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Aljaar Investment Corporation (Armando Pazionek, managing member) purchased in two separate transactions a 5,572-square-foot multi-tenant class-B retail building on .65 acres and 39,280 square-feet of excess land at 8553 & 8557 N Silverbell Road in Marana for[mepr-show rules=”58038″]$1.2 million. Property was built in 2007, and is located in Continental Ranch North, north of Cortaro Road and south of Coachline, on Silverbell.

The retail building was 70% occupied when it sold, with La Olla Mexican Restaurant and Indigo Day Spa as tenants. La Olla is a Sonoran style restaurant with an original twist that also caters and Indigo Day Spa, a full service salon and one of the first in Tucson to offer Brazilian Blowout, Shellac and Minx nails.

The remaining 1,680-square-feet was vacated on Sept 1 and is available for lease. It is a high-visibility, end-cap unit facing Silverbell, currently built-out as an insurance office, with lobby, high ceilings, granite counter tops, private bathroom and break area.
John Hamner, CCIM, and Gary Best, CCIM, of KW Commercial in Tucson have been retained as leasing agents for the property. Hamner represented the buyer, in both sale transactions.

Clave Lilien of Long Realty in Tucson represented the seller, A1 Investments, LLC of Tucson (Clint and Marsha Gardner) on the building at 8553 N Silverbell Road. The seller of the excess land, Silverbell Development Partners, LLC of Tucson (Steven Mar, managing member) was represented by Debbie Heslop, CCIM, of the Volk Company in Tucson.

The investor is looking for more retail properties of this type in the Tucson area.

For more information, contact Hamner and Best at (520) 615-8400. Lilien can be reached at (520) 825-7227 and Heslop should be called at (520) 326-3200.[/mepr-show]

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[ismember]8553 N Silverbell – Sale Date: 9/11/2013. Sale price: $933,000 ($167.44 PSF) for the 5,572 SF building on 28,311 SF lot, APN: 221-21-003G. Property is zoned NC, Marana. Escrow time: 60-70 days. Asking rent on 1,680 SF is $14/SF/NNN, triple nets are estimated at $5 / SF

Land at 8557 N Silverbell – Sale Date: 9/20/2013. Sale price: $245,000 ($6.24 PSF) for the 39,280 SF of excess land, APN: 221-21-003F. The lot had no improvements and was purchased as a speculative hold for investment. Escrow time: 45 days. [/ismember]

The retail sub-sector is showing some real signs of life. For investors, it could finally be time to bet on that beleaguered strip mall. After getting trounced during The Great Recession, the retail real estate space spent much of the last two years floundering with the retail sub-sector seeming to have been left behind. However, things are finally turning around for the market as evidenced by these three deals.

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[mepr-show rules=”58038″]A Wienerschnitzel property at 3460 N Oracle Rd in Tucson sold to Sam Third, LLC of Tucson (Steven Mar, managing member) for $330,000 all-cash. The 600 square foot building was built for Wienschnitzel in 1967. The seller was an individual from San Marino, CA. The transaction was handled principal-to-principal without broker representation.

Wienerschnitzel is an American fast food chain founded in 1961 (as “Der Wienerschnitzel”) that specializes in hot dogs. Wienerschnitzel locations are found in California, Texas, Arizona, Colorado, Illinois, Louisiana, New Mexico, Nevada, Utah, and Washington state. There is also a store in Guam.

The Eegee’s property at 3806 E Grant Road in Tucson sold for $792,363 to an investment group out of Jenkintown, PA. The 2,423 square foot building (built 1990) is one of 23 locations for the Tucson restaurant chain that specialize in, among other things, signature frozen fruit drinks.

A strip retail center at 5760-5764 E Broadway Blvd. in Tucson sold for $429,000 ($66 PSF). The buyer was IST Investments, LLC of Tucson (Abdulla Yilmaz, member) and the seller Harose Realty Investment Company of Tucson (Theodore Direnfeld, President). The retail center sold with two tenants, Stuart Cooper Jewelers and Dee’s Shoes. The center had 1,500 square feet vacant from a downsizing by the jewelry store. The property is located across the street from the retail center being razed for a new Longhorn Steakhouse.

Financing was handled by Wells Fargo.

Gary Best and John Hamner of Keller Williams of Southern Arizona in Tucson handled the sale and are also leasing the available space. Best and Hamner can be reached at (520) 615-8400.

Sale date on 3460 N Oracle Road was 8/22/2013. APN: 106-03-132C. $330,000 all cash. Seller was Todd Nathan Weber of San Marino, CA.

