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Tucson Development Activity Continues at Respectable Pace

Circle K rendering

Three Land Sales in Northwest and Broadway total over $3.7 Million for the Week

TUCSON, Arizona — Circle K Stores, Inc. has purchased 2.36-acres of raw land at the southeast corner of Ina Road & Silverbell Road in Marana, from Ina & Silverbell 1, LP and Denton Investments (Don Denton, manager) for$1.25 million ($12.16 PSF).

The site will be used for construction of a new 4,500-square-foot Circle K store and fueling station.

Circle K has been a successful convenience store operator for over 50 years. There are more than 3,300 Circle K stores across the USA and over 4,000 international locations. Circle K is mainly located in the Southern, Western, Southwestern, and Midwestern United States. Internationally, Circle K has stores in Mexico, China, Japan, Guam, Vietnam and the United Arab Emirates.

Brian Gast of Velocity Retail Group in Phoenix represented the Buyer and Andrew D. Sternberg was with Oxford Realty Advisors representing the Seller in the transaction and is now with NAI Horizon in Tucson.

For more information, contact Gast at 602.682.8155 and Sternberg at 520.729.1694.

To learn more, see RED Comp #4790.

7417 N Thornydale Rd, Marana, AZ

DAZ9-Ina Overlook, LLC (Michael Sarabia, member) sold 5.95-acres at 7417 N Thornydale Road in Marana to Ocean WH Medical Solutions of Corpus Christi, TX (Willard Hammonds II). The buyer is a developer and plans to construct a 100+ Assisted Living and Memory Care facility. The new building to be built will be approximately 50,000-square-feet with 105-120 beds. Development plans have been submitted with amendments from neighborhood meetings.

The raw land parcel commanded a sale price of $1.25 million ($4.82 PSF).

Michael Sarabia with DSW Commercial Real Estate, formerly the DESCO Group, was self- represented in the transaction. Pat Welchert was with Cushman and Wakefield | Picor at time of sale and is now with Alpha Commercial Real Estate Service

For additional information, Sarabia should be reached at 520.297.8329 and Welchert is at 520.360.9394.

To learn more, see RED Comp #4762.

4741 E Broadway Blvd, Tucson, AZ

Shenitzer Properties, LLC (Steve Shenitzer) and BBV Investment LP, LLP (Bill Viner) bought the Tucson Full Gospel Church property at 4741 E Broadway Blvd in Tucson for $1.2 million ($14 PSF) for land value. There were 16,410-square-feet of church buildings on the property that buyer will raze for retail redevelopment.

The 1.97-acre lot is at the northwest corner of Mountain View Avenue and Broadway Blvd, just east of Swan Road. The redevelop project is to include one or possibly two retail users. There has already been an unidentified single user who is considering the full parcel.

James Marian with Chapman Lindsey Commercial Real Estate Services represented the buyer, and Chris Tsighis and Patricia Ho with Coldwell Banker of Tucson represented the seller in the transaction.

For additional information, Marian should be reached at 520.747.4000 ext. #106, Tsighis is at 520.745.4545 and Ho can be contacted at 520.577.7433.

To learn more, see RED Comp #4768.




Tucson Office Sales in March Total $8.9 Million

3100 N Campbell Ave, Tucson, AZ

March office sales totaled $8.9 million, and represented 43% of the office sales for first quarter 2017. The following is a few of those sales:

Siempre Juntos, LLC of Tucson purchased a 10,628-square-foot office building located at 3100 N. Campbell Ave. in Tucson, from Gibeault Office Company, LLC for $1,530,000 ($144 PSF).  Property sold with 2,212-square-feet vacant and a long-term tenant, Leoni Wiring in approximately 8,200-square-feet.

Rick Kleiner, MBA, and Tom Nieman, Office Specialists with Cushman & Wakefield | PICOR handled the transaction.  Rick Kleiner represented the seller, and Tom Nieman represented the buyer.

To learn more, see RED Comp #4693.

