TUCSON, Arizona — Phoenix investors, The Bynum Family Trust, traded into the purchase of Colonia Verde at 7245 E Tanque Verde Road in the Eastern submarket of Tucson. The 9,216-square-foot retail center sold fully occupied with five tenants. The property commanded a sale price of $2.925 million ($317 PSF).
Built in 2001, the property offers marquis signage for each tenant as well as tremendous street visibility to the roughly 89,000 vehicles per day on Tanque Verde Road and Sabino Canyon. Three of the five tenant are original tenants, Subway, Super Cuts and The Cellular Connection.
“The property has been fully leased and stabilized since 2013,” John Yarborough with Romano Real Estate says. “Three of the tenants are food related, Ha Long Bay Vietnamese Restaurant, Papa Murphy’s and Subway (58%), with The Cellular Connection (28%) and Supercuts (14%) accounting for the balance of the space.
SUPER CUTS: Founded in 1975, Supercuts has more than 2,600 locations throughout the United States, Canada and the United Kingdom. Supercuts is ranked the number one haircare franchise in the United States and is a subsidiary of Regis Corporation, a Fortune 1000 corporation with 90 years of salon industry experience. Supercuts signs the lease corporately and guarantees store operation for the term of the lease. (www.supercuts.com)
VERIZON: The Cellular Connection is the largest Verizon premium retailer in the nation with more than 700 locations across 38 states. The Cellular Connection sells smartphones, tablets, dish and cable service products, and home Internet products. It was founded in 1991 and was formerly known as Moorehead Communications, Inc. and changed its name to The Cellular Connection, LLC in August 2015. The company was founded in 1969 and is based in Carmel, Indiana with stores in Kansas, Oklahoma, Missouri, Texas, Arizona, Nebraska, and Iowa. TCC consistently ranks on Inc.’s 500/5000 list. (www.tccrocks.com)
SUBWAY: Since opening in 1965, Subway has become the world’s largest submarine sandwich chain with more than 44,000 locations around the world including nearly 27,000 outlets in the United States. Corporately signed lease. (www.subway.com)
Papa Murphy’s: Founded in 1981, Papa Murphy’s is the ﬁ fth largest pizza chain in the United States with over 1,500 stores across the country. Although this store is the franchisee’s only location, it consistently ranks in the top 3 in Tucson for sales. (www.papamurphys.com)
Ha Long Bay Vietnamese Restaurant: Ha Long Bay is an authentic Vietnamese restaurant open for lunch and dinner 7 days per week that features tasty Vietnamese cuisine in an unpretentious, comfortable atmosphere. (www.halongbaymenu.com)
John Yarorough and David Carroll with Romano Real Estate Corporation in Tucson represented the seller, FPI, LLC of Tucson (James Fischer III, manager) and Paul Rosado of Paul Rosado Brokerage of Tucson represented the investor.
For more information, Yarborough and Carroll should be reached at 520.577.1000 while Rosado can be contacted at 520.325.7337.
Property was listed on RED Listing Registry on October 13, 2016 and in escrow about 30 days.
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