 ($980 PSF) for the 2,191-square-foot building, built in 1989, on .7 acres, located at the northwest corner of Golf Links and Pantano Road.
• Quik Mart at 3250 W Cortaro Farms Road sold for $2,548,000 ($963 PSF) for the 2,646-square-foot building, built in 1982, on .42 acres, at the northeast corner of Cortaro Farms and Club Drive.
  • • • • • • • • • • • • • • Quik Mart at 4280 East Benson Hwy sold for $2,474,000 ($1,065 PSF) for the 2,325-square-foot building, built in 1972, on .97 acres, at the southwest corner of Benson Hwy and Columbus Blvd.

The three-property portfolio sold with a 5.36% average cap rate with long-term NNN leases in place to Quik Mart.

Quik Mart is the Largest Independent Convenience Store in the Tucson Metropolitan Statistical Area. The Company has Earned the Title of “Best Convenience Store” by the Arizona Daily Star’s Reader’s Choice Award for the Past Three Years. Founded in 1965, Quik Mart has become known as the Local Choice in the Tucson Convenience Store Marketplace. Many Patrons Consider the Stores as a Secondary Source of Groceries

The investment groups were from El Paso, TX, EP Paseo South Holdings, LLC,  c/o Phillip Gaddy, manager, and 4280 Benson, LLC, c/o Dantex Construction, Tyler Daniels, president.

For more information, Kunofsky and Westerberg can be reached at 332.345.2408.

To learn more, see RED Comps #10593, #10594, and #10595.

TUCSON, ARIZONA, April 27, 2023 – Mesa-based Santa Rita Village LLC (Ray Dunigan, manager, Tucson Asset Management AD, LLC) purchased two Tucson multifamily properties for $2,275,000.

The two properties included 10th Street Apartments, a 5,750-square-foot investment property at 1137-1153 E. 10th St. in Tucson sold for $1.175 million ($130,555 per unit) for the 9-unit apartment property, built in 1940.

Santa Rita Apartments, a 5,117-square-foot investment property at Santa Rita Apartments, 1142 E. 9th St., 127 N. Santa Rita Ave., & 135-147 N. Santa Rita Ave. in Tucson sold for $1.1 million ($167,857 per unit), a 7-unit apartment property, built in 1935.

Both properties’ sellers are John R. Hughes and L. Thompson Hughes, with both closing on April 17, 2023.

Allan Mendelsberg and Joey Martinez, Principals and Multifamily Specialists with Cushman & Wakefield | PICOR represented both parties in these transactions.

Mendelsberg and Martinez are reporting Tucson’s multifamily investment market has shifted gears as Q1 2023 concluded, experiencing higher transaction volume in the 10 to 40-unit space. While economic headwinds have impacted many markets, people are still eager to purchase apartments despite a more conservative outlook with pricing. Financing has also become a significant obstacle in the transaction process during the first quarter of this year. New pipeline developments are being constructed in Marana, Vail, and other prime fill-in locations. In addition, there is limited inventory for C-class properties across the Tucson market which will keep its demand high as we enter Q2. Overall, rents will likely flatline this year due to the vacancies and slower lease-up. As cap rates continue to increase, cash buyers are likely to become competitive again, as they have been priced out of the market in recent years due to the low cost of debt.

(Source: PICOR Marketbeat Multifamily, Q1, 2023)

For more information, Mendelsberg can be reached at 520.546.2721, and Martinez is at 520.546.2730.

To learn more, subscribers can see Comp #10629 and #10632.