The newly constructed Tractor Supply store at 15884 N Oracle Road in Catalina, AZ sold for $5.2 million ($238 PSF). The transaction was a sale-leaseback of the newly constructed store that opened June, 2015. The 21,702-square-foot store is located at the northeast corner of Oracle Road and Lamb Drive on 3.4 acres. This was a sale- leaseback of the Tractor Supply is the largest national operator of rural lifestyle retail stores in the U.S., and one of the largest retail supplier of basic maintenance products to home, land, pet and animal owners.
The investor is P. Chimento Properties – Catalina, LLC of Malibu, California (Robert Chimento, manager) and the seller / builder is Catalina Development Group, LLC of Southern Pines, NC, (William Ronalter, manager), the exclusive builder for Tractor Supply.
For additional information see RED Comp #3145 and #2278.
+ + + + +
The Circle K Convenience Store and Gas Station at 3880 West Tangerine Road in Marana, AZ sold for $4.315 million ($999.78 PSF). The 4,514-square-foot building was built in 2008 and is on 1.49 acres located northwest of Thornydale and Tangerine Roads. For more than 50 years, Circle K has been one of North America’s most popular and successful operators of convenience stores. Today, there are more than 3,300 Circle K stores across the USA and over 4,000 international locations.
The investor is Pacific NNN Properties, LLC of Union City, California and the seller is I.S. Tucson Circle, LLC and affiliate of Maple Leaf Properties of Boca Raton, Florida. Jamie Medress, Mark Ruble and Henry Kerson of Marcus & Millichap in Phoenix represented the seller in the transaction.
For additional information see RED Comp #3122.
+ + + + +
Kneaders Bakery & Café at 135 South Wilmot Road in Tucson sold for $2.5 million ($617 PSF). The transaction was a sale-leaseback of the newly constructed store that opened July 17, 2015 at the southeast corner of Broadway Blvd and Wilmot Road. Kneaders Bakery & Cafe is a fast-casual bakery chain created in the tradition of family-owned European bakeries and specialized in hand-kneaded, made-from-scratch breads as well as specialty cakes and other foods. Kneaders was recently ranked 8th in the top 50 restaurant chains in the nation. This is Kneaders 11th location in the state of Arizona.
The investor is Roebbelen Investors I and Miller Properties, LLC of Phoenix (Lynn Miller, manager) and the seller / builder is FFG Development of American Fork, UT.
For additional information see RED Comp #3123.
+ + + + +
The Family Dollar Store at 2820 W Los Reales in Tucson, AZ sold for $1.53 million ($184 PSF). The 8,320-square-foot building was built in 2013 on .99 acres located northeast of Los Reales Rd and Cardinal Avenue. As one of the largest discount retailers in the United States, Family Dollar continues to gain market share and appeal from net lease investors. Family Dollar holds investment grade credit ratings from S&P (BBB-) and Moody’s (Baa3) and operates under a landlord friendly net lease structure.
Greg Furrier with Cushman & Wakefield | Picor in Tucson represented the seller, 2820 W Los Reales, LLC of Tucson (Joanne Lopez, member) and Roger Breckenridge of Long Realty in Tucson represented the investor, Joseph W Graham of Sand Diego, California.
For additional information see RED Comp #3131.