TUCSON, AZ (Oct. 11, 2024) – Chevron Station / convenience store and U-Haul rental at 3780 W Magee Road in Tucson sold for $3.05 million ($2,311 PSF) in a triple net lease investment. Built in 1989, the 1,320-square-foot convenience storer with 6 pumps / 12 pumping stations, is at the northeast corner of Magee and Thornydale Road, and sold with a new 20-year NNN Lease.

The transaction closed on October 3, 2024.

Chevron is an American multinational energy corporation and is the second-largest oil company in America. It is one of the successors of Pacific Coast Oil Co., which was originally founded on September 10, 1879. Chevron is headquartered in San Ramon, CA, and is active in 180 countries. In addition, they are engaged in every aspect of the oil and natural gas industries, including hydrocarbon exploration and production; refining, marketing, and transport; chemicals manufacturing and sales; and power generation. Today, Chevron’s products are sold in more than 8,000 locations under the Chevron and Texaco brands, 7,026 of which are exclusively Chevron in the United States. Arizona is in the top 10 states in the US for a number of Chevron Stations, and it has a strong commitment to this territory.

Chevron trades on the New York Stock Exchange under the ticker symbol (CVX) and has a current market cap of over $294 billion. The franchisee (West Coasts Petroleum Newports, an Arizona LLC) operates 17 locations. The main owner of West Coast Petroleum has been in the business for over 16 years. The company does over $87M/year in gross revenue and continues to expand in the Southwest. There is also a personal guarantee for the term of the lease.

Chris Hollenbeck and Shane Carter with Cushman & Wakefield in Phoenix represented the Scottsdale-based seller 3780MGE, LLC, while the Casa Grande-based investor Auza Ranches was self-represented.

Hollenbeck should be reached at 602.224.4475 for more information.

Subscribers can also log in to RED Comp #11516 to learn more.

TUCSON, AZ (Jan. 31, 2024) – Three lots within the master-planned commercial and industrial park of Rita Ranch Commerce Center were sold recently to local businesses. Zoned I-1 and I-2, the 256-acre Rita Ranch Commerce Center is located northwest of Houghton and Old Vail Road in the southeast submarket of Tucson, near the UA Tech Park and Rita Crossing and adjacent to Houghton Town Center. Some of the businesses in the center include TuSimple, Blue Bell Creameries, Direct TV, Acacia Windows & Doors, and Tractor Supply, which are coming soon.

Lot 26, a 2.24-acre industrial lot at 9617 E Old Vail Road in Tucson, sold for $416,390 ($4.27 PSF) to Pools By Design (Ken Larison, manager) to construct a showroom/warehouse and contractor yard for the company.

Lot 29, a 1.7-acre industrial lot at 9537 E Old Vail Road in Tucson, sold for $295,652 (3.99 PSF). The buyer owns Stark Electric Company (Rober B Stark) and purchased the lot for a company contractor yard and future building.

Lot 27, a 1.68-acre industrial lot, was sold for $293,336 ($4.00 PSF). The buyer is South32Hermosa, Inc., the manganese and zinc mine in Patagonia. The lot will be used as a park-and-ride for employees. The address is 9597 E Old Vail Road in Tucson.  Manganese and zinc are ‘essential minerals’ for powering the world’s clean energy future.

The seller, Rita Commerce Development Company, an affiliate of Diamond Ventures, is represented by Paul Hooker and Jesse Blum of Cushman & Wakefield | PICOR. Bob Davis of Tango Commercial Real Estate represented the buyer of lot 26 for Pools By Design.

For more information, Hooker can be reached at 520.546.2704, and Blum is at 520.546.2772. Davis should be called at 520.906.5682.

To learn more, see RED Comps #10972, #11053, and #11068

MARANA, AZ (January 26, 2024) – Marana Main Street, southwest of Marana Road and I-10 in Marana, will get two new quick-serve restaurants.

The Marana Main Street Project is a 28-acre planned project in the Town of Marana just north of the Town Hall and Municipal Complex. The project is the gateway to Marana and provides a necessary link to Main Street facilities from Interstate 10 and a “sense of place” with a distinct look and feel.

The development includes an attractive combination of retail, dining, office, and lodging facilities with access to and exposure from Interstate 10 and associated Exit 236.

PK Dunkin Properties, LLC (Dunkin Donuts) purchased Blocks 15 & 16, 32,250 square feet of land at Marana Main Street, for $515,000. Ben Craney and Scott Soelter with NAI Horizon represented the seller, and Joey Castillo with Volk Company represented the buyer. 

The Dunkin Donuts Site sale was completed on December 20, 2023.

STRR Investments, LLC (Kentucky Fried Chicken) purchased Block 17, 32,760 square feet of land at Marana Main Street, for $573,247.  Ben Craney and Scott Soelter with NAI Horizon represented the seller, and Greg Saltz with GPS Commercial Advisors represented the buyer in this transaction.

The KFC Site sale occurred on January 8, 2024.

To learn more, contact Craney and Solter at 520.326.4500. Saltz can be reached at 480.612.0510, and Castillo is at 520.495.2234.

To learn more, see RED Comp #11047 and #11090.