Oro Valley, Arizona — Freddy’s Frozen Custard and Steakburgers at 11143 N Oracle Road at Steam Pump Village in Oro Valley sold in a net lease sale for $2.46 million ($673 PSF) to a California Investor, The Marsha A. Covert Trust.

The 3,654 square-foot location seats 100 guests and has additional seating on the patio. Drive-thru service is also available. It opened in May 2017.

“This is our fourth location in Greater Tucson,” said Brad Williams, franchise owner, at the opening. “We’re grateful for the warm welcome we’ve received in Oro Valley and look forward to serving area guests with great food and hospitality the Freddy’s Way.”

The Franchisee has 19 Freddy’ s locations and is also the franchisor majority owner of Native Grill & Wings with 32 locations.

Freddy’s Frozen Custard & Steakburgers is prominently located along Oracle Road with a combined daily traffic count of over 28,000 vehicles. The site is projected to do over $1.7 million in sales. The property sold with a new 15-year lease with BLT Marana Properties, LLC.
Freddy’ s Frozen Custard & Steakburgers enjoys a population of over 52,000 within a five-mile radius and 20,000 within a three-mile radius with an average household income exceeding $130,000 per year.

The property is located in the heart of Oro Valley and nearby tenants include: Chili’ s, Home Depot, Dollar Tree, Target, Ross, Panera Bread, Taco Bell, Office Max, Carl’ s Jr, and Holiday Inn and Suites. Across from the property is a Honeywell Aerospace business park.

John Andreini with Capital Pacific in San Francisco handled the sale for the seller and the buyer, a broker with Capital Growth, was self-represented. For additional information Adreini should be reached at 415.274.2715.

To learn more, login and see RED Comp #5021; for more properties available in the Tucson area go to RED Listing Registry.

[mepr-show rules=”58038″]Sale date: 7/17/2017. Sale price: $2,459,000. The minimum base rent is currently $138,000. Property sold with a 5.61+% cap rate. Buyer is also a broker with Capital Growth Properties.[/mepr-show]

TUCSON, Arizona — Delectables Restaurant & Catering (Donna DiFiore, owner) sold 533 N. Fourth Ave. in downtown Tucson recently for $1.48 million ($310 PSF) ending a 44-year run downtown.

Difiore is transitioning the business into a catering-only business and paid $342,000 ($127 PSF) for the building at 427 E Limberlost Dr. for this purpose.

The Delectable business was bought by Difiore in 1982, and the building on 4^th Ave in 1988.

The buyer is an investor from Scottsdale (Barrett Silver) who first approached Difiore in April with a tenant in tow, Bocos Tacos y Tequila that opened in the 4^th Ave space this week, within about two weeks for remodeling, obtaining liquor license and COO.

John Ash with CBRE Tucson represented the investor in the transaction.

Carl Mickler and Colette Barajas of Centra Realty in Tucson represented Difiore in the sale and the purchase of the new building on Limberlost.

Mickler told us, Delectables occupied approximately 75% of the 4,778-square-foot building and leased space to four other tenants including Metropolis The Salon, Bare Wax & Massage Studio and the Flower Shoppe on 4th Avenue.

The Limberlost property was a former bistro and a wedding event venue complete with a commercial kitchen perfect for a catering business such as Delectables. The sellers were Vilasini and Anjali Suniti Bal who were self-represented in the transaction.

For more information, Mickler should be reached at 520.850.6345 or Barajas at 520.882.0767. Ash can be contacted at 520.323.5177.

To learn more, login and see RED Comps #5022 and #5032. To see more properties like these available, go to RED Listing Registry.

[mepr-show rules=”58038″]Sale date for both properties was 7/19/2017. Documents #2017-2000504 and #2017-2000569. Both were 1031 exchanges.[/mepr-show]

TUCSON, Arizona – Westwood Apartments at 714 East 10^th Street in Tucson sold for $1.32 million ($69,474 per unit) in a value-add transaction.

The 19-units in 15,668-square-feet on .42 acres were built in 1969 with a unit mix of two 1-bedroom, (16) 2-bedroom and (1) 3-bedroom units.

The buyer, Vishal Patel of Tucson, bought the property to renovate. The seller, James Hostetler, is also of Tucson. Hamid Panahi and James Crawley with Marcus & Millichap Real Estate Investment Services represented both buyer and seller in the transaction.

Crawley observed, “Westwood presents a tremendous opportunity with immediate value-add potential in a prime Downtown location that seldom sees multifamily communities come available.”

For more information, Panahi can be reached at 602.687.6649 and Crawly should be contacted at 602.687.6700.

To learn more, login and see RED Comp #5024. For similar properties such as this one go to RED Listing Registry.

[mepr-show rules=”58038″]Sale date: 7/17/2017. Doc # 2017-1980515. Property sold at a 6.46% cap rate.[/mepr-show]