4th Avenue is funky, in a good way. Retail space at 500 N 4th Avenue in Tucson sold recently for $1.3 million ($197 PSF) to a local investor. The 6,592-square-feet in three buildings was built circa 1945 and was 100% occupied by food service tenants at time of sale.
Historic 4th Avenue district near the University of Arizona is one of the most diverse and dynamic marketplaces in Tucson. Attributes of the property included a 700-bed student dorm to the west and direct access along the downtown modern streetcar. The last retail sale in the Fourth Avenue District was in July 2013. That sale price was for $164 PSF.
Tenants were Bumsted’s, the Chocolate Iguana, Athens on 4th Avenue and the World Wide Wrap, all Tucson originals and all having been at this same location for decades.
At Bumsted's you can relax while enjoying a refreshing cocktail and a round of bowling or pinball at the micro-arcade. Catch the latest sporting events on six televisions, including a 47 inch in the sunken dining lounge. Surf the internet with free WiFi while embarking on an equally investigative experience into a Bumsted's colossal sandwich. Depending on the evening you could enjoy industry night, bingo, karaoke or Bumsted's Dating Game.
The Chocolate Iguana is the place known for coffee, smoothies, muffins, cookies, bagels and a variety of unique candy found only at Chocolate Iguana on 4th Avenue. This little place is easy to spot since it’s located on the corner of 6th avenue and 4th. It looks like a little cottage with a patio and a neon sign glowing through the window with a green iguana. Inside the cottage, the first thing you see is a little gift shop with really cool stuff such as old tin lunch boxes, unusual magnets and cards. They also sell sandwiches, salads and desserts and you can grab something good and sit outside on their shady patio and enjoy the 4th Avenue scene. Their candy is quite fun because there you will find stuff from back in the day that you swore you would never see again. I’m talking about candy cigarettes, sweet tarts shaped like Legos, a wide variety of gummy bears and different kinds of chocolates. I could go on and on about all the candies they have, but it’s best if you see it for yourself.
Athens on 4th Avenue has been voted Tucson’s Best Greek restaurant for over 17 years and is an authentic family-owned Greek restaurant including artisan Greek dishes, fresh fish and seafood, prime meats, vegetarian specialties, homemade soups, and handmade desserts. All the dishes are prepared with the finest ingredients including locally grown vegetables and imported extra virgin olive oil, cheeses, olives, and wines. Family owned & operated, Athens on 4th Avenue has been serving the freshest Greek cuisine for over 18 years from this same spot on Tucson's historic 4th Avenue district.
World Wide Wraps is an innovative quick service restaurant that provides healthy alternatives to traditional fast food. World Wide Wraps goes beyond burritos by wrapping gourmet, multi-cultural ingredients into wonderfully flavored low fat tortillas.
The seller of the property, Bernell Partners, is three partners from New York, who owned it for a very long time and are liquidating assets for retirement. Bruce Romano of Romano Real Estate in Tucson handled the property from the beginning for the sellers and represented the partners in the sale. The buyer was represented by Tom Nieman with Cushman & Wakefield| Pico in Tucson.
For additional information, login or see RED Comp #2504 or RED Comp #1513.
[mepr-show rules="58038"]Sale date: 2/2/2015. All cash deal. Buyer is a local attorney who wanted to remain anonymous. Property was purchased by the Lindsey Coleman Biaggi Trust, Scott Biaggi, Trustee.[/mepr-show]