Ajo Highway Shops Sell in Net Lease Sale for $3.42 Million to Colorado Investor

TUCSON, ARIZONA – Ajo Highway Shops, a retail strip center at 4889 W Ajo Highway sold for $3.415 million ($495 PSF) to a Colorado Investor, Midwestern Realty Limited, LLC of Aurora, CO.

The small strip center is located east if the Circle K at the Southeast corner of Ajo Hwy and Kinney Road. It was 100 % occupied at time of sale with such tenants as Subway, Apex Network Physical Therapy, Cricket, Dairy Queen, and Domino’s Pizza.

Build in 2008, the 6,904-square-foot retail center serves a population of 100,618 within a 5-mile radius with above average income for the region.

John Schwikert and Chad Tiedeman with Phoenix Commercial Advisors represented both the seller, Ajo SEC Shops and the investor in the transaction.

For more information, Tiedeman can be reached at 602. 288.3472 and Schweikert should be contacted at 602.957.9800.

To learn more, see RED Comp #8753.

Pepper Viner Closes on Corbett Elementary School for 71 Lot Infill Project

TUCSON, ARIZONA — Pepper Viner Homes is developing the former Corbett Elementary School at 5949 East 29^th Street into a 71 SFR lot infill project. The 7 acres closed for $650,000 to an affiliate of Pepper Viner Homes, WV, LLC (Bill Viner).

After debating the closing of Corbett Elementary in the 1980s and again in 2008, Tucson Unified School District (TUSD) ultimately shuttered the doors to Corbett in 2014. Built in 1955 it had the capacity to serve 565 students, though in the end it only had 425 students (K-5) enrolled.

Pepper Viner applied for rezoning in 2019 and was rezoned to R-2 and approved for 71 lots, 35’x80’ and 35’x55’ in size. The subdivision will be a 10.1 RAC and has a flexible lot development (FLD) option.

We first wrote about this project in October 2019. See https://realestatedaily-news.com/pepper-viner-planning-75-sfr-lot-infill-project-at-corbett-elementary-school-property/

The project will use high-quality sustainable development techniques that meet the City of Tucson’s Green Building Requirements. Total common area on site will be 121,500-square-feet, of which 49,800-square-feet are roads and sidewalks, 54,200-square-feet are FOS and 17,500-square-feet are street landscape borders.

The one- and two-story homes from 1,150- to 1,700-square-feet, will have 2-car garages and be priced from the low to mid $200’s.

James Marian, CCIM, MRE, of Chapman Lindsey Commercial Real Estate Services handled the transaction for the builder. The seller Tucson Unified School District No. 1 was self-represented.

For more information, Marian should be contacted at 520.747.4000 X 106. Add your name to the Corbett Village interested list here https://www.pepperviner.com/find-your-home/corbett-village/ or call 520-721-7964 X 148

To learn more, see RED Comp #8758.

Jared Jewelers Sells in Net Lease Sale for $4.75 Million in Tucson

Property leased to a leading jewelry brand and situated in one of Tucson’s main retail hubs

TUCSON, Ariz. – Cushman & Wakefield announced the firm has brokered the net leased sale of a freestanding retail building in Phoenix, Arizona. Located at 4240 N Oracle Rd, the 5,856-square-foot property is fully leased to Jared Jewelers, a specialty retail jewelry store chain and sold for approximately $4.75 million ($811 PSF). The buyer was North 43rd Enterprises, LLC based out of Livermore, CA. and the seller was RJR Tucson, LLC.

Chris Hollenbeck and Shane Carter with Cushman & Wakefield in Phoenix represented the seller in the transaction.

“This is a strong, stable asset fully leased to an international credit tenant that has operated at this location for 15 years,” said Chris Hollenbeck. “Surrounded by other popular retailers, the property is also desirably located at a strong intersection within the Oracle Road Corridor, one of Tucson’s main retail hubs.”

Built in 2004, the property is an outparcel of the Ridge at Creekside shopping center anchored by several major retailers and other brand names. The location is well positioned at the highly visible intersection of Oracle and Wetmore roads, with frontage along Oracle Rd. The Tucson Mall and Auto Mall are also directly north of the property.