TUCSON, ARIZONA, December 8, 2022 –  Retail always has to be reinventing itself as needs change. The days of stand-alone convenience stores with maybe one or two gas pumps in front on small lots is in the past, Circle K has been selling off these former stores around the state, with use restrictions, and offering redevelopment opportunities for buyers with an imagination to match a use for today’s public.

The former Circle K at 2750 N Tucson Blvd. in Tucson sold for $321,000 ($118 PSF). Built in 1978, the 2,720-square-foot building on a 9,000-square-foot lot sold to The Drawing Studio for expansion space adjoining the property.  The Drawing Studio holds art classes for youth and adults and has been around since 1992. Started by Artist Andrew Rush, his wife Ann Woodin, and 20 art friends, who shared a vision that the world is a better place when art and creative spirit are fostered as cultural necessities. Their mission is to inspire people of all ages and backgrounds to embrace art practice as a pathway to personal growth and healthy community.

Greg Furrier and Rob Tomlinson with Cushman & Wakefield | PICOR represents Circle K Stores of Tempe and Brenna Lacey of VOLK Company represented The Drawing Studio.

A second former Circle K store at 6485 E Golf Links Road in Tucson sold for $325,000 ($123 PSF). Built in 1979, the 2,647-square-foot building on a 9,166-square-foot lot was sold for redevelopment into a clothing store. The buyer was represented by Andy Seleznov of Cushman & Wakefield | Picor.

In an earlier transaction,  Camino Principal Plaza, LLC an affiliate of Coffee Exchange, c/o Jonathan Tehrani purchased the store at 5301 E Pima Street in Tucson for $400,000 ($159 PSF). Built in 1984, the 2,510-square-foot building on a 20,085-square-foot lot sold for redevelopment as an office building.

John Yarborough and David Carroll with Romano Real Estate represented the buyer and Greg Furrier and Rob Tomlinson with Cushman & Wakefield | Picor handled the transaction for the seller, Circle K Stores.

For more information on these properties, contact Furrier at 520.546.2735 and Tomlinson at 520.546.2757 who still have more properties available.

To learn more, see RED Comps #10243, 10317 and #10330.

TUCSON, ARIZONA, December 2, 2022 – The Basha’s store at 8360 North Thornydale in Tucson, at the southeast corner of Cortaro and Thornydale, sold to an affiliate of Dallas-based, Lincoln Property Company, FSLRO 8360 N Thornydale Tucson, LLC for $7.95 million ($155 PSF). This transaction closed November 14, 2022.

The 51,352-square-foot Basha’s store was constructed in 1997 and sits on 4.59 acres. The more than 100 Basha’s and affiliates in Arizona were purchased last year by the Sacramento, California-based, Raley’s Companies.

Adam Rainey with Gallelli Real Estate worked with Kidder Matthews in Phoenix to represent the seller, and the buyer was self-represented in this transaction.

Then, in a separate transaction, Raley’s sold the inline shops and two retail pads at 8300 – 8360 N Thornydale Rd. for $8.25 million ($159 PSF) to Commercial Resources Investors II c/o Paul Warren of Gilbert, AZ. This transaction closed on November 21, 2022.

The 51,980 square feet of inline shops and retail pad on 5.99 acres included all the retail center except Basha’s and the Wells Fargo Bank on the corner.  The inline shops were 62% leased at time of sale. Tenants at the center include Jerry Bob’s Restaurant, Thornydale Dental, and Blacktop Grill. Buyer is also a licensed real estate broker and will be handling the leasing of the five vacant spaces, totaling 19,691 square feet available.

The buyer was represented by Dave Murphy, David Berstein and David Vallecorsa of Bernstein Murphy Companies in Scottsdale, AZ. Adam Rainey with Gallelli Real Estate and Kidder Matthews in Phoenix handled the transaction for the seller.

For more information, Rainey can be reached at 916.784.2700 and Bernstein, Murphy and Vallecorsa can be contacted at 480.656.1150. For leasing information, contact Paul Warren at 520.477.0784.

To learn more, see RED Comp #10304 and #10318.

TUCSON, ARIZONA, December 1, 2022 – Popeyes Louisiana Kitchen at 1110 N Stone Ave in Tucson sold as investment for $3.86 million ($1553 PSF) in a sale leaseback transaction.

The 2,488 square-foot building was built in 2019 at the northeast corner of Speedway and Stone Avenue on a .61 acre site.

Property sold full leased to Popeyes on a 20 year triple net lease, with 7.5% rental increased w=very five years and four 5-year option periods.

The buyer was Vista Property Holdings 2, LLC of Lakewood, CO c/o William Meyers and the seller with Amin Dhanani of Sugarland, TX.

Joseph Compagno and Benjamin Farthing with CBRE in Phoenix handled the transaction.

For more information, Compagno should be contacted at 602.403.3783.

To learn more, see RED Compo #10323.