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.

Tucson Redevelopment of Former Church Site on Broadway Fully Leased

5601 E Broadway Redev 02
5601 E Broadway, Tucson

One year ago, Christian Faith Fellowship church sold its property at 5601 E. Broadway to local developer Broadway Festival, LLC.

Bill Viner and Steve Shenitzer head Broadway Festival. The development team had the site rezoned to redevelop it as a retail project. Now, almost exactly 12 months later, the site is fully leased, having secured three national tenants, and construction is underway.

“We are very excited about bringing this project to fruition so quickly,” said Shenitzer. “In just over a year from acquisition, the site boasts a superb tenant mix of El Pollo Loco, Blaze Fast Fire’d Pizza & Krispy Kreme Donuts, creating a premium array of delectables. It was a concerted effort from our team of leasing, legal, architect, engineer, contactor & lender professionals that made this a reality.”

The redevelopment of the former church is a boon to the community, as the new use brings the site onto the City’s tax rolls, will add jobs to the base, and puts a fresh-face on Broadway Boulevard.

Continued Shenitzer, “We are very pleased to be bringing these businesses for the area to enjoy, while at the same time substantially increasing the tax base & employment for all of Tucson to benefit from.”

According to Nancy McClure, a retail specialist with CBRE who partnered with John Ash on the marketing and leasing of the project, the highly anticipated redevelopment is consistent with overall retail trends in the Southern Arizona market.

“Redevelopment is a major driver for the Tucson retail market right now,” said McClure. “This is a prime location with proximity to the Park Place Mall – a hub where a lot of retailers and restaurants want to be. This is now one of several successful redevelopment projects down the Broadway corridor.”

5601 E. Broadway sits on approximately two acres on the north side of Broadway just east of Craycroft Road, and will soon be home to El Pollo Loco, Krispy Kreme and Blaze Fast Fire’d Pizza. The multi-tenant project is adjacent to the eastern boundary of 5555 Broadway, a successful retail redevelopment project that is home to Hobby Lobby, Stein Mart, Vitamin Shoppe, Mattress Firm, among others.

Adaptive reuse of sites, particularly those with excellent infill locations, is a trend that is expected to continue. McClure says the current lack of quality, available product means savvy developers with an eye for redevelopment opportunities are well positioned to attract top tenants.

“The high demand for core locations has already spurred redevelopment of existing properties with antiquated layouts and floor plates—barriers to entry will always make these prime locations the target of developers who understand how to buy and reposition these sites for today’s retailer rent parameters.”

For more information, McClure should be contacted at 520. 323.5117 or Ash can be reached at 520.323.5177.

To learn more about the sale of this property, see RED Comp #2624.

5601 E Broadway 450x200

Tucson Lease Report – February 16-20, 2015

Tucson Lease Report
Tucson Lease Report

The following commercial leases were reported to the Real Estate Daily News for the Tucson Lease Report from February 16 thru 20, 2015.

Schletter, Inc. subleased 29,295-square-feet at 2201 N. Forbes Blvd. in Tucson from Carondelet Health Network.  Schletter’s 1,500 employees have globally designed, developed and produced solar mounting systems for more than 8 GW of installed module capacity on roofs and ground mounted systems. Stephen D. Cohen and Russell W. Hall, SIOR, GSCS, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord and the tenant in this transaction. [mepr-show rules=”58038″]Tenant Phone: 520.624.9090[/mepr-show]

CTP Carrerra, Inc., dba Carclo Technical Plastics leased 9,510-square-feet at 925 W. Grant Road in Tucson from Joyce Scampa and Northcross Family Trust.  Carclo Technical Plastics provides injection moulding and contract manufacturing services for medical, optics, and electronics applications.  Brandon Rodgers, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Stephen D. Cohen and Russell W. Hall, SIOR, GSCS, Industrial Specialists with Cushman & Wakefield | PICOR, represented the tenant. [mepr-show rules=”58038″]Tenant Phone: 520.622.8111[/mepr-show]

Petsmart, Inc. has leased 6,015-square-feet at 7090 N. Oracle Rd. Peter Villaescusa and Jesse Peron with CBRE’s Tucson office represented the landlord. David Uhles with Western Retail Advisors represented the tenant. [mepr-show rules=”58038″]Asking lease rate: $18.00 – $25.00 SF YR NNN[/mepr-show]

El Pollo Loco, Inc. has leased 2,973-square-feet at 5601 E. Broadway Blvd. from Broadway Festival, in Tucson. Neil Board with Western Retail Advisors of Arizona represented the tenant. The landlord was represented by Nancy McClure, John Ash and Michael Laatsch with CBRE’s Tucson office.  [mepr-show rules=”58038″]Asking lease rate: $36.00 – $38.00 SF YR NNN; Tenant Phone: 714.599.5000 (Corporate)[/mepr-show]

Roy M. and Antoinette C. Alvarez, dba Titan Restoration of Tucson, Inc., renewed their lease for 1,500-square-feet at 3534 – 3538 N. Romero Rd., Suite 184 in Tucson from Costa Verde Investments, LLC.  Ron Zimmerman, Commercial Specialist with Cushman & Wakefield | PICOR, handled this transaction. [mepr-show rules=”58038″]Tenant Phone: 520.888.4826[/mepr-show]

Great Clips has signed a lease for 1,100-square-feet in the new Shoppes at 1st & Roger located at the northeast corner of 1st Avenue and Roger Road, Tucson, AZ. This new store will be Great Clips’15th store in the Tucson Area. The Chain has approximately 3,500 stores throughout the U.S. and Canada. This store is expected to open November 1, 2015. Shoppes at 1st and Roger is Brentwood Development Company’s second shopping center in Tucson. This will be an 11,000-square-foot expansion of the existing shopping center, anchored by a 75,000 square foot Fry’s Food & Drug Store. Brentwood Development Company is based in Alberta, Canada and has a US office in Sacramento, California.

Craig Finfrock of Commercial Retail Advisors, LLC represented the Landlord, Brentwood Developments (California), Inc., and Rob Gillette of Gillette Commercial, Inc. represented the Tenant, Great Clips, in this lease transaction. Tenant Phone: 425.821.3519 (Corporate)

John Lebbs, CPA has leased 800-square-feet at 10132 N. Oracle Road from CJR Investments LLC. The landlord and tenant were both represented by Bruce Suppes with CBRE’s Tucson office.  [mepr-show rules=”58038″]Tenant Phone: 520.399.8288[/mepr-show]

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