The former Chads Steakhouse & Saloon at 3001 North Swan Road in Tucson sold in an REO sale for $350,000 ($84 PSF). The buyer was ADG Swan LLC, (Stephen Grimm, managing member) a local investment group interested in redeveloping the property for restaurant or other use.
The seller was the U.S. Small Business Administration.
The 4,158-square-foot building on 22,366-square-feet of land was constructed in 1976 and has been a landmark property in Tucson’s steakhouse community for more than two decades.
Chad's opened in 1991 and quickly earned a following for being a cowboy’s steakhouse. But a kitchen fire in July 2012 resulted in extensive water damage to the building when a sprinkler ran for hours not connected to the alarm. The restaurant rebuilt and reopened but then closed shortly after reopening in April 2013.
Rick Borane of Volk Company in Tucson represented the investors in the purchase.
Borane said the property is a prime location located on the northwest corner of Swan Road and Fort Lowell. "Swan serves as a main gateway route to and from the Foothills of Tucson, across the street from time-honored McMahons Plaza, kitty corner to the newly renovated upscale Plaza Palomino and within walking distance of Camp Lowell and Swan which is considered one of the most desired office locations in Tucson," said Borane.
Grimm told us he would be handling the leasing of the property through his firm, Grimm Commercial for the investment group, “We already have interest shown in the property from several new concept tenants and would be willing to work with a restaurant tenant wanting to develop a new restaurant concept at an affordable lease rate at the site.”
To learn more Grimm should be contacted at (520) 795-5200. Borane can be reached at (520) 326-3200