Florida-based, National Retail Properties, LP, a private REIT, purchased the 1,625-square-foot gas station on 16,116-square-foot lot at 5465 East Broadway Blvd in Tucson for $850,000. Located at the northwest corner of Broadway & Craycroft, the site is rumored, to have been purchased for construction of a Select Comfort store, a relocation from the Park Place Mall.
Minneapolis-based Select Comfort, founded in 1987, has the firm's line of Sleep Number beds, which carry hefty price tags, using air-chamber technology to allow sleepers to adjust the firmness on each side of the mattress, and provide better sleep quality to sleep-related problems, such as lower back pain. Select Comfort stores also offer foundations, frames, pillows, and sofa beds. A leading bedding retailer in the US, Select Comfort operates more than 425 company-owned stores in 45 states.
National Retail Properties was formed in October 1984, organized as a real estate investment trust called Golden Corral Realty Corporation. The owners of the Golden Corral restaurant chain wanted a way to reward their employees with stock and creating a REIT was their best way to do this.
National Retail Properties, the self-administered real estate investment trust (REIT) acquires, develops, and manages freestanding retail properties in heavily traveled commercial and residential areas. Its portfolio includes about 1,800 properties totaling more than 20 million-square-feet of leasable space in nearly all 50 states, concentrated in the Southeast, the Midwest, and Texas. National Retail Properties also invests in mortgages, operates the retail businesses on some of its sites, and develops properties with the intention of selling them for a profit. Convenience stores make up around 20% of its portfolio.
Thomas English with Thomas English Retail Real Estate of Indianapolis, IN represented the buyer and Robert Nolan of Oxford Realty Advisors in Tucson represented the seller, Maqsood & Sabina Enterprises (Maqsood Ahmad, Manager) of Tucson.
To learn more Ahmad can be reached at 520.577.1918, contact for National Retail Properties is Kevin Habicht, CFO who can be contacted at 407.265.7348. English should be reached at 317.574.7448 and Nolan is at 520.232.0200 x118.