TUCSON, Arizona – Kyle Kolsrud, a Culver’s franchisee, closed on a 41,387-square-foot lot at the Shops on Valencia for $1.3 million ($31.40 PSF). This will be the third Culver’s operated by Kolsrud in metro Tucson and to be located at Valencia and Headley in the Midvale Park area.

The seller was Christifulli Companies of Phoenix (Nick Christifulli, member) was represented by Larry Cesare of Broadway Realty & Trust in Tucson.

Culver’s will join a newly finished build-to-suit Dutch Bros that will be opening ‘in two weeks’ here.  This will be the fifth location for expansion-minded Dutch Bro’s in metro Tucson expecting to see more openings soon. Dutch Bros management has announced at the start of 2019 it wants to grow to 800 shops in five years from around 300 stores now.

The Dutch Bros built-to-suit was handled by Marty Olejarczyk (Marty O.) and Jesse Rozio of GPS Retail Advisors in Phoenix and being marketed as a net leased investment sale.

In addition to these confirmed tenants, the center’s broker, Larry Cesare at Broadway Realty & Trust is pre-leasing a 10,000-square-foot building for two tenants that have shown interest in approximately half of the building each.

Kurt Kalocin with SRS Real Estate Partners of Phoenix represented Culver’s in the transaction.

For additional information, Cesare can be reached at 520.584.5804 and Kalocin should be contacted at 602.682.6078.  For more information on the Dutch Bros contact Rozio at 480.603.6892.

To learn more, see RED Comp #6751.

United Development and Christifulli Companies Complete two site sales at The Shops at Valencia

TUCSON, ARIZONA – United Development Company of Southlake, Texas and Christifulli Companies of Phoenix, Arizona recently sold an IHOP at 1963 W Valencia and Risas Dental and Braces at 1979 W Valencia sites at their Shops of Valencia project in Tucson Arizona.  The IHOP sale involved the sale of the leased fee interest in the land for $2.77 million ($65.39 PSF) to a Tucson investor and the Risas Dental and Braces built-to-suit site sold for $900,000 ($17.54 PSF).

Jamie Medress, a top producing Senior Managing Director of Investments for Marcus & Millichap in Phoenix, AZ, was the selling broker for IHOP.  Larry Cesare of Broadway Realty & Trust and Nicholas Christifulli of Christifulli Companies, were the selling brokers for the Risas Dental and Braces site.

The Shops at Valencia is located on the southwest corner of Valencia and Headley in the southwestern part of Tucson. The location is roughly 10-miles from downtown Tucson and the University of Arizona and less than 2-miles off I-19, which generates 60,000 cars a day. There are more than 117,500 daytime employees within a 5-mile radius. The project is approximately 11.3 acres and comprises seven retail pads. In addition to IHOP and Risas Dental and Braces the Shops will also include a new Dutch Brothers Coffee.

Christifulli Companies and their principals have worked with many national and local retailers and have developed strong ties with brokerage, retail, lending, municipal and development communities throughout the United States. Over the last decade, the principals and their respective partners have collectively completed 6 million square feet of retail space with a combined value in excess of $1 billion. Visit www.christfulli.com for more information.

United Development Company currently owns and manages more than $300 million of real estate investments.  Utilizing its wealth of both capital and real estate expertise, United Development is aggressively pursuing retail and self-storage real estate investments in the United States. Visit www.UDCGlobal.com for more information.

For more information, Christifull can be reached at 480.585.2150, Medress is at 602.687.6700, and Cesare should be contacted at 520.747.5700.

To learn more, see RED Comp #5918 and #5810.