These three sales I thought were unique, one-of-a-kind sales in Tucson this week, although all are unique for different reasons, I just found them interesting little properties.

Taiwan Investor Sells Tokyo Rice Bowl on Campbell
Wei-Chuan Lei and Yu Hua Shao Lei of Taiwan have owed the property at 2807 N Campbell, home of Toyko Rice Bowl Restaurant for 20-years. The Tokyo Rice Bowl has been in the building for almost the same amount of time.

Jason Wong, CCIM, who represented the Lei family 20-years ago when they acquired it, recently purchased it from them for $240,000 ($209. PSF). The 1,146-square-foot building (built 1975) will continue to be leased to Tokyo Rice Bowl.

There were no other agents involved in the sale. To learn more Wong should be reached at 520.603.1191.

Drawing Studio Purchases Former Ted’s Country Store
Brenna Lacy of Volk Company represented The Drawing Studio in its purchase of the former Ted’s Country Store at 2760 N Tucson Blvd in Tucson. The property consists of a 3,136-square-foot building (built 1980) on 39,412-square-feet of land, allowing room for future expansion of the non-profit’s facilities.

The purchase price was $460,000. The seller was the Contes Family Trust (Theodor & Angeline Contes, Trustees) which was represented by Buzz Isaacson of CBRE in Tucson.

Brenna Lacy also serves on the board of directors for the non-profit. To learn more Lacey can be reached at 520.326.3200 and Isaacson is at 520.323.5151.

Fruit Stand at Speedway & 6^th Avenue Sold
Rob Tomlinson of Cushman & Wakefield | Picor represented the seller of the fruit stand and residence at 1101, 1125 N 6^th Avenue and 135 E Speedway in Tucson. Mary A Gruber, LLC (Michael Goodman) purchased the 1,153-square-foot structure that sits on a 16,041-square-foot lot for $150,000 for land value.

The seller was Miller & Holmes of Hudson, WI who for the past 55 years has rented the fruit stand and house built in 1918. Paying $500 per moth at time of sale.

To learn more Tomlinson may be contacted at 520.546.2757

Tucson net leased retail investments properties was the No. 1 alternative-investment pick for 2014.

As fixed-income yields remained historically low and equities surged, investors turned to gently rebounding net-leased single-tenant (NLST) real estate properties as a favorite for individual investors. The competition for NLST product in Tucson has been stiff in 2014. Private investors competed against institutional investors such as real estate investment trusts, insurance companies, and pension funds for investment-grade assets. Those properties leased by tenants that have received a credit rating of BBB- or higher from credit rating agencies such as Moody’s and Standard & Poor’s are seen by many investors as an alternative to bonds, producing a steady return with very little risk.

The following three Tucson retail sales closed before year-end 2014 and total $13.5 million.

AVG Partners of Beverly Hills, CA purchased the 45,000-square-foot property on 8.5 acres, occupied by LA Fitness at 8850 N Oracle Road in Oro Valley for $9.6 million ($212 PSF) in a sale leaseback agreement. The sale was part of a seven property investment portfolio sold by LA Fitness International. The buyer was unwilling to disclose method for price allocations or a total portfolio sale price. AVG Partners is a private equity group formed in 1997 for the purpose of investing in NNN commercial properties. Peter Gilbert, CCIM, Executive Vice President at AVG handled the transaction. See RED Comp #2373 for more information.

White Toys, LLC and Steamy Shops, LLC of Tucson (Rick Volk, managing member) acquired the 17,800-square-feet in two buildings on 2.9 acres at 11015 N Oracle Rd in Steam Pump Village Retail Center in Oro Valley for $3 million ($169 PSF). The property was 100% leased with five tenants when it sold: Tucson Children’s Museum, Carpet One, Baggin’s, Interior Expressions and Farmers Insurance.

The shops (aka Lot 1) are a portion of Steam Pump Village, a 42-acre, mixed-use project containing other businesses and amenities such as BASIS School, Chili’s, Quik Trip, Holiday Inn and the new HSL luxury Encantada Apartments at Steam Pump Ranch.

The seller was Evergreen-Steam Pump, and affiliate of Evergreen Devco of Phoenix (Bruce Pomeroy, president). Brenna Lacey and Rick Volk of Volk Company in Tucson handled the transaction. See RED Comp #2327 for more information.

HiFalutin Western Grill (Cheree Garrett, president) at 6780 N Oracle Road in Tucson sold to private investors, Thomas and Ines Leanard of Tubac, AZ for $850,000 ($257.58 PSF). The 3,300-square-foot restaurant was built in 2001 as an authentic hacienda style freestanding building bringing an old west feel to long-term tenant, HiFalutin, the same owner as gourmet sandwich shops, Baggin’s.

