TUCSON, ARIZONA (September 16, 2026) — A newly constructed Chipotle Mexican Grill at 7101 E. 22nd Street in Tucson sold for $4.42 million in an all-cash investment transaction.

Chipotle 22nd & Kolb, LLC, a San Diego-based investor, purchased the 2,328-square-foot restaurant from Tangerine Gateway, LLC, an affiliate of David Lee Real Estate. The sale closed September 10.

The restaurant occupies approximately 0.49 acres at the northeast corner of East 22nd Street and South Kolb Road. Chipotle opened at the location in May after Tangerine Gateway redeveloped the former Chuy’s Baja Broiler and Native Grill & Wings property.

Chipotle operates under a 15-year absolute triple-net lease that commenced May 12, 2026, and extends through May 2041. The lease provides annual rent of approximately $220,000, excluding billboard income. Based on the purchase price and reported rent, the sale reflects a capitalization rate of approximately 5 percent.

The property is positioned at a heavily traveled eastside intersection surrounded by an established residential population and a concentration of retail and restaurant uses.

Ryan Moroney, Tim Westfall, Jack McAndrew and Kyle Duffy with Echo West Capital Advisors marketed the property for the seller. No buyer broker was identified.

Cameron Lee, a member of Tangerine Gateway, LLC and broker with David Lee Real Estate, represented the selling entity. Lee can be reached at 520-954-8008. Moroney can be reached at 602-421-9100 and Westfall at 602-628-6298.

To learn more, subscribers should refer to RED Comp #12713.

Firm looks to continue growth in Phoenix and other Southwest and West Coast markets

PHOENIX, ARIZ. (September 16, 2026) —Steel Peak, a commercial real estate investment firm focused on industrial outdoor storage (IOS) properties, announced today that it has acquired an industrial outdoor storage (IOS) property located at 2142 W. Van Buren Street in Phoenix from an undisclosed seller for $3.3 million. This is Steel Peak’s first IOS property acquisition in the Phoenix, Arizona area and 18th overall IOS acquisition in the Southwest and West since the company was founded in January 2024.

The 2.18-acre property includes a 6,250-square-foot industrial building. Steel Peak plans to make targeted improvements to the building and site and ultimately lease the property to an essential industrial service user. Max Schumacher with Rein and Grossoehme Commercial Real Estate will oversee leasing at the property.

“Phoenix has emerged as one of the largest and most active industrial markets in the country, with approximately 466 million square feet of industrial inventory and continued strong leasing and absorption activity,” said Blake Rodgers, Principal at Steel Peak. “The property is well suited for contractor yards, equipment rental, fleet maintenance and dispatch, building materials, and other essential industrial service users.”

Steel Peak Co‑Founder Pasha Johnson added, “Steel Peak is bullish on Central Phoenix, where limited industrial land, zoning constraints and competing higher-density uses have created a supply-constrained environment for well-located IOS properties. The market continues to benefit from strong population growth and durable demand from construction, infrastructure, equipment rental, fleet, logistics and manufacturing users. Steel Peak plans to remain active in Phoenix and continue pursuing well-located IOS opportunities throughout the market.”

Steel Peak Director of Acquisitions Aaron Gill led the acquisition.

2142 W. Van Buren Street is strategically located along the Van Buren corridor with immediate access to I-17, I-10 and Loop 202, and is near Phoenix Sky Harbor International Airport.

Steel Peak seeks IOS investment opportunities throughout the Southwestern and Western U.S. with capitalized values ranging from $3 million to $50 million. The firm invests directly and in partnership with institutional and high net-worth investors.

For more information, please visit www.steelpeakproperties.com.

TUCSON, ARIZONA (September 16, 2026) — Commercial developers, architects and contractors will soon have a new way to identify potential problems in permit applications before submitting them to the City of Tucson.

PermitReady Tucson, a digital review tool being introduced by the Tucson Industrial Development Authority in collaboration with the City of Tucson, will examine draft commercial permit packages and flag missing information, inconsistencies and other common issues that could delay formal review.

The program is intended to help applicants submit more complete permit packages through Tucson Development Center Online, the City’s existing online permitting portal. Incomplete plans and missing supporting documents can lead to correction notices, additional review cycles and longer project timelines.

PermitReady Tucson will initially launch as a pilot program covering six frequently used commercial permit types: development packages, new commercial buildings, commercial additions and alterations, commercial solar projects, commercial demolition, and commercial fences or walls.

Applicants will begin by selecting the appropriate permit type and uploading their draft plans and supporting documents. The tool will then generate a readiness report identifying items that may require attention. Applicants can use the report to revise their documents before formally submitting the application to the City.

For commercial property owners and developers, the advance review could provide an opportunity to resolve basic documentation problems earlier in the development process. Even relatively minor omissions can interrupt a permit review and require plans to be returned to an architect, engineer or contractor for correction.

The tool may be particularly useful for smaller businesses and first-time commercial applicants who are unfamiliar with the City’s submission requirements. Experienced development teams may also benefit from an additional review before submitting complex packages involving multiple plans and supporting documents.

PermitReady Tucson will not replace the City’s formal plan review. It cannot approve a project, issue a permit or guarantee that an application will be accepted. City reviewers will continue to determine whether submitted plans comply with applicable zoning, building, fire, accessibility and development requirements.

The program also does not replace the professional services of a licensed architect, engineer or contractor when those services are required. Instead, PermitReady Tucson is designed to serve as an initial screening tool that helps applicants determine whether a package appears ready for formal submission.

The pilot comes as local governments and development organizations increasingly look to technology to make permitting more predictable and easier to navigate. Commercial permitting frequently involves several City departments and technical disciplines, and the time required to address corrections can affect construction schedules, financing, tenant openings and project costs.

By catching common problems before an application enters the official review process, PermitReady Tucson could also reduce avoidable submissions and allow City reviewers to spend more time on substantive planning and code issues.

The Tucson Industrial Development Authority describes itself as a public-private economic development authority focused on creating jobs, expanding housing and revitalizing communities. In addition to PermitReady Tucson, the organization provides financing and real estate resources for businesses, nonprofit organizations and developers.

A specific launch date for the pilot has not yet been announced. Once available, applicants will be able to use PermitReady Tucson to review draft documents and then submit their completed applications separately through Tucson Development Center Online.

Additional information will be available through the Tucson Industrial Development Authority and the City of Tucson’s Planning and Development Services Department.