AutoZone Purchases Land at Houghton Town Center
AutoZone purchased a .78 acre parcel of land at Houghton Town Center for $700,000 ($20.52 PSF) from Diamond Ventures of Tucson. AutoZone has started construction of the store to be located at 10240 E Old Vail Road, east of Dunkin Donuts. AutoZone has four distinct floorplans that run from 6,500 – 8,000 square-feet. AutoZone will join Walmart, Panda Express, Discount Tire, McDonalds, Dunkin Donuts, Houghton Family Dental Care, SuperCuts, Nationwide Vision, Champion Pool & Spa Supply, Northwest Emergency Center, Hughes Federal and Credit Union at the southwest corner of Old Vail Road and Houghton Road in Vail, in the southeast submarket of Tucson. Shannon Murphy with DVI Realty in Tucson and Ben Craney with NAI represented the seller. Jayme Fabe with Tucson’s CBRE office represented the buyer. To learn more Murphy can be reached at 520.577.0200 and Craney is at 520.326.2200. Fabe can be contacted at 520.323.5100. For additional information see RED Comp #3172.

MU Zoned Acreage Sold for Redevelopment
Sean Bowman of Oro Valley purchased 1.72 acres at 1075 W Wetmore Road in Tucson for $490,000 ($6.54 PSF). The MU zoned property with 1,653-square-feet of buildings was purchased for redevelopment in a joint venture. Located near the Auto Mall, in the Central submarket of Tucson, the property would be great for automotive or industrial use. Tony Reed with Long Realty in Tucson represented the seller, Groome Transportation of Tennessee (Harold Groome, CEO). The buyer was represented by Frank Ali with Portofino Realty. Reed should be reached at 520.577.7400 and Ali can be called at 520.241.9941. Also see RED Comp #3129.

Pre-Leasing Build-to-Suit on River Road Land Sold
Michael R. Wattis has purchased 3.5 acres of TR zoned land at 1107 E River Road in Tucson for $315,000 ($2.07 PSF) from KLK Consulting Group of Tucson (Carla J Keegan, director). The buyer purchased for pre-leasing a 12,000-square-foot built-to-suit office for general or medical use. Buzz Isaacson with CBRE’s Tucson office represented the seller and is doing the pre-leasing for the buyer. Located between Campbell and 1^st Avenue, Isaccson expressed the owner is flexible, and would consider a slightly larger or even multi-tenant building in this pristine natural setting. To learn more Isaacson can be reached at 520.323.5151. For additional information see RED Comp #3139.

Lot in Santa Cruz Plaza Sells for Medical Related Expansion
Dr. Javier Rios of Corona, CA purchased .75 acres of land at Santa Cruz Plaza, located at the northeast corner of I-19 and Ajo Way in Tucson for $165,000 ($5.05 PSF). The buyer owns the adjoining medical clinic, Clinica Medica Familiar at 3770 S 16^th Street and purchased the lot for expansion of a related business to the clinic. Pete Villaescusa and Jesse Peron with CBRE’s Tucson office negotiated the transaction and represented the seller, Sagehen Investments of Newport Beach, CA and the buyer. Villaescusa and Peron can be reached at 520.323.5100. For additional information see RED Comp #3208.

C-1 Zoned Land Sells in REO Sale
Business Park Limited Partnership of Tucson (Phillip Roberts, general partner) purchased 1.82 acres at 8437 E Old Spanish Trail in Tucson for $139,000 ($1.75 PSF). The east side location is located close to shopping, parks, restaurants, and major transportation routes and was previously tentatively platted for 20 SFR lots. The tentative plat has since expired and buyer purchased property to hold for investment. Ben and Adam Becker with CBRE’s Tucson office represented the seller, the Bank of Oklahoma. To learn more the Beckers can be reached at 520.323.5100. For additional information see RED Comp #3154.

Expansion Site for Atlas Transmission Sells
The Izzo Revocable Living Trust purchased .67 acres of vacant land at 2360 W Wetmore Road in Tucson for $112,500 ($3.85 PSF) from Pamela L Potts and Richard L Pittman of Tucson. The large fenced, industrial MU zoned lot will be used for expansion by buyer who owns Atlas Transmission at 2380 W Wetmore Road. Tony Reed with Long Realty in Tucson represented the seller and Chuck Blacher with Tucson Realty & Trust Co. represented the buyer in the transaction. To learn more Reed can be reached at 520.577.7400 and Blacher can be called at 520.577.7000. For additional information see also RED Comp #3158.

Youth On Their Own (YOTO) of Tucson recently purchased the building at 1642 N Alvernon Way in Tucson for $285,000 ($75 PSF). YOTO is a non-profit that provides youth, through no fault of their own, who lack a parent or long-term legal guardian in their lives with a stable nighttime residence, financial assistance, basic needs and guidance as they work to obtain a high school diploma. We spoke to Teresa Baker, Executive Director of Youth On Their Own about the transaction.

Baker told us that in 2010 Pima County had 2,000 homeless youth in need of help; that number had grown to 6,000 by 2013. Baker knows that it will increase again when the 2014 stats are released for Pima County.

