VAIL, Arizona – The newly constructed Arby’s Restaurant at 10115 East Old Vail Road in Tucson in Old Vail Plaza recently sold for $1.59 million ($749 PSF).
The brand new 20-year triple-net (NNN) sale-leaseback with zero landlord responsibilities was purchased by Lee & Lee Properties, LC (45% share) and (55% share) Lee Family Property Management, LLLP (David Lee managing member). The investors traded into the property from property sold to the City of Tucson recently.
Newly opened in April 2018, the 2,110-square-foot building on 4,056-square-foot pad has a drive-thru, communal tables, contemporary lighting and shared common area.
The restaurant is located in Old Vail Plaza next to Big O Tires that is under construction and Freddy’s Frozen Custard and Steakburgers. Old Vail Plaza is northwest of Houghton Road and Old Vail Road in the eastern submarket of Tucson (Vail) across from the successful Houghton Town Center and Northwest Medical Center.
Jonathan Eckerd with Marcus & Millichap in Phoenix represented the buyer, David Lee, also a licensed broker with David Lee Real Estate in Tucson. Gaurab Reja with Marcus & Millichap in New York represented the seller, Irish RB’s Properties, LLC (Arby’s).
For more information, Lee can be reached at 520.795.3199, Eckerd is at 602.687.6700 and Reja can be contacted at 646.805.1412.
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[mepr-show rules="58038"]Property sold at a 5.7% cap rate. [/mepr-show]