Phoenix, Arizona – CBRE has completed the sale of a single-tenant, 5,239-square-foot QuikTrip located at 1190 West Elliot Road in Tempe, Arizona. The 1.43-acre property commanded a sale price of $4.25 million ($811 PSF).

Joseph R. Compagno with CBRE’s Phoenix office represented the buyer, Arizona-based, Lumberjack Capital, LLC. Tatyana Meulemans from Newmark Grubb Knight Frank represented the seller, Arizona-based TRZ Holdings-Tempe, LLC.

“The QuikTrip is a very well-located property in Tempe and is a pad to the Walmart Supercenter anchored Groves Power Center.  The buyer was a local, high-net-worth investor specifically looking for a gas station investment property,” said Compagno. “This will be a great long-term investment.”

After two years of negotiations and three transactions, QuikTrip has completed the assemblage of 2.47 acres (107,779 SF), a full city block, at the northwest corner of Fort Lowell and Alvernon Way in Tucson.

Desert Streams & Waterfalls, Inc. (Michael Coffey, president) sold its 40,963-square-foot contractor yard, with a 666-square-foot building at 3232 N Winstel Blvd. for $425,000 ($10.38 PSF) to QuikTrip. The water feature contractor relocated the business a few blocks west of this location.

Tony Marrs with AW Marrs of Tucson represented the seller in this first leg of the transaction and assisted the other legs to follow.

Pet Associates, LLC (Richard Tofel, manager) sold The Catalina Plaza, with Catalina Pet Hospital, at 3801 East Fort Lowell for $1.9 million ($47.96 PSF). The 10,000-square-foot building sits on a 39,614-square-foot lot that sold to QuikTrip for land value.

The seller / occupant, Catalina Pet Hospital, plans to relocate across the street to a new build-to-suit being built by Rio West (Walter Hoge).

To complete the assemblage, Pima County sold 3 parcels along Alvernon Way for $206,000 ($7.57 PSF) to QuikTrip. These three parcels completed the full city block from Fort Lowell to Farr Place and Alvernon Way to Winstel Blvd that will allow QuikTrip entry from all four sides when it uses the property to construct a QuikTrip Convenience Store and Gas Station.

Trinity Bookstore, a tenant at Catalina Plaza that has been in that Ft. Lowell/Alvernon center for many years has leased +/-2941-square-feet at San Francisco Square, 3912 N. Oracle Road, Ste. #104. The landlord was represented by Nancy McClure, CBRE, and Tenant was represented by Alain Hartmann, Hartmann Commercial Real Estate, and Howard Druch.  Trinity Bookstore will relocate once the space’s interior construction is completed.

The Catalina Pet Hospital will remain in property until its new building is constructed so construction of QuikTrip is anticipated in about a year.

For additional information, Marrs can be reached at 520.465.0455.

To learn more, see RED Comp #4034 and 4093.

The following commercial leases were reported to the Real Estate Daily News for the Tucson Lease Report from November 10-14, 2014.

RETAIL – 3202 N. ORACLE RD., TUCSON, AZ
QuikTrip has leased space at Oracle Ft. Lowell Center, located on the NE corner of Oracle Rd. & Ft. Lowell Rd.  The Premises will be used as a convenience store with the sales of fuel and related products and services.  They are scheduled to open for business in the summer of 2015. Andy Seleznov and Melissa Lal represented the Landlord, Larsen Baker, while Randy Emerson, of GRE Partners represented the Tenant.

OFFICE – 3939 S. PARK AVE., TUCSON, AZ.
Assurance Health and Wellness Inc. has leased 9,657-square-feet of office/warehouse space at 3939 S. Park from Foothills Business Ventures Inc.  Gary Emerson of GRE Partners, Inc. represented the Landlord and Joe Nehls of SunVest Commercial Inc. represented the tenant. [mepr-show rules=”58038″]Tenant Phone: 520.333.4320[/mepr-show]

OFFICE – 899 N. WILMOT RD., TUCSON, AZ.
Marana Health Center has newly leased 4,401-square-feet and a 5,601-square-foot lease extension at 899 N. Wilmot Road, from Holland Arizona Investments, LLC. Growing Marana Health Center extended their existing 5,601 sq ft lease and expanded further with an additional 4,401 sq ft new lease.  Lori Casey and Doug Marsh of Oxford Realty Advisors represented the Tenant and Landlord in the transaction. [mepr-show rules=”58038″]$15.50 SF/YR Full Service; Tenant Phone: 520.682.4111[/mepr-show]

RETAIL – 7050 E. BROADWAY BLVD., TUCSON, AZ.
R & S Mattress leased 4,270-square-feet at 7050 E. Broadway in Tucson from 7050 E. Broadway, LLC.  Aaron LaPrise, Retail Specialist with Cushman & Wakefield | PICOR, represented the tenant. Greg Furrier, Retail Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. [mepr-show rules=”58038″]$12.00 SF/YR NNN[/mepr-show]

INDUSTRIAL – 3865 E. 34^th ST., TUCSON, AZ.
Stewart Title and Trust of Tucson renewed their lease for 2,200-square-feet at 3865 E. 34th St., Suite 108 in Tucson from A & P Investments.  Rob Glaser, SIOR, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

RETAIL – 6216 E. SPEEDWAY BLVD., TUCSON, AZ.
Creations Boutique leased 1,625-square-feet in the Monterey Village Center at 6216 E. Speedway in Tucson from Monterey Village, LLC.  Greg Furrier, Retail Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

INDUSTRIAL – 850 E. OHIO ST., TUCSON, AZ
Korridor Beverage Systems leased 1,390-square-feet at 850 E. Ohio, Suite 1 in Tucson from Rich Rodgers Investments, Inc. Brandon Rodgers, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, handled this transaction. [mepr-show rules=”58038″]$0.43 SF/ MO Modified Gross; Tenant Phone: 888.520.3613[/mepr-show]

RETAIL – 2221 E. FRONTAGE RD., TUBAC, AZ.
Edward Jones leased 750-square-feet in La Entrada de Tubac, located at 2221 E. Frontage Rd., Bldg. E, Suite 203 in Tubac from Windward Partners XIII, LLC. Jeff Zellet, Commercial Specialist with Cushman & Wakefield | PICOR, represented the tenant in this transaction. Edward Jones is an investment firm that is a leader in the financial-services industry with over 11,000 offices.

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