Culver’s at 40 South Broadway Place in Tucson sold in an investment sale to MYXSTOP 4 and Kyrene & Elliot Place LLCs (James Zuckerman, manager) for $2.865 million ($646 PSF). This was the buyer’s upleg in a 1031 exchange.
The 4,436-square-foot building was built in 2011 on 1.02 acres and sold as a triple net investment deal in a sale leaseback agreement.
The property was in Culver's top five producing locations in Arizona, boasting sales well above the franchise average store sales. It is well located on a hard corner on East Broadway Boulevard and South Prudence Road, in a strong retail corridor anchored by The Home Depot, Kohl's, Sprouts, La-Z-Boy and PetSmart. The area is densely populated with over 224,000 people within a five-mile radius.
Brian Klancke and Matt Hazelton with Marcus & Millichap in Minneapolis, MN represented the seller MN Broadway Group of Prior Lake, MN (David Greischar, manager).
For more information, Klancke can be contacted at 952.852.9732 and Hazelton is at 925.852.9700.
Login for cap rate and to learn more, see RED Comp #4029.
[mepr-show rules="58038"]Property sold in a sale leaseback to Culver's with a 15 year absolute triple net lease rate and an NOI of $192,000 or a 6.7% cap rate.[/mepr-show]