TUCSON, AZ (October 17, 2024) -- A newly constructed Starbucks with a drive-thru at 1610 W St. Mary's Road in Tucson, built in 2023, at the northwest corner of St. Mary's and Silverbell, sold in a net lease sale for $2,495,000 ($2,399. PSF) for the 1,040-square-foot building.
The asset sold September 23, 2024.
The property is surrounded by National Retailers: Safeway, Walgreens, Wendy's, Whataburger, Dollar Tree, and sold with a new 10-year corporate lease with Starbucks, with 10% rental increases every five years and multiple renewal options.
The buyer/investor was 1610 St Mary’s LLC, an affiliate of Flagstaff-based FEPIIIF Trust.
The seller was Holland Real Estate, LLC, an affiliate of Colorado Springs-based Triwest Restaurants, LLC, represented by Marcus & Millichap (Phoenix), Christopher Lind, Mark Ruble, and Nicholas Christifulli.
The Lind, Ruble, and Christofulli Team can be reached at 602.687.6700, through their office.
To learn more, subscribers can refer to RED Comp #11500.