Red Lobster Seafood Restaurant at Tucson Spectrum Sold for Investment at $2.42 Million

TUCSON, ARIZONA — Red Lobster Seafood Restaurant at 5315 S Calle Santa Cruz in the Tucson Spectrum at the southwest corner of Irvington and I-19 sold for investment in an absolute triple net lease having 9 years remaining for $2.42 million ($335 PSF).

The 7,216-square-foot restaurant was built in 2009 on a 1.76-acre pad with 97 parking spaces.

The asset closed on March 29, 2022.

Tucson Spectrum, a 1,024,816-square-foot Regional Shopping Center is situated on 122.29-acres of land. Target, J.C. Penney, Home Depot, and Sports Authority are anchor tenants in the center.

The buyer, Four Corners Property Trust (FCPT), is headquartered in Mill Valley, CA, as a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries.

The seller, Tucson TRS, LLC an affiliate of North American Development Group, Inc. of West Palm Beach, FL c/o Michael Crosby, manager, was represented by Patrick Nutt of SRS Real Estate Partners of Fort Lauderdale, FL and Patrick Luther, CCIM, of SRS Real Estate Partners of Newport Beach, CA.

For more information, Nutt cand be reached at 954.302.7365 and Luther can be contacted at 480.221.4221.

To learn more, see RED Comp #9748.