Tucson, Arizona – CBRE announced the sale of a single-tenant net investment sale of a Smoothie King, Tucson, Ariz. sold to Mid State Real Property Investments, LLC. for $803,000 ($608 PSF).

CBRE’s Nancy McClure and John Ash in Tucson represented, Entrada Contenta Lot 2, a New Mexico LLC, who was the original developer on its original acquisition of the site, the lease and now on the investment sale of the asset to the Capital Markets. The buyer was represented by Sean Lieb, SRS Real Estate Partners, Phoenix, AZ.

The property, located at 5730 E. Broadway Boulevard, consisting of a single use fast food building with a drive-thru of 1,320-square-foot that was built in 2020 for Smoothie King. Smoothie King is a franchise operation with this unit’s ownership being a multi-state operator in Phoenix, Tucson, Arizona, and El Paso, Texas.

For more information, McClure should be reached at 520.323.5117 and Ash can be contacted at 520.323.5177.

TUCSON, ARIZONA — Mattamy Homes purchased 189-lots in Phase II of Rincon Knolls in Vail. The fully approved, platted and engineered lots were purchased for $5,200,000 or approximately $27,500 per lot. The seller in the transaction was TTLC Rincon Knolls, LLC (Aidan Barry, Manager). The phase is made up of a balanced mix of lots, 45’x 115′, 55′ x 120′, and 65’x 125’.

The project is elevated with stunning, panoramic views of the Rincon Valley and Rincon Mountains. These lots are the last in the project and are completely shovel-ready.

The Vail Submarket is one of the best performing areas of metro Tucson. The growth and demand for this area comes from its proximity to Tucson’s major employers, Vail School District, access to new retail and restaurants, and strong aesthetics.

The transaction was handled by Will White and John Carroll of Land Advisors Organization-Tucson.

“Rincon Knolls is a great position and a great property,” White commented. “The fact that these lots were “shovel-ready” and in such a great location makes it even better. Vail is one of the most sought-after areas in all of Tucson and is well known as one of the best performing areas for Tucson’s homebuilders. With shovel-ready land in extremely short supply, we fully expect lots to continue to come at a major premium in this area.”

For more information, White and Carroll should be reached at 520.514.7454.

TUCSON, ARIZONA – CFT NV Developments, LLC of Las Vegas, NV (Mickey Wong, Manager) recently purchased a 23,708-square-foot pad at Tucson Fiesta Center, 4241 N Oracle Road in Tucson for $1.68 million ($71 PSF) from EVT Tucson Fiesta, LLC (Jason Eisenberg, Manager).

Located at the northwest corner of Limberlost and Oracle Roads, the site will be used for construction of a 2,300-square-foot Panda Express Restaurant. At $70.86 per square-foot, this is the highest price per square foot sale on a retail pad in 2020 and includes a reciprocal parking agreement with the Center.

The property sold with permits ready to pull with the City of Tucson,  so completion is anticipated for later this year or early 2021.

Ryan Amato with the Eisenberg Company of Phoenix represented the seller and Jesse Peron with CBRE in Tucson represented the buyer.

Other tenants in Tucson Fiesta Center include PGA Golf Superstore, Burlington Coat Factory, and recently constructed Raisin Cane Chicken on an adjoining pad to the Panda express site. Raising Cane is being marketed as an investment sale by the Eisenberg Company. The available 26,233-square-foot anchor space, formerly Border’s Book Store, may have an announcement of a new tenant coming soon.

For more information, Amato should be reached at 602.468.6100 and Peron can be contacted at 520.323.5130.

To learn more, see RED Comp #7862.