Help make The Loop the #1 trail in the nation

The Chuck Huckelberry Loop has been nominated for a USA Today 10 Best Readers’ Choice Award as one of the Best Recreational Trails in the United States!

If you love The Loop, let the rest of the nation know. You can vote once a day, per person before Feb. 14.

VOTE HERE




Marcus & Millichap Arranges the Sale of El Pollo Loco Ground Lease in Tucson, AZ

TUCSON, Ariz., January 20, 2021 Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of El Pollo Loco Ground Lease, a net-leased property located in Tucson, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,632,000 ($679 PSF).

Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. El Pollo Loco Ground Lease is located at 4755 South Landing Way in Tucson, Arizona. This 2,405-square-foot building with a drive-thru was constructed in 2020 on a 0.82-acre lot.

This transaction involved the sale of the improvements and a leasehold on the land. The asset includes a brand new 20-year absolute triple-net (NNN) ground lease with 2% annual rental increases.

For more information, Medress and Ruble should be contacted at 602.687.6779.

To learn more, see RED Comp #8392.




CBRE Announces $9.75 Million Sale of Single-Tenant Creative Office Property in Phoenix’s Warehouse District

The per-square-foot price sets a record for a low-rise office building in Downtown Phoenix

PHOENIX, ARIZONA – CBRE announced the sale of a 26,174-square-foot Class A creative office building in Phoenix to a private investor for $9.75 million. At $372 per square foot, the sale sets a record for a low-rise office building in Downtown Phoenix.

CBRE’s Geoffrey Turbow, Matt Pourcho, Gary Stache, Anthony DeLorenzo, Bryan Johnson, Doug Mack, Corey Hawley, Sean Spellman, Jimmy Cornish and Gary Cornish represented the seller—Aspirant Partners, sister company of the Empire Group—in the transaction.

Located at 411 S. First Street, the two-story building is situated in downtown Phoenix’s historic Warehouse District. It was originally built in 1922 and completely renovated in 2018. The space features exposed brick walls, original double bow-truss exposed ceilings, abundant natural light, a large kitchen area and open workspaces. The property is 100 percent leased to Scientific Technology Corporation (STC Health), a global leading health technological solution provider, providing best-in-class immunization
intelligence solutions and consulting for public health organizations across the globe.

“With growth doubling the national rate, more businesses have taken an interest in the Phoenix Warehouse District, an area with increasing cachet that draws creative ventures and tech startups alike,” said Turbow.

Downtown Phoenix’s Warehouse District features a number of restaurants, bars, entertainment venues, galleries and workspaces and is located several blocks south of Chase Field, Talking Stick Arena and CityScape. The property has immediate freeway access to Interstate 10, Interstate 17 and State Route 51, connecting it to the Greater Phoenix Metro.

The vacancy rate for single-tenant office buildings between 10,000 and 40,000 square feet in the Downtown Phoenix submarket currently sits zero percent, according to CBRE Research.