TUCSON, ARIZONA — Developer of The Landing, Irvington Interstate Partners, LLC , an affiliate of Bourn Companies (Don Bourn, Manager) sold two restaurant outpads at the Landing for an aggregate of $5.13 million.
El Pollo Loco at 4755 S Landing Way in Tucson traded for $1.632 million ($679 PSF) to a California investor. The investor was in a 1033 exchange, having property along Grant Road taken by eminent domain for road widening. The 2,405-square-foot building with a drive-thru opened this past June.
Jamie Medress, Mark Ruble and Chris Lind with Marcus & Millichap represented the seller in the transaction. Don Zech with CDC Commercial Inc of San Diego and Chris Hollenbeck with Cushman & Wakefield Phoenix represented the buyer.
In the second transaction, Irvington Interstate Partners, LLC sold the recently constructed In-N-Out Burger at 1100 West Irvington Road in Tucson. Also at the Landing, the built-to-suit property sold for $3.5 million ($910 PSF). The 3,847-square-foot building with drive-thru is on 1.37-acre pad and also opened this past June.
The buyer is In-N-Out Burger Corporate of California.
Located directly along the main corridor from Mexico to Tucson, The Landing is a 58-acre mixed-use project designed to appeal to visitors and the surrounding community alike. An eclectic mix of retail, restaurants, office and hospitality encircle a vibrant family-friendly zocalo-like plaza with local food, retail, entertainment and amusements. Adjacent residential features 125 single-family rental homes in 1-, 2- & 3-bedroom floor plans.
Phase 1 of The Landing is currently underway with 200,000-square-feet currently tenant occupied. Phase 2 is expected to break ground in 2020.
The Landing has the potential for up to 600,000-square-feet of retail space at full build-out. It’s owned by local developer Bourn Cos. The site was previously owned by the city of Tucson and used by Tucson Water as a facilities yard that was rezoned in 2016.
The Landing is across the street from Tucson Spectrum at the northwest corner of Irvington Road & I-19.
The center’s southern neighbor, the successful Tucson Spectrum, sits on 122-acres and has more than 1 million-square-feet of retail space. Phase 1 was developed in 2001 and Phase 2 in 2008. Phase 1 of the property sits closest to Irvington Road and is anchored by Target and Home Depot. Phase 2 is anchored by Harkins Theatres and JC Penney.
For more information, Medress, Ruble and Lind should be contacted at 602.687.6779.
To learn more, see RED Comp #8391 and #8392.