SMSJ Tucson Holdings, a new joint venture between Tenet Healthcare, Dignity Health in Arizona and Ascension a faith based healthcare organization, closed on the acquisition of Carondelet Health Network for approximately $105 million. Ascension prior to this owned 100 percent of Carondelet. Tent will be the majority partner in the new joint venture and will manage the operations of three hospitals, related physician practices, outpatient and ambulatory services, and other affiliated business in Tucson and Nogales, Arizona. Dignity and Ascension will own minority interests in the partnership.

The facilities in the new partnership will include:

• St. Joseph’s Hospital (486 beds) 350 N Wilmot Rd in Tucson
• St. Mary’s Hospital (400 beds) 1712 W Anklam Rd n Tucson
• Holy Cross Hospital (25 beds) 1171 W Target Range Rd in Nogales
• Carondelet Heart & Vascular Institute at St. Mary’s Hospital 4888 N Stone Ave in Tucson
• Carondelet Neurological Institute at St. Joseph’s Hospital 350 N Wilmot Rd in Tucson
• Carondelet Medical Group in multiple buildings across Tucson
• Carondelet Specialist Group 6320 N La Cholla Blvd in Tucson

Carondelet’s services also include imaging centers and other ambulatory services and ancillary businesses.

The joint venture will maintain Carondelet’s Roman Catholic heritage and identity through an agreement with the Diocese of Tucson. Additionally, Carondelet’s existing charity care policies will remain in place.

The partnership was announced in July and closed on September 1^st quicker than anyone had expected.

“We look forward to the opportunity to partner with two highly respected and dedicated healthcare organizations to improve healthcare delivery to the communities of Southern Arizona,” said Britt T. Reynolds, President of Hospital Operations at Tenet. “Through this innovative partnership, we will not only continue Carondelet’s 135-year healthcare mission to care for residents across Tucson and Southern Arizona, but will also connect Carondelet to a larger, growing statewide healthcare network, enhancing patient access to a wide range of healthcare resources throughout the state. This is consistent with Tenet’s strategy to create new, innovative models for patient care.”

Tenet and Dignity Health separately own and operate hospitals and clinics in the Phoenix area and together manage a growing accountable care organization, the Arizona Care Network (ACN). The organization currently includes more than 130 patient care facilities across Tenet’s and Dignity Health’s Phoenix-based healthcare systems, with more than 3,300 providers and more than 200,000 covered lives. A Tucson–based joint venture will connect Carondelet to ACN, which will provide increased access to care for patients, strengthen and grow Carondelet’s relationships with physicians, provide employee development opportunities for current and future employees, and fund strategic growth initiatives across Southern Arizona.

California-based, Taco Bell Corporate sold four Tucson stores to a franchisee, CLC Tucson Properties, LLC of Montana (Craig Langel, president) for $5.04 million. The buyer already owned other Taco Bell franchises in Montana.

The store locations are as follows:

6616 E Grant Road in Tucson sold for $1.235 million for a 2,370-square-foot building (built 2009) on 24,071-square-feet located at Grant and Tanque Verde Roads;

10815 N Oracle Road in Oro Valley sold for $1.46 million for a 2,818-square-foot building (built 2012) on 19,419-square-feet located at First and Oracle Road;

1720 W Speedway Blvd in Tucson sold for $1.183 million for a 2,740-square-foot building (built 2010) on 23,860-square-feet located at Speedway Blvd and Silverbell Road;

2150 W River Road in Tucson sold for $1.165 million for a 2,730-square-foot building (built 2008) on 35,619-square-feet located at River Road and La Cholla Blvd.

Each Taco Bell store location employees approximately 25 employees on average. There were no real estate brokers involved in these sales.

In addition to the stores sold, a lot at Las Plazas sold with the rest of the corporate Taco Bells in the Tucson for $575,000. Nancy McClure and Michael Laatsch with CBRE’s Tucson office negotiated the transactions on behalf of the seller, OVP Development Company, LLC and Terry Dahlstrom of Volk Company represented the buyer.

Since the first restaurant opened in Southern California back in 1962, Taco Bell has been one of the top fast food destinations for those craving something other than hamburgers. Owners of a Taco Bell franchise benefit from the well known “Live Más” slogan and the incredible variety of burritos, nachos, chalupas, tacos and more. In 2012, Taco Bell launched a new line of tacos – Doritos Locos Tacos – that have Nacho Cheese- and Cool Ranch-flavored shells. Specialty items like the Crunchwrap Supreme – tacos that are folded and grilled for convenient one-handed eating – are also extremely popular. The low-fat and low-calorie Fresco Menu and the Cantina Bell Menu, featuring dishes created by celebrity chef Lorena Garcia, have already established loyal followings.

Taco Bell Corp., a subsidiary of Yum! Brands, Inc., (NYSE: YUM), is the nation’s leading Mexican-inspired quick service restaurant. Taco Bell and its more than 350 franchise organization have nearly 6,000 restaurants across the United States that proudly serve more than 36 million customers every week.

For more information see RED Comps #3210, #3223, #3220, #3222, and #3221.

Tucson, Ariz. – CBRE has completed the sale of the former Nimbus Brewery and Restaurant building at 6464 E. Tanque Verde Road in Tucson. The property commanded a sale price of $1.415 million ($168 PSF).

Pete Villaescusa and Jesse Peron with CBRE’s Tucson office negotiated on behalf of the seller, McMahon Properties, LLC of Tucson. Jim Egan and Ryan Egan of Prime Commercial Real Estate represented the buyer, All Real Property, Inc. of Camp Verde, Arizona.

“Any long time Tucson resident remembers when this building was Bobby McGee’s,” said CBRE’s Villaescusa. “The building is located in the heart of the old restaurant row area of Tucson, and it will provide a new restaurant operator with a great, well-known location.”

The sale of the property was part of a bankruptcy sale and included restaurant equipment left in the building. Former-tenant Nimbus closed in 2013 after the brewery filed for Chapter 11. Landlord/property owner and local restaurateur Bob McMahon, owner of McMahon, Inc., then also filed for Chapter 11 in early 2014. In May of this year, the court converted it to Chapter 7 and ordered liquidation of all assets.

Zoned C-2, which allows for a restaurant or bar operation, the property is located in the heart of Tucson’s restaurant district. The building is approximately 8,439 square feet and is situated on just over two acres of land. The new ownership team plans to market the property for new restaurant/bar uses.

To learn more Villaescusa and Peron should be reached at 520.323.5100 and Jim and Ryan Egan can be called at 520. 512.1000.

See also RED Comp #3125.