TUCSON, ARIZONA, March 2, 2023 – Net leased retail assets in Tucson, such as ChickeNuevo, continue to attract out-of-state investors. Kevin Volk of Volk Company in Tucson represented the sellers, Volk Vista, LLC (Rick Volk, manager) and Verde Fast Food, LLC (Kevin Volk, manager) in the $1,675,000 sale of ChickeNuevo fast food restaurant at 2570 East Valencia Road in Tucson.
Built in 1997, the 3,243-square-foot drive thru and sit down restaurant on 41,000 square feet of land, located at Valencia and Tucson Boulevard, sold as a net leased investment. The property is near Tucson International Airport and hotel row for the airport.
The net leased sale transaction closed on January 18, 2023. The sellers had purchased the property in August 2018 while it was vacant in an REO sale and leased it in a triple net lease to ChickeNuevo.
Sellers were also in a 1031 exchange and traded into the purchase of the former Famous Sam’s at 2320-2350 N Silverbell Road in Tucson for $1,075,000 ($207 PSF) for redevelopment. Rick Borane, also of Volk Company, handled the exchange transaction that closed on January 26, 2023.
Jeremy Price with Volk Company will be handling the leasing and redevelopment of 2320-2350 N Silverbell Road.
Since 2001, ChickeNuevo has grown to six locations in metro Tucson with its Mexican crafted chicken receipes.
Other locations in Tucson and Marana include:
- 670 W Valencia Rd
- 4820 S 6th Avenue
- 4299 W Ina Road
- 1491 W St. Mary’s
- 3102 E Grant Road
Andrew Weissman Trust of Burbank, CA was the investor, and represented by Nathan Cardon of Cardon Commercial, LLC of Surprise, Arizona.
For more information, the Volks and Price should be reached at 520.326.3200, Borane is at 520.495.2240 and Cardon can be contacted at 602.334.8546.
To learn more, see RED Comps #10443 and #10464.