Tucson, Ariz. – CBRE has completed the sale of a property located at 5601 E. Broadway Boulevard. The site, formerly home to the Christian Faith Fellowship church, has been slated for retail redevelopment. The property commanded a sale price of $2.2 million.
Nancy McClure and John Ash with CBRE’s Tucson office negotiated the transaction on behalf the buyer, a local developer under the entity Broadway Festival, LLC (Bill Viner and Steven Shenitzer, managers) and Christian Faith Fellowship.
In December, Mr. Ash represented Christian Faith Fellowship in the acquisition of a 21,807-square-foot church property that also included two adjacent single-family residences. The property, located at 1900 N. Country Club Drive was purchased for $1.7 million. (see https://realestatedaily-news.com/church-specialty-properties-total-4-9-million-sales/)
“This new location has allowed Christian Faith Fellowship to meet significant growth requirements while occupying a state-of-the-art facility and decreasing their debt obligation,” said CBRE’s Ash. “Additionally, Broadway Festival, LLC finalized a successful rezoning of the property at 5601 E. Broadway which will allow the developer to accommodate the pent-up demand for high-profile retail and restaurant uses.”
“With the success of nearby Park Place Mall-area properties in their redevelopments and re-tenanting, this site is sure to be a winner. The new use will bring the site onto the City’s tax rolls, add to the job base with new employees for incoming operators, and put a fresh-face on Broadway Boulevard,” said McClure. “It’s definitely a win-win for those involved as well as the community!”
5601 E. Broadway, which sits on approximately two acres on the north side of Broadway just east of Craycroft Road, will be redeveloped into a multi-tenant retail project. The property is adjacent to the eastern boundary of 5555 Broadway, a successful retail redevelopment project that is home to Hobby Lobby, Stein Mart, Vitamin Shoppe, and Mattress Firm, among others.
The 5601 site has been planned to accommodate up to three freestanding pads and has already secured its first tenant. El Pollo Loco has signed a long-term ground lease for the western-most pad. Neil Board and Brian Gausden with Western Retail represented the El Pollo Loco Corporation, while CBRE’s Ash, McClure and Michael Laatsch represented Broadway Festival, LLC in the transaction.
The remainder of the site has seen significant tenant activity and the developer hopes to announce users for the balance of the property in the near future once negotiations are completed. Redevelopment of the site is slated to begin in early March.
To learn more McClure, Ash, and Laatsch can be contacted at 520.323.5100. McClure also has the property listed for ground lease and build-to-suit see 5601 E Broadway Blvd Flyer.
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[mepr-show rules="58038"]Sale date: 2/13/2015. Sale price: $2.18 million, new financing. Property put into escrow Jan. 2013. The rezoning took about 8-9 months & that was concluded back in about Oct/Nov. then came finalizing the loan and securing the ground lease tenant. [/mepr-show]