Last year, YOTO had budgeted for 1,250 kids, but instead helped 1,500 kids. Baker proudly said, “We have never turned anyone away, and of those 1,500 kids there were 350 seniors who had a 95% graduation rate from high school last year.”

The complex process of human development presents opportunities and challenges at every phase. Despite the obstacles these youth face, many of them flourish. They make the transition from adolescent to young adult feeling good about who they are. They believe they can make important contributions to society and will have opportunities to do so, and they know they possess supportive and caring connections to a range of positive people and groups. However, these young people did not travel the unfamiliar road to adulthood without assistance

The increase in need was a large motivating factor for YOTO to buy the former arts and crafts gallery next door to its current headquarters located at 1660 N Alvernon Way in Tucson.

The plan is to turn the store it into a specialized thrift shop for home goods that would also provide an opportunity to the kids fresh out of high school, and without scholarships, to learn the retail business. The program is partnering with ENACTUS, an international organization that connects students, academic and business leaders through entrepreneurial-based projects and will be guided by the Terry J Lundgren Center for Retailing at the University of Arizona.

Briefly, YOTO will offer one semester internships in a Workforce Development training program that teaches basic workforce etiquette to students who are in good standing with grades and academic performance before entering the program. YOTO is also seeking opportunities with local retailers who would be interested in hiring these out of high school kids as part of their internship.

In addition to such an ambitious undertaking, YOTO plans to set up a parallel online store for any oversize items or surplus donations.

There were no brokers involved in the transaction. Bob L. Villaman with Waterfall Economidis, Caldwell, Hanshaw, Villamana donated his time to handle the transaction for buyer and seller.

The YOTO Thrift Shop grand opening is expected before the end of September.

There are a variety of ways to support Youth On Their Own. Any way in which you are able to give to YOTO and further its mission — whether it be money, mini-mall items, or your time  — makes a huge difference! Contact YOTO at 520.293.1136 or go to https://yoto.org/yoto-resale-home-store/ for more information.

Tractor Supply, Circle K, Kneaders and Family Dollar Sell in Tucson Retail Investment Sales Total $13.5 Million and average 6.4% cap rate

The newly constructed Tractor Supply store at 15884 N Oracle Road in Catalina, AZ sold for $5.2 million ($238 PSF). The transaction was a sale-leaseback of the newly constructed store that opened June, 2015. The 21,702-square-foot store is located at the northeast corner of Oracle Road and Lamb Drive on 3.4 acres. This was a sale- leaseback of the Tractor Supply is the largest national operator of rural lifestyle retail stores in the U.S., and one of the largest retail supplier of basic maintenance products to home, land, pet and animal owners.

The investor is P. Chimento Properties – Catalina, LLC of Malibu, California (Robert Chimento, manager) and the seller / builder is Catalina Development Group, LLC of Southern Pines, NC, (William Ronalter, manager), the exclusive builder for Tractor Supply.

For additional information see RED Comp #3145 and #2278.

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The Circle K Convenience Store and Gas Station at 3880 West Tangerine Road in Marana, AZ sold for $4.315 million ($999.78 PSF). The 4,514-square-foot building was built in 2008 and is on 1.49 acres located northwest of Thornydale and Tangerine Roads. For more than 50 years, Circle K has been one of North America’s most popular and successful operators of convenience stores. Today, there are more than 3,300 Circle K stores across the USA and over 4,000 international locations.

The investor is Pacific NNN Properties, LLC of Union City, California and the seller is I.S. Tucson Circle, LLC and affiliate of Maple Leaf Properties of Boca Raton, Florida. Jamie Medress, Mark Ruble and Henry Kerson of Marcus & Millichap in Phoenix represented the seller in the transaction.

For additional information see RED Comp #3122.

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Kneaders Bakery & Café at 135 South Wilmot Road in Tucson sold for $2.5 million ($617 PSF). The transaction was a sale-leaseback of the newly constructed store that opened July 17, 2015 at the southeast corner of Broadway Blvd and Wilmot Road. Kneaders Bakery & Cafe is a fast-casual bakery chain created in the tradition of family-owned European bakeries and specialized in hand-kneaded, made-from-scratch breads as well as specialty cakes and other foods. Kneaders was recently ranked 8^th in the top 50 restaurant chains in the nation. This is Kneaders 11^th location in the state of Arizona.

The investor is Roebbelen Investors I and Miller Properties, LLC of Phoenix (Lynn Miller, manager) and the seller / builder is FFG Development of American Fork, UT.

For additional information see RED Comp #3123.

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The Family Dollar Store at 2820 W Los Reales in Tucson, AZ sold for $1.53 million ($184 PSF). The 8,320-square-foot building was built in 2013 on .99 acres located northeast of Los Reales Rd and Cardinal Avenue. As one of the largest discount retailers in the United States, Family Dollar continues to gain market share and appeal from net lease investors. Family Dollar holds investment grade credit ratings from S&P (BBB-) and Moody’s (Baa3) and operates under a landlord friendly net lease structure.

Greg Furrier with Cushman & Wakefield | Picor in Tucson represented the seller, 2820 W Los Reales, LLC of Tucson (Joanne Lopez, member) and Roger Breckenridge of Long Realty in Tucson represented the investor, Joseph W Graham of Sand Diego, California.

For additional information see RED Comp #3131.