Spirit Realty Capital attracted to Tucson Marketplace at the Bridges Buys Second Investment Property Here

TUCSON, Arizona – Spirit Realty Capital (NYSE: SRC) of Dallas Texas, one of the largest publicly traded triple net-lease real estate investment trusts (REITs) acquired the brand-new Dave & Buster’s Sports Bar at 1390 E Tucson Marketplace Blvd. in Tucson for $10.2 million ($339 PSF) for its portfolio. The all-cash deal closed on March 31st.

Located on the south side of Tucson, this newly constructed 30,000-square-foot Dave & Buster’s opened on April 3^rd bringing with it 240 jobs. Located at Tucson Marketplace at the Bridges, this is the first Dave & Buster’s location in Tucson and only the fourth in Arizona.

Dave & Buster’s Entertainment, Inc., (NASDAQ: PLAY) founded in 1982 and headquartered in Dallas, Texas, is the owner and operator of 92 venues in North America as of January 2017. The concept is to combine entertainment and dining and offer customers the opportunity to “Eat, Drink, Play and Watch,” all in one location.  Dave & Buster’s offers a full menu of “Fun American New Gourmet” entrées and appetizers, a full selection of alcoholic and non-alcoholic beverages, and an extensive assortment of entertainment attractions centered around playing games and watching live sports and other televised events.  Dave & Buster’s currently has stores in 33 states and Canada.

This is the second investment purchase at Tucson Marketplace for Spirit which also acquired the adjoining Century Tucson Marketplace-14 Theatres at 1300 East Tucson Marketplace Blvd. for $15.8 million in February. See full story here.

Spirit invests in single-tenant, operationally essential real estate: free-standing facilities where tenants conduct activities that are necessary for their sales and profits. Spirit has approximately 17% of its portfolio in Casual Dining and Quick Service restaurants.

Dave & Buster’s at Tucson Marketplace was sold by Eastbourne Investments, Ltd of Toronto, Canada and New York, the developer of Tucson Marketplace.

Randolph Titzck and Chad Russell with Land Advisors Organization in Phoenix represented the seller, Eastbourne Investments. Chad Tiedeman and Steve Underwood with Phoenix Commercial Advisors represented Spirit Realty.

For more information, Titzck and Russell should be reached at 480.483.8100. Tiedeman and Underwood can be contacted at 602.957.9800.

Dave & Buster’s are still hiring, employment applications can be found at daveandbusters.com/careers.

To learn more, see RED Comp #4701.

TUCSON, Arizona — Spirit Realty Capital (NYSE: SRC) of Dallas Texas added to its investment portfolio the new  Century Tucson Marketplace-14 for $15.55 million ($290 PSF). The new  Cinemark NextGen Theatres is located at 1300 East Tucson Marketplace Blvd. The 53,678-square-foot theatre, with 14 screens and 1,294 seats, has all-digital movie theatres and opened November 10, 2016.

Spirit Realty Capital is one of the largest publicly traded triple net-lease real estate investment trusts (REITs) in the United States. Investing in single-tenant, operationally essential real estate: free-standing facilities where tenants conduct activities that are necessary for their sales and profits. Spirit has approximately 7% of its portfolio in movie theatres.

As of December 31, 2016 the Spirit’s diversified portfolio was comprised of 2,615 properties, including properties securing mortgage loans made by the Company. Properties are leased to 450 tenants across 49 states with an aggregate gross leasable area of approximately 53 million-square-feet. Tenant include entertainment facilities as well as healthcare, industrial, and other industries that need special-use facilities.

The Theatres at Tucson Marketplace was sold by Eastbourne Investments, Ltd of Toronto, Canada and New York, the developer of Tucson Marketplace.

Tucson Marketplace is a 114-acre project with 1 million-square-feet of retail and entertainment anchors with fully complete. Current anchors include Costco and Super Walmart and over 96,000-square-feet of buildings that broke ground at Tucson Marketplace this past year. Cinemark’s 53,678-square-foot Century Theatre, a 12,550-square-foot Lin’s Chinese Buffet, and a 30,000-square-foot Dave & Buster’s opening April 10^th .

Randolph Titzck and Chad Russell with Land Advisors Organization in Phoenix represented the seller, Eastbourne Investments. Chad Tiedeman and Steve Underwood with Phoenix Commercial Advisors represented Spirit Realty.

For more information, Titzck and Russell should be reached at 480.483.8100. Tiedeman and Underwood can be contacted at 602.957.9800.

To learn more, see RED Comp #4578.

[mepr-show rules=”58038″]This transaction closed 2/22/2017. All cash. Document #2017-0530381, APN: 132-3-094. Sale price was $15,548,792. Property sold with a 15.5 year Initial Lease Term with 4-5 year options at a  7+ cap rate listing broker reported.[/mepr-show]

TUCSON, Arizona — Tucson Marketplace at the Bridges is at Kino and I-10 in the southern submarket of Tucson. This 114-acre project anchored by Costco and Walmart will have approximately 1 million-square-feet of shops, pads, entertainment and anchors when fully completed. It has experienced some exceptional growth this past year.

Costco and Walmart were already joined by McDonald’s, Great Clips, Mattress Firm, Sports Clips, Sprint, Verizon, and Starbuck’s. This past year delivered a 25,000-square-foot Planet Fitness and a 53,678-square-foot Century Theatre with 14 screens in addition to a 12,550-square-foot Lin’s Chinese Buffet. A 30,000-square-foot Dave & Buster’s getting ready to tentatively open April 10^th.

Recently, Texas-based, Global New Millennium Partners purchased a 2.8-acre pad for construction of a 2,844-square-foot Popeye’s Restaurant with an addition 1,000-square-foot patio. The developer paid $860,000 ($7.00 PSF) for the pad.

Popeye’s restaurant is known for its New Orleans style menu featuring spicy Bonafide^® Chicken, Handcrafted Tenders and fried shrimp as well as jambalaya, red beans and rice and signature buttermilk biscuits. This will be Popeye’s fifth location in the Tucson metro area.

Randolph Titzck and Chad Russell with Land Advisors Organization in Phoenix represented the seller, Fullerton Properties of Toronto, Ontario, Canada. Dave Cheatham and Darren Pitts with Velocity Retail Group in Phoenix represented the buyer.

For additional information, Titzck and Russell should be reached at 480.483.8100. Pitts can be contacted at 602.682.6050 and Cheatham is at 602.682.6060.

To learn more, see RED Comp #4435.