415 S 6th Avenue, Tucson, AZ

415 S. 6th Avenue, LLC of Tucson (Ron Schwabe, manager) purchased a 15,736-square-foot building situated on 1.0 acre at 415 S. 6th Avenue in Tucson for $1.5 million ($95 PSF). The seller was Saint Augustine Cathedral Roman Catholic Parish.

Pat Welchert, SIOR, Industrial Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction.  Ron Schwabe with Peach Properties HM, Inc. was self-represented in the transaction.

To learn more, see RED Comp #4685.

1575 N Swan Rd., Tucson, AZ

Vasquez Construction Company, Inc. of Tucson purchased a 5,440-square-foot medical office building located at 1575 N. Swan Rd. in Tucson, from The Sumwalt Living Trust for $800,000 ($147 PSF) for investment. The property was fully leased at time of sale to three tenants.

Tom Nieman, Office Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction and  Chris Tsighis with Coldwell Banker represented the buyer.

To learn more, see RED Comp #4722.

2430 E 6th Street, Tucson, AZ

Pinnacle Realty Investors, LLC of Tucson (Jarrett Reidhead, manager) bought the office building at 2430 E 6th Street in an REO sale from U.S. Bank for $495,000 ($77 PSF). The property was sold 75% occupied by LifeShare. Buyer plans to occupy the remainder of the 6,400-suqare-foot building.

Joe Kimaz of Madison Commercial Properties represented the bank and Tim Bott of Bott-N-Sold Realty was representing the buyer.

To learn more, see RED Comp #4667.

1636 N Swan Rd., Tucson, AZ

Nardelli Building, LLC of Tucson (Vic Williams, manager) bought the property at 1636 N Swan Road for $475,000 ($51 PSF) from American Cancer Society. The office building is connected the buyer’s adjoining property to the north. Both properties share a common courtyard, elevator and other amenities. Property was formerly occupied by the American Cancer Society and was 100% vacant at time of sale.

Ian Stuart and Wyatt Campbell with CBRE represented the seller in the transaction. Tom Nieman with Cushman & Wakefield is leasing the space for buyer.

To learn more, see RED Comp #4635.

1601 N Tucson Blvd., Tucson, AZ

38 Patents, LLC of Tucson (Mike Rollins, member) purchased the Medical Condominium at 1601 N Tucson Blvd. #38 at Tucson Medical Square for $117,500 ($100 PSF). The condo has two offices, kitchen, restroom and storage. Buyer purchased to owner occupy.

Tari Auletta with KW Commercial represented the seller, The Chen Family Living Trust. Kristy Kelley with Long Realty represented the buyer.

To learn more, see RED Comp #4690.

 




Marana El Pollo Loco Investment Sale Concluded for $2.56 Million

El Polla Loco, 3781 W Ina Rd, Marana, AZ

TUCSON, Arizona – El Pollo Loco at 3781 W Ina Road sold for $2.56 million ($771 PSF) in an investment sale. The former Burger King restaurant site was sold and converted by WKS Restaurant Group (Roland Spongberg, CEO) in 2015 to El Pollo Loco.

Headquartered in Lakewood, California, WKS Restaurant Group is a licensed franchisee of four restaurant brands, El Pollo Loco, Denny’s, Krispy Kreme Doughnuts, and Corner Bakery Café.

The 3,320-square-foot building was built in 1986 on a 38,000-square-foot prime corner pad in the North Pima Center, west of Ina and Thornydale, in Marana, Arizona. El Polla Loco will continue to occupy the property as part of the sale leaseback agreement.

At El Pollo Loco, pronounced “L Po-yo Lo-co” and Spanish for “The Crazy Chicken,” they say they go to crazy lengths for the signature citrus-marinated, fire-grilled chicken. The whole chicken is fire-grilled, hand-cut, and served with our chicken meals, bowls, burritos, salads, soups, tacos and quesadillas. We apply the same passion to our handmade guacamole, salsas and dressings every day. To sum it up, They say “It’s Crazy You Can Taste”.

Vahn Saroians with Coldwell Banker in Los Angeles represented the buyer, a private investor from San Diego, California.

For more information, Spongberg can be reached at 562.425.1402 and Saroians is at 323.665.5841.

To learn more, see RED Comp #4360.