Retail Sales Showing Signs of Life – $1.55 Million Sell in 3 Deals

The retail sub-sector is showing some real signs of life. For investors, it could finally be time to bet on that beleaguered strip mall. After getting trounced during The Great Recession, the retail real estate space spent much of the last two years floundering with the retail sub-sector seeming to have been left behind. However, things are finally turning around for the market as evidenced by these three deals.

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[mepr-show rules=”58038″]A Wienerschnitzel property at 3460 N Oracle Rd in Tucson sold to Sam Third, LLC of Tucson (Steven Mar, managing member) for $330,000 all-cash. The 600 square foot building was built for Wienschnitzel in 1967. The seller was an individual from San Marino, CA. The transaction was handled principal-to-principal without broker representation.

Wienerschnitzel is an American fast food chain founded in 1961 (as “Der Wienerschnitzel”) that specializes in hot dogs. Wienerschnitzel locations are found in California, Texas, Arizona, Colorado, Illinois, Louisiana, New Mexico, Nevada, Utah, and Washington state. There is also a store in Guam.

The Eegee’s property at 3806 E Grant Road in Tucson sold for $792,363 to an investment group out of Jenkintown, PA. The 2,423 square foot building (built 1990) is one of 23 locations for the Tucson restaurant chain that specialize in, among other things, signature frozen fruit drinks.

A strip retail center at 5760-5764 E Broadway Blvd. in Tucson sold for $429,000 ($66 PSF). The buyer was IST Investments, LLC of Tucson (Abdulla Yilmaz, member) and the seller Harose Realty Investment Company of Tucson (Theodore Direnfeld, President). The retail center sold with two tenants, Stuart Cooper Jewelers and Dee’s Shoes. The center had 1,500 square feet vacant from a downsizing by the jewelry store. The property is located across the street from the retail center being razed for a new Longhorn Steakhouse.

Financing was handled by Wells Fargo.

Gary Best and John Hamner of Keller Williams of Southern Arizona in Tucson handled the sale and are also leasing the available space. Best and Hamner can be reached at (520) 615-8400.

Sale date on 3460 N Oracle Road was 8/22/2013. APN: 106-03-132C. $330,000 all cash. Seller was Todd Nathan Weber of San Marino, CA.

Sale date on 3806 E Grant Rd was 89/2013. APN: 122-16-3570 & 3580. Buyer paid all cash. The seller was CNL APF Partners, LP of Scottsdale, AZ.

Sale date on 5760-5764 E Broadway Blvd was 7/31/2013. APN: 128-03-003A. Buyer put $177,075 down and financed the balance conventionally.
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