TUCSON, Ariz., (June 28, 2024) – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced today the sale of Hawaiian Bros, a 4,520-square foot net-leased property located in Tucson, Arizona.
The asset sold for $3,925,925 ($869 PSF).
“The property was on the market for four months, and the buyer is using the property to satisfy his 1031 requirement,” says Mark Ruble, an investment specialist in Marcus & Millichap’s Phoenix office. “Our team has been able to leverage local market knowledge, asset experience, and a national platform for this transaction.” Ruble, Chris Lind and Zack House, investment specialists in the firm’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The sale included a brand new 15-year absolute triple-net (NNN) lease with corporate guaranty and 10 percent rental increases every five years with multiple renewal options.
B28ilt in 1999, Hawaiian Bros is located at 203 South Wilmot Road in Tucson, Arizona. This property has excellent frontage along South Wilmont Road, with approximately 77,000 cars per day at the corner of Wilmont Road and Broadway Boulevard. The asset is located across from Park Place Mall, and seven million visits have been reported over the past 12 months per Placer.ai. The tenant is a successful franchise with plans to open 75 Hawaiian Bros locations throughout Arizona and North Texas. With a recent opening in February 2024, the property had a complete interior and exterior renovation. Hawaiian Bros is a rapidly growing restaurant chain with over 50 locations in eight states and $100 million in 2022 revenue and $200 million projected for 2023.
To learn more, see RED Comp #11343.