Sale date on 3806 E Grant Rd was 89/2013. APN: 122-16-3570 & 3580. Buyer paid all cash. The seller was CNL APF Partners, LP of Scottsdale, AZ.

Sale date on 5760-5764 E Broadway Blvd was 7/31/2013. APN: 128-03-003A. Buyer put $177,075 down and financed the balance conventionally.
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Many of Arizona’s successful charter schools have long waiting lists with an 8% annual enrollment growth each year. There are a reported, 145,000 students enrolled in 535 charter schools statewide. Here in Tucson, as the school year drew to a close Friday several charter schools were packing to move into new schools for the Fall.

Charter School Capital of Portland, OR dba Arizona College Prep Academy, will be moving from 7444 E Broadway Blvd into the 11,308 sq. ft. retail building (built 1977 and 2007) at 3434 E Broadway in Tucson. The building formerly occupied by BASIS Schools was purchased from BASIS for $1.4 million ($124 PSF). Located on the south side of Tucson’s main thoroughfare, Broadway Blvd. on .95 acres, it is directly across the street from the El Con Mall and Reid Park. The Arizona College Prep Academy will be relocated this summer in preparation for the 2013-2014 school year to commence in August.

Nancy McClure of CBRE in Tucson represented the buyer in the transaction.
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BASIS Schools at 3825 E 2nd Street purchased the property immediately adjacent to the existing school, formerly occupied by Desert Springs Academy, at 3833 E 2nd Street (built 1966) paying $1.65 million for the 8,801 sq. ft building on a 40,132 sq. ft. lot. The staff at BASIS was busy packing Friday in anticipation of the building being razed for construction of a new 2-story 42,468 sq. ft. school at this northwest corner of Alvernon Way and 2nd Street. BASIS currently serves 5th, 6th 7th grades and will introduce kindergarten through 4th grade for the 2013-2014 school year.

Carhuff + Cueva are the architects for the new building.

Desert Springs Academy will be moving to the property it purchased at 10129 E Speedway Blvd for $1.7 million cash ($96 PSF) for the 17,865 sq. ft. in three buildings (built 2003) on 8.9 acres. The property was formerly occupied by TAG Charter School that did not renew its charter for next year. Desert Springs is a K-8 charter school that plans to be open in its new location west of Houghton on Speedway for the coming school year.

Academy Del Sol, a K-8 charter school, is adding a second campus at 7102 W Valley Crest Place in the Star Valley neighborhood, located off Wade Road and Valencia in the West Valley. The school purchased 7.69 acres of vacant land for $1.007 million cash ($3 PSF) under the name of Schoolhouse Star Valley, LLC an affiliate of Schoolhouse Development from a trust managed by Joe Cesar of Broadway Realty and Trust of Tucson. The 32,000 sq. ft. building with 21 classrooms is currently under construction and scheduled to open July 29th for the new school year. The school’s Midtown campus is at 4525 E Broadway Blvd in Tucson.

GT Alley of Broadway Realty and Trust in Tucson represented the seller; while the buyer was self-represented in the transaction.

Mexicayoti Academy of Nogales, AZ a K-8 charter school, purchased from B77 Development, LLC (Clayton Niles, manager) the former charter school at 667 N 7th Ave in Tucson. The 7,627 sq. ft. building (built 1971) on a 20,328 sq. ft. lot sold for $475,000 ($62 PSF). Located at the southeast corner of 4th Street and 7th Avenue and close to U of A, this former charter school is in the West University Historical District. The building has fire retardant sprinklers, an alarm system and was designed to add a future 2nd floor. There are 8 back-in parking spaces on the street and 23 secured parking spaces of which 5 are covered. The transaction was an REO sale; the seller was also the lender in a seller carry back to the former charter school when it closed.

Gary Best and John Hamner of Keller Williams of Southern Arizona Commercial in Tucson represented the seller and Rafael Douglas of US Preferred Realty in Mesa represented the school.

For more information on Arizona College Prep Academy call (520) 722-1200. McClure at CBRE can be reached at (520) 323-5117. BASIS Schools can be contacted at (520) 326-3444. Desert Springs Academy is at (520) 321-1709. Academy Del Sol should be contacted at (520) 325-2800. Alley with Broadway Realty & Trust is at (520) 747-5700.

For more information on Mexicayoti Academy call (520) 287-6790. Niles can be reached at (520) 615-9500. Best and Hamner of Keller Williams Southern Arizona Commercial are at (520) 615-8400. Douglas of US Preferred can be contacted at (480) 756-9922. [/mepr-show]