Stephen Grimm of Grimm Commercial handled the transaction for investors and seller, DG Oracle, LLC of Tucson (Marcel Dabdoub, manager). See RED Comp #2364 for more information.

To learn more about these transactions, Peter Gilbert can be reached at 310.273.0864. Make contact with Volk and Lacey at 520.326.3200. Grimm should be phoned at 520.323.9752.

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[mepr-show rules=”58038″] LA Fitness closed 12/26/2014. Exact sale price is $9,558,750. APN 225-12-065A. Although investor would not disclose cap rate for property or portfolio, other recent sales of LA Fitness have been delivering cap rates in general from 7.18% to 7.4% according to an LA Fitness representative. See RED Comp #2373 for additional information.

Lot 1 at Steam Pump Village Retail closed 12/12/2014. APN 220-08-452. The transaction was an upleg for one of the buyers in a 1031 exchange. Property sold at a 7.8% cap rate.

HiFalutin restaurant closed 12/24/2014. APN 12-03-150F. The property sold at a 9.4%-9.5% cap rate.[/mepr-show]

We don’t have any closings to report this week, only fun and exciting openings of restaurants and seasonal Old Tucson.  To report an  Opening or Closing in town, please contact the Real Estate Daily News at REDailyNews@outlook.com.

FIRST PIEOLOGY PIZZERIA FOR ARIZONA OPENS IN TUCSON
The first Pieology Pizzeria in Arizona opened this week at 914 E Speedway Blvd in Tucson, located at Speedway & Tyndall near the University of Arizona. California-based Pieology prides itself on providing the best tasting, healthiest custom pizza in the world. Using only the freshest ingredients, Pieology provides smoking hot pizzas in under 5 minutes. Our energy efficient restaurants are not only comfortable, but also adhere to the philosophies of our corporate mission statement, to be inspired to make a difference – One Pie at a Time.

Brenna Lacey with Volk Company in Tucson represented the franchisee in lease negotiations. To learn more contact Pieology at 520.792.1177

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R&R CHANGES NAME – NEW LOCATION GRAND OPENING FRIDAY

R &R Bar-B-Que is now R & R Family Kitchen and will celebrate their grand opening at 7230 East 22^nd Street Friday, October 3^rd. The restaurant and caterer still claim the best BBQ in Tucson, just a new location. Store hours will be Sunday, Monday & Tuesday: Closed; Wednesday & Thursday: 11:00 am-8:00 pm; and Friday & Saturday: 11:00 am-9:00 pm. To learn more contact 520.886.1900.

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OLD TUCSON OPENS FRIDAY WITH HALLOWEEN HORROR  NIGHTFALL
Experience the Old West – Old Tucson opens Friday! Expanding beyond the movie sets and memorabilia of its rich Western film history, Old Tucson is now the premier location in the Southwest to experience what life in the Old West was really like. Just a stroll down the street is an adventure as you learn about the perils of a cross-country trip by stagecoach or the demands of life as a sheriff in the Old West. Turning the corner, you might find yourself learning the ways of Native peoples in the Native Village.

Kick up your heels for a rip-roaring good time! Enjoy world-famous high-flying stunt shows and high-kicking saloon girls in musical revues and fascinating historic tours. Visit unique shops featuring Old West attire, toys that take you back in time, old-fashioned candies, homemade fudge, and keepsakes like an Old West family portrait from the Photo Emporium. Kick back and enjoy authentic Southwest BBQ at Big Jake’s restaurant, fresh hand-tossed pizza at the Pony Express, and ice cold beer, margaritas and more in the Grand Palace Saloon. Treat yourself to a trail ride on horseback or stagecoach ride about town with Bell Livestock. Indulge your inner-child on the vintage carousel, Old West train ride, and antique cars that put kids in the driver’s seat!

Old Tucson Signature Events include the Heritage & Harvest Festival, Wild West Days, Cowboy Music Festival, Steampunk Festival and more! Nightfall, the popular month-long Halloween event featuring live action shows with stunts and pyrotechnics, comedy shows with a gruesome twist, and haunted “houses” among its enticements is open Thursday thru Sunday evenings in October. Information is at www.NightfallAZ.com.

Old Tucson operates on a seasonal schedule and is open beginning early October thru May. More information on shows, attractions, and special events is available at www.OldTucson.com or call (520) 883-0100.