Phoenix, Arizona – CBRE announced the sale of a single tenant net investment sale of a BrakeMAX in Marana (Tucson), Ariz. sold to a 1031 exchange buyer, 6055 Jenna Nicole, LLC, a private Tucson-based investor for the asking price of $2.06 million. ($377 PSF) in one of the first sales being reported in 2021.

CBRE’s Nancy McClure in Tucson, along with Philip D. Voorhees and Jimmy Slusher in Newport Beach, Calif. represented the local private seller. The buyer was represented by Danny Gardiner and Chad Tiedeman, Phoenix Commercial Advisors, Phoenix, AZ.

The property, located at 6055 W. Jenna Nicole Lane, consisting of a single use automotive service building of 5,464-square-feet that was built in 2003 for BrakeMAX.

BrakeMAX is a regional operation owned by a New York Private Equity group, Greenbriar Equity with 16 locations across greater Tucson.

“This property attracted a number of offers from highly-qualified buyers,” said McClure. “This commercial asset type is extremely attractive to high-net-worth individuals, family offices and other investors—especially those looking for necessity-oriented net lease properties like this one.  It is internet-proof and continued to operate during the pandemic.”

For more information, McClure should be reached at 520.323.5117.

To learn more, see RED Comp #8407.

Castro Valley, California based Pasquini V & D Living Trust (Dennis Pasquini, trustee) paid $1.6 million ($293 PSF) for the BrakeMAX located at 2240 N Silverbell Rd in Marana. The seller was BrakeMAX #5, LLC. (Ray Pisciotta, president).

The 5,464-square-feet BrakeMAX was built in 2001 and sits on 0.7 acres. BrakeMAX executed a new 20-year lease on the property with absolute triple net terms and rent increases of 7.5% every five years.

BrakeMAX Car Centers was founded in 1997. Over the past 18 years BrakeMAX has grown to 12 locations in Pima County. All locations are AAA certified requiring quality standards in state of the art equipment, certified technicians and facilities. The company remains family-owned to this day.

The single tenant property is located on North Silverbell Road in Marana, AZ in the Northwest submarket of Tucson. The property offers direct frontage on this major arterial boasting traffic counts in excess of 19,000 vehicles per day. Retailers in the area consists of Chase Bank, McDonald’s, Walgreen’s, Jiffy Lube, Circle K, Arby’s, Ace Hardware, Wells Fargo, Subway and a Safeway anchored shopping center among others. In close proximity to the South, additional retailers include Panda Express, Peter Piper Pizza, Taco Bell, Dairy Queen, AutoZone, O’Reilly Auto Parts and Sally Beauty.

The property benefits from a high concentration of residential housing in the surrounding area in conjunction to a variety of retail.

John Glass and Chris Doty with Marcus & Millichap in Phoenix handled the transaction.

For additional information Glass can be reached at 415.625.2114 and Doty is at 602.687.6700.

To learn more, see RED Comp # 3730

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[mepr-show rules=”58038″]Property sold at a 6% cap rate with new 20 year lease signed at closing with 7.5% every five years, including the option periods[/mepr-show]

Two NNN investment sales totaling $5.09 million took place recently in Northwest and Northeast Tucson submarkets:

Carmack Center, LLC of Escondido, CA (Michael Nicholson, manager) purchased the BRAKEmax / Merles Auto Supply joint building at 6550 & 6560 N. Thornydale Road in Tucson from Encino Investments, LLC (Albert Davidoo, manager) for $3,475 million ($261 PSF).

The 13,324-square-foot property is located on 1.44 acres in northwest Tucson and was built in 2001.

Aaron LaPrise, Retail Specialist with Cushman & Wakefield | PICOR, represented the seller and Greg Furrier, Retail Specialist, with Cushman & Wakefield | PICOR, represented the buyer in this transaction.

For more information, LaPrise can be contacted at 520.546.2770 and Furrier should be reached at 520.546.2735.

To learn more see RED Comp #3605.

In a second transaction, USA Pawn & Jewelry at 5000 E Speedway Blvd in Tucson sold for $1.615 million ($157 PSF) by 1403 East 2^nd , LLC of Durango,CO that purchased the property in 2013 for $1.37 million.

The 10,291-square-foot building on a .76 acre lot built in 1976 is located in the northeast submarket of Tucson.

EZCORP, Inc. (NASDAQ: EZPW), currently doing business as USA Pawn & Jewelry in Arizona is a market leader in specialty consumer financing, with approximately 850 locations throughout the United States, over 180 locations in Mexico, and nearly 70 locations in Canada. Headquartered in Austin, Texas, the company employs more than 6,000 employees worldwide.

Property has operated as a successful pawn shop for 17 years, and a few years ago underwent an approximately $100,000 remodel, including increasing the building elevation height to approximately 25 feet, as well as other visual enhancements to the property. This central Tucson infill location is surrounded by high density population with excellent exposure on one of Tucson’s busiest arterial roads.

Terry Dahlstrom with Volk Company in Tucson handled the transaction and can be reached at 520.326.3200 ext. 105.

To learn more, see RED Comp #3618.

[mepr-show rules=”58038″]Property sold for a 7.11% cap rate.[/mepr-show]