TUCSON, AZ (February 27, 2025) -- A newly built, Tropical Smothie Café, built in 2024 has sold in an investment sale for $1,666,600 ($981. 51 PSF) at 1620 E Tucson Marketplace Blvd. in Tucson.
The transaction closed on January 31, 2025.
The property has 7 parking spaces and a drive-thru. Strong traffic counts; the property sees over 37,000 vehicles per day along South Kino Parkway and is directly visible from Interstate 10, with a daily traffic count of over 87,000 vehicles.
It sold with a 12-year Triple Net (NNN) lease, commencing 9/1/2024. The current annual rent is $100,000, with scheduled increases of 10% every 5 years—the property sold at a 6% cap rate.
Jonathan Eckerd, Ken Johnson, and Tom Jonsson of NNN Pro Group in Scottsdale represented the developer, OneTen REI Kino Park LLC of Tempe, AZ.
The investor, Fairbanks Capital Management LLC of Rancho Santa Fe, CA was self-represented.
For more information, Eckerd should be contacted at 332.345.2408.
To learn more, subscribers should refer to RED Comp #11739.