TUCSON, ARIZONA – In April of last year, Tucson icon Micha’s Restaurant was destroyed by a fire that took less than 23 minutes to consume much of the building.

Caylor Design and Construction was hired for the rebuild and began immediately with a quick-response cleanup aimed at salvaging what could be saved. It was important to everyone that the restaurant be rebuilt as close to the original as possible, so, working closely with multiple governing agencies, Caylor recreated plans from the 1970’s and updated them to conform to new safety requirements and building and health codes.

Caylor was able to salvage the walls, but completely rebuilt the roof and installed a stunning new state-of-the-art kitchen, while restoring all four dining rooms. Caylor reported that it was gratifying that so many of their trusted sub-contractors were more than eager to help on the project, knowing that so many families depended on this South Tucson icon.

For more information, Caylor Design and Construction should be reached at 520.298.2200.

TUCSON, ARIZONA – The KFC leased property at 6872 E. Tanque Verde Rd in Tucson was sold to a local investor, Dahlstrom 9872 Tanque Verde, LLC (Terry Dahlstrom, manager) for $592,262 ($326.50 PSF). The 1,814-square-foot building was built in 1992 with drive thru on a 15,246-square-foot lot near Country Club Estates, close to Grant and Kolb intersection, and the newly extended Sabino Canyon Road.

The seller was an individual investor from Derry, PA, was represented by Ben Craney and Gordon Wagner of NAI Horizon and the buyer was represented by Terry Dahlstrom of the Volk Company.

A second KFC leased property sold at 5010 S Campbell Ave. in Tucson to Tempe-based OneTen REI Main, LLC for $750,000 ($282 PSF). This 2,656-square-foot building with drive thru was built in 1998 on a 28,314-square-foot lot at Campbell, south of Irvington.

Jeramy Price with Volk Company represented the seller, QuanAnhdal, LLC of Tucson (Quan Le, member).

For additional information, Craney and Wagner can be reached at NAI Horizon in Tucson, 520 326 2200. Dahlstrom and Price should be contacted at Volk Company in Tucson, 520.326.3200.

To learn more, see RED Comp #6558 and #6570.

Phoenix, Arizona – Darren Pitts of Velocity Retail Group and Bob Crum of Ross Brown Partners represented the Seller in a multi-property investment sale that included four individual La-Z-Boy Showrooms throughout Arizona.  The Seller was Edward O. Breunig, III an independent dealer whose company EBCO, Inc. built the largest volume licensee stores within the entire La-Z-Boy network over a 35-year period.  The buyer was VEREIT Acquisitions, LLC.

The buildings included in the sale were owned by entities controlled by EBCO, with leases in place to La-Z-Boy Incorporated (NYSE: LZB). The portfolio sold for $26.5 million.

•        Chandler, Arizona – 3055 West Chandler Boulevard, Chandler, Arizona  85266.  Parcel size of 2.27 acres with 23,815 SF building.
•        Tucson, Arizona – 2040 West Ina Road, Tucson, Arizona  85704.  Parcel size of 2.59 acres with 17,867 SF building.
•        Goodyear, Arizona – 15320 West McDowell Road, Goodyear, Arizona  85338.  Parcel size of 2.26 acres with 25,494 SF building.
•        Prescott Valley, Arizona – 5584 East State Route 69, Prescott Valley, Arizona  86314.  Parcel size of 1.6 acres with 14,295 SF building.

“This portfolio represents one of the highest quality net leased portfolios sold in the State of Arizona.  This was an exceptional opportunity for an investor to place significant capital into the marketplace backed by new leases with La-Z-Boy; one of the strongest brand names in the furniture industry today,” said Darren Pitts, Executive Vice President of Velocity Retail Group.  “We were also pleased that the Buyer was Phoenix-based VEREIT and that we were able to deal with one of the best single-tenant retail buyers in the country right here in our local market.”

This transaction is one of dozens of big box deals completed by Velocity Retail Group in the past year.  The firm continues to lead the retail market in big box leasing and sales and looks forward to continuing to serve its expanding retailers at the highest level.

See RED Comp #6561 for details of Tucson sale.