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.

PHOENIX, Arizona – CBRE represented Phoenix-based Perry Investment Trust No. 1, LLC, in the acquisition of two Phoenix-area retail properties totaling 18,456 square feet. Barry Gabel and Chris Marchildon with CBRE’s Phoenix office represented the buyer in both transactions. The two properties, located at 950 E. Bell Road and 5120 N. Central Avenue, sold for $11.1 million ($601 PSF).

Built in 2017, the high-profile infill mixed-used development at 950 E. Bell Road features 12,087 square feet of retail space. The 100-percent leased center includes national tenants Café Rio, Smashburger, Blaze Pizza and the Flame Broiler and local tenants La Vie En Nail Spa and Arizona Hair Co. Total consideration for this property was $6.6 million ($546 PSF). The seller was represented by Chad Tiedeman and Steve Underwood with Phoenix Commercial Advisors.

Located in a highly desirable central Phoenix location, the 6,369-square-foot retail pad at 5120 N. Central Avenue sold for $4.5 million ($706 PSF). Originally constructed in 1975 and completely renovated in 2016, the two-tenant property is 100-percent occupied by Blaze Pizza and MAD Greens, both on long-term leases. The seller was also represented by Chad Tiedeman with Phoenix Commercial Advisors.

“The buyer has acquired two highly visible retail properties in some of the metro’s most exciting corridors for retail, office and multifamily development,” said CBRE’s Gabel. “Both centers benefit from an attractive mix of national and regional tenants, strong surrounding demographics and proximity to major employment hubs.”

TUCSON, Arizona – A group of California and Wyoming investors came together in a 1031 TIC (tenants-in-common) to purchase the Fiesta Mercado Shopping Center at 2920-2980 S 6^th Avenue in South Tucson for $7.75 million ($94 PSF). The 82,367-square-foot grocery story anchored center is located off I-10 and 6^th Avenue, and was 82% occupied at time of sale.

Fiesta Mercado is anchored by a 47,835-square-foot Food City grocery store, a subsidiary of Basha’s Inc. which opened its first store in Arizona in 1932, founded by brothers Ike and Eddie (Sr.) Basha. The company now serves every county in Arizona with 130 stores under the brands of Bashas’, A.J.’s Fine Foods and Food City.

• Food City specializes in high quality, Mexican foods, offering a full array of ethnic and Hispanic food varieties. Many stores offer both tortillerias and pharmacies. Bashas’ continues to be family-owned and operated. Food City has been serving the Arizona community for over 60 years and was purchased by Bashas’ in 1993.
• Rent-A-Center began with eight stores in 1986, Rent-A-Center (NASDAQ:RCII) is now the largest rent-to-own operator in the U.S. with an approximate 34% market share based on a store county of 2,863. Rent-A-Center has a market capitalization of ±$1.79 billion and annual revenue of ±$2.33 billion.

Other tenants in the center include:

• Casa Lee, a clothing boutique specializing in both men’s and women’s clothing along with jewelry and other accessories. Casa Lee has a second location at the Fry’s Shopping Center at I-19 and Ajo Way.
• TitleMax of Arizona has been providing the residents of South Tucson at this location since 2011 and offers fast cash for car and motorcycle loans.
• Jackson Hewitt Tax Service, Inc. (NYSE:JTX) is the second largest tax preparation service company in the United States, with over 6,800 company -owned offices in 49 states and DC and is a privately held company.
• Little Caesar’s Pizza, the fourth largest pizza chain in America, was founded in 1959 in suburban Detroit by Mike and Marian Illitch, whose family still owns and operates the business. The company consists of approximately 2,850 company-owned and franchised locations around the U.S. and on 5 other continents.
• Casa de Nails is a locally owned nail salon offering a full line of nail services, including manicures, pedicures and acrylics.
• Montanos Fashion, a highly acclaimed bridal store in the Tucson area that carries quality bridals dresses, formal dresses and supplies and a vast selection of tuxedos for men.
• The Primavera Foundation, a local nonprofit, providing pathways out of poverty through safe, affordable housing, workforce development and neighborhood revitalization. Primavera provides sustainable homeownership opportunities in Tucson.
• Express Location is a leading premium retailers provider of T-Mobile USA with 129 locations throughout the western states.
• El Coco Loco is a local Mexican food restaurant with a great reputation for authentic Mexican food serving the South Tucson area.
• Wingstop, a national food chain that in the “flavor business” not just the wing business. Wingstop is the destination when you crave fresh wings and their famous sides!

Chad Tiedeman, John Schweikert and Dan Gardiner with Phoenix Commercial Adivisors handled the sale for buyers and seller, Fiesta Mercado ST, LLC of Fountain Hills, AZ (Garo Demirjian, member).

Gardiner told us the property sold stabilized at market cap rate with a value-add component for the investors in the vacancy. It was a good match for both buyer and seller.

Premiere Commercial Management of Phoenix has been retained to manage the center.

For more information, Tiedeman can be reached at 602.288.3472, Gardiner should be contacted at 602.734.7204 and Schweikert is reachable at 602.957.9800.

To learn more, login and see RED COMP #4971 and for more properties like this, see RED Listing Registry.

[mepr-show rules=”58038″]Sale date: 6/23/2017, document #2017-1740673, APN: 119-02-12F inclusive. Brokers reported property sold with an NOI of $667,199 and an 8.61% cap rate. The transaction did not include the two single pad sites at the center in the sale.[/mepr-show]