Local Group Buys Retail and Excess Land for $1.2 Million

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Aljaar Investment Corporation (Armando Pazionek, managing member) purchased in two separate transactions a 5,572-square-foot multi-tenant class-B retail building on .65 acres and 39,280 square-feet of excess land at 8553 & 8557 N Silverbell Road in Marana for[mepr-show rules=”58038″]$1.2 million. Property was built in 2007, and is located in Continental Ranch North, north of Cortaro Road and south of Coachline, on Silverbell.

The retail building was 70% occupied when it sold, with La Olla Mexican Restaurant and Indigo Day Spa as tenants. La Olla is a Sonoran style restaurant with an original twist that also caters and Indigo Day Spa, a full service salon and one of the first in Tucson to offer Brazilian Blowout, Shellac and Minx nails.

The remaining 1,680-square-feet was vacated on Sept 1 and is available for lease. It is a high-visibility, end-cap unit facing Silverbell, currently built-out as an insurance office, with lobby, high ceilings, granite counter tops, private bathroom and break area.
John Hamner, CCIM, and Gary Best, CCIM, of KW Commercial in Tucson have been retained as leasing agents for the property. Hamner represented the buyer, in both sale transactions.

Clave Lilien of Long Realty in Tucson represented the seller, A1 Investments, LLC of Tucson (Clint and Marsha Gardner) on the building at 8553 N Silverbell Road. The seller of the excess land, Silverbell Development Partners, LLC of Tucson (Steven Mar, managing member) was represented by Debbie Heslop, CCIM, of the Volk Company in Tucson.

The investor is looking for more retail properties of this type in the Tucson area.

For more information, contact Hamner and Best at (520) 615-8400. Lilien can be reached at (520) 825-7227 and Heslop should be called at (520) 326-3200.[/mepr-show]

[ismember]8553 N Silverbell – Sale Date: 9/11/2013. Sale price: $933,000 ($167.44 PSF) for the 5,572 SF building on 28,311 SF lot, APN: 221-21-003G. Property is zoned NC, Marana. Escrow time: 60-70 days. Asking rent on 1,680 SF is $14/SF/NNN, triple nets are estimated at $5 / SF

Land at 8557 N Silverbell – Sale Date: 9/20/2013. Sale price: $245,000 ($6.24 PSF) for the 39,280 SF of excess land, APN: 221-21-003F. The lot had no improvements and was purchased as a speculative hold for investment. Escrow time: 45 days. [/ismember]