TUCSON, AZ, April 26, 2023 — The former U-Like Buffet restaurant building at 5101 N Oracle Rd. in Tucson sold for $3.48 million ($204 PSF). The 17,050-square-foot building (built in 1988) was vacant at River and Oracle Road is being repurposed for a medical/surgical center.

The asset closed on April 7, 2023.

Rick Borane of VOLK Company represented Lu’s Oracle Property LLC in selling their property.  Jordan Simon and Karen Farrell of Venture West Real Estate Services represented the buyer, JMCW Tucson Property LLC.

The Wong Family Limited Partnership sold approximately 102,577 square feet (2.35 acres) of land at 9150 N Thornydale Road in Tucson for $1 million ($9.75 PSF).

The transaction closed on April 14, 2023.

Jeramy Price of VOLK Company represented the seller. The buyer, ZDC Properties LLC, intends to develop the land into a self-storage facility.

Brenna Lacey of VOLK Company represented the seller, Tucson Retail LLC, selling approximately 40,818 square feet of land in Tucson Marketplace at the Bridges Phase 4 Lot 6 for $1,061,268 ($26 PSF) at about 1600 E Tucson Marketplace Blvd in Tucson.

Jeramy Price, also of VOLK Company, represented the buyer, One Ten REI Kino Park LLC, in the purchase.  Price also represented the purchaser in build-to-suit leases with Tropical Smoothie Cafe and Gyro Shack, with openings planned for 2024.

The sales and lease transactions closed on March 21, 2023.

In a second transaction, Brenna Lacey and Jeramy Price of VOLK Company also represented the seller, Tucson Retail LLC, selling approximately 1.2 acres of land in the Tucson Marketplace at the Bridges for $1,350,000 ($26 PSF). The land will be developed into a Freddy’s Frozen Custard & Steakburgers, which is anticipated to open in 2024.

Justin DiBiase of Kidder Mathews represented the purchaser JRI Real Estate Holdings, LLC.

The asset closed on April 4, 2023.

For more information, Borane should be reached at 520.495.2240, Lacey is at 520.495.2233, and Price can be contacted at 520.326.3200.

To learn more, see RED Comp #10604, #10616, #10555, and #10587.

TUCSON, Ariz. – April 25, 2023 – CBRE has facilitated the sale of the JW Marriott Tucson Starr Pass Resort & Spa, a 575-key resort located at 3800 West Starr Pass Blvd., in Tucson,Arizona. Southwest Value Partners purchased the property for $110 million ($191,304,348 per room).

Christian Charre, Jennifer Bergamo, Paul Weimer, and Jennifer Jin with CBRE Hotels represented the seller, Fortress Investment Group, in the transaction.

“We are pleased to have found a buyer who understands Tucson and everything that this unique resort has to offer but will also take the JW Marriott to its next chapter through a renovation,” said Mr. Charre.

The JW Marriott Tucson Starr Pass Resort & Spa features three onsite nine-hole golf course, outdoor multi-level pools with lazy river and waterslide, private cabanas, hot tub, spa, and fitness center. The property also has 83,732 square feet of meeting and event space, including outdoor space, to host up to 3,300 guests.

“CBRE Hotels secured a strategic buyer for this exclusive off-market asset through a highly curated sales process,” said Ms. Bergamo.

In the previous release the sale price shown of $112 million included $2 million in personal property. The sale is still the top recorded hotel sale in the Tucson market.

To learn more, see RED Comp #10611.

TUCSON, Ariz., April 25, 2023 – 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 Portillo’s, a 8,000-square-foot net-leased property located in Tucson, Arizona. The asset sold for $5,650,000 ($708 PSF)

Mark Ruble and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The deal includes a brand new 12-year absolute triple net ground lease and 10 percent rental increases throughout the lease term and renewal options.

Built in 2022, Portillo’s is located at 3761 East Broadway Boulevard in Tucson, Arizona. The asset is a national restaurant chain with a publicity-traded tenant that also owns 70 plus locations across nine states. This Portillo’s is situated within El Con Center, a 1.2 million square-foot open air shopping mall and 96,004 residents reside within a five-mile radius. There is a strong daytime population of 424,301 employees in the surrounding trade area which includes a home to Century Theatres, Target, The Home Depot, Walmart and many more.

To learn more, see RED Comp #10607.