TUCSON, Ariz.– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Fortunato Plaza, a 7,074-square-foot retail property located in Tucson, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix and Tucson offices, the asset sold for $1,150,000 ($162.57 PSF).
The buyer, a private investor, was procured by Alan Laulainen, Chris Lind, Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office. “After the buyer was referred to our team to assist him in finding the perfect investment as part of his 1031 exchange, we identified Fortunato Plaza as well as two others on the 44th day of the buyer’s 45-day window,” Laulainen explained. “The property was a high-quality asset with long-term tenancy that offered great return for the investor.”
Fortunato Plaza is located at 9100 East Tanque Verde Road in Tucson, Arizona. The plaza, built in 1989, includes six suites and is situated on 0.88 acres of land. There is a triple-net lease in place with five tenants anchored by Fortunato’s Italian Deli and Catering, a deli that has been serving the Tucson community since 1982. Immediately surrounding the property is a population of over 64,000 with an average income of over $70,000.