TUCSON, ARIZONA – A new Burger King is planned at Interstate Commerce Park in Tucson. Phoenix- based, Laird Real Estate, LLC (Michael Laird) an affiliate of Laird Management purchased a 47,916-square-foot pad, approximately 1.1 acres, north of the northeast corner of I-10 and Rita Road for a built-to-suit restaurant site.

The site pad commanded a sale price of $500,000, or $10.43 PSF.

Laird Management is an Arizona family owned company that manages and operates over 30 Burger King restaurants statewide. Laird Management’s founder, Mitchell C. Laird, is a practicing attorney for 40 years with 20 years’ experience as a Burger King franchisee. Michael Laird purchased the company from his father, Mitchell and is one of the largest Burger King franchisees in Arizona. Laird Management employs over 600 employees and boasts a management team with combined years of loyalty, service and experience in excess of 100 years.

Michael Laird also currently serves as president of the Southwest Franchisee Association and is a member of the board of directors of the Arizona Chamber of Commerce.

Brian Woods of Colliers International represented the buyer, Laird Real Estate. The seller was Tucson-based developer, Diamond Ventures, Inc., that was self-represented in the transaction.

The transaction closed on June 29, 2018.

For more information, Brian Woods, Senior Vice President | Retail Properties, can be reached at 602.222.5026.

To learn more, see RED Comp #5966.

Burger King at 1960 W River Road sold with three other Arizona Buger Kings in a bulk sale. The Tucson store sold with stores in Prescott Valley, Gilbert and Camp Verde, AZ for an aggregate total of $5.45 million, and a 6% cap rate. Burger King will continue to occupy the restaurants.

Public records show the price for the Tucson store at $1,533,333.

Lauren Veres with NNN Properties, an affiliate of Marcus & Millichap based in New-York handled the transaction. The buyer was Kardun Associates, a group of investors from Paradise Valley and the seller was Laird Asset Development (Mitchell C. Laird, manager) of Phoenix, AZ.

To learn more Veres can be reached at 212.430.5131.

For additional information and full portfolio details, see RED Comp #2382.

Taco Bell is coming to Continental Ranch Retail Center, adjacent to the newly built Dunkin Donuts at 8002 N Cortaro Road in Marana. A&W Tacos, LLC of Houston, Texas paid $489,360 ($13.98 PSF) for lot 18, an approximate 35,000-square-foot lot for construction of the restaurant with drive-thru.

Greg Wexler of Wexler & Associates handled the sale for seller, Continental Ranch Development, LLC of Tucson.

To learn more Wexler should be contacted at 520.744.8500 ext. 101.

For additional information see RED Comp #2301.

DICK’S SPORTING GOODS NEW ANCHOR TENANT AT WILMOT PLAZA
Bourn Companies, a commercial real estate investment, development and services company, has announced that DICK’S Sporting Goods is to occupy a 50,000-square-foot anchor space as part of the $30 Million redevelopment construction projects at Wilmot Plaza, located at the northeast corner of Broadway Blvd. & Wilmot Road in Tucson

Bourn acquired the property last year with the intent to redevelop the 10 acre center into a first-class shopping center. Wilmot Plaza will undergo a complete makeover including all new store fronts, parking areas and landscaping. DICK’S Sporting Goods, the leading omni-channel sporting goods retailer, brings an extensive assortment of authentic, high-quality sports equipment, apparel, footwear and accessories to serve the athletes and outdoor enthusiasts of the Tucson community. The new store opening is anticipated in Fall 2015.

In addition to DICK’S Sporting Goods, Burger King has committed to a new long term lease at Wilmot Plaza. They have been in the shopping center for over 30 years and will begin construction of a new restaurant adjacent to their existing location in early 2015.

The project will eventually house an approximate 140,000-square-feet of quality retailers and restaurants, many of whom are negotiating letters of intent now.

Local companies have been retained for the redevelopment, such as Barker Morrissey as the General Contractor, Seaver Franks Architects and Herschman Architects, and Cypress Civil Development as the project’s civil engineer.  The project will have a significant economic impact with the creation of approximately 300 construction jobs over the course of its redevelopment. Construction is slated to begin mid-January 2015.

COTLOW CO. REACHES FINAL APPROVAL ON NEW BUILDING AT KLEINDALE & ALVERNON
Cotlow Development of Tucson (Dean Cotlow, President) purchased the 15,269-square-foot infill lot at 3832 E Kleindale Road in Tucson last year, located at the southwest corner of Kleindale and Alvernon Way. A 5,200-square-foot building is going to be built on the site for the Cotlow Company to occupy. Features include thirty foot front elevation height, an observation deck, rain water recovery and setup for a 100% solar power system. An 800-square-foot glass office with 4,400-square-feet shop space is to be occupied by Cotlow.  The development plans, landscape plan and grading / paving have been approved by Pima County.  Architectural plans have been submitted and pending permits.  Occupancy is expected for the end of Summer 2015.

TEP BUYS LAND IN NORTHWEST FOR FUTURE SUBSTATION
Tucson Electric Power Company bought a 9.22 acre at Orange Grove and La Canada Blvd in Northwest Tucson for $2.6 million ($6.47 PSF) for a substation site. The lot will be heavily landscaped in part due to the wide set-backs, and the substation located on the south end near the Metro Water Building. The project has passed all zoning and neighborhood approvals. The Planning Center of Tucson was consultant on the project and Ben and Adam Becker of CBRE in Tucson represented both buyer and seller, Delta Properties of Nogales, in the transaction. Construction is scheduled for 2020.