TUCSON, AZ, April 26, 2023 -- The former U-Like Buffet restaurant building at 5101 N Oracle Rd. in Tucson sold for $3.48 million ($204 PSF). The 17,050-square-foot building (built in 1988) was vacant at River and Oracle Road is being repurposed for a medical/surgical center.
The asset closed on April 7, 2023.
Rick Borane of VOLK Company represented Lu’s Oracle Property LLC in selling their property. Jordan Simon and Karen Farrell of Venture West Real Estate Services represented the buyer, JMCW Tucson Property LLC.
The Wong Family Limited Partnership sold approximately 102,577 square feet (2.35 acres) of land at 9150 N Thornydale Road in Tucson for $1 million ($9.75 PSF).
The transaction closed on April 14, 2023.
Jeramy Price of VOLK Company represented the seller. The buyer, ZDC Properties LLC, intends to develop the land into a self-storage facility.
Brenna Lacey of VOLK Company represented the seller, Tucson Retail LLC, selling approximately 40,818 square feet of land in Tucson Marketplace at the Bridges Phase 4 Lot 6 for $1,061,268 ($26 PSF) at about 1600 E Tucson Marketplace Blvd in Tucson.
Jeramy Price, also of VOLK Company, represented the buyer, One Ten REI Kino Park LLC, in the purchase. Price also represented the purchaser in build-to-suit leases with Tropical Smoothie Cafe and Gyro Shack, with openings planned for 2024.
The sales and lease transactions closed on March 21, 2023.
In a second transaction, Brenna Lacey and Jeramy Price of VOLK Company also represented the seller, Tucson Retail LLC, selling approximately 1.2 acres of land in the Tucson Marketplace at the Bridges for $1,350,000 ($26 PSF). The land will be developed into a Freddy’s Frozen Custard & Steakburgers, which is anticipated to open in 2024.
Justin DiBiase of Kidder Mathews represented the purchaser JRI Real Estate Holdings, LLC.
The asset closed on April 4, 2023.
For more information, Borane should be reached at 520.495.2240, Lacey is at 520.495.2233, and Price can be contacted at 520.326.3200.
To learn more, see RED Comp #10604, #10616, #10555, and #10587.