El Corredor Oro Valley Retail Pad Sold for $2.4 Million

9630 N Oracle Rd., Oro Valley, AZ

ORO VALLEY, Arizona – Loredo, Texas-based, Avery Commercial Small C, LLC an affiliate of Laredo Horizons Development Corp. (Brian Moreno, COO) purchased a 7,725-square-foot multi-tenant retail building at 9630 N. Oracle Road in Oro Valley for $2.4 million ($311 PSF).

The property is a newly constructed multi-tenant retail building in El Corredor Commercial Center. Growler USA – America’s Microbrew Pub and Oro Valley Posh Nail Spa were tenants in the building at time of sale and the buyer plans to occupy the remainder for a Clear Vision Express store.

The building is adjacent to a Kneader’s with additional retail, restaurants and office space planned.

The seller, Boulder Oro Valley, LLC (Ross Rulney and Malcolm Berman, managers) are developing the seven acre El Corredor mixed-use project located at the northwest corner of Oracle Road and Linda Vista in Oro Valley.

Debbie Heslop, CCIM, of Volk Company represented the seller and Rob Tomlinson of Cushman & Wakefield | Picor represented the buyer.

For more information, Heslop can be contacted at 520.326.3200 and Tomlinson should be reached at 520.748.7100.

To learn more, see RED Comp #6442.




Chandler Village Shops Sold for $7 Million

CHANDLER, ARIZONA – Jared Lively of Rein & Grossoehme Commercial Real Estate represented California-based investor Jabon Investments on the $7 million ($289 PSF) purchase of the 24,231-square-foot retail property at 505 & 525 S. Chandler Village Dr. in Chandler, Arizona.

The property known as Chandler Village Shops was 100% Leased to Ortho Arizona and Palette Collective.

The seller was Chandler in the Spotlight, LLC and Chandler Shops, LLC.

Chad Tiedeman and John Schweikert of Phoenix Commercial Advisors represented the Seller.

For more information, Lively should be reached at 480.214.9411.




Retail is not dead, boring retail is

By:  Nancy McClure, First Vice President, CBRE Tucson

Sensational headlines proclaiming the demise of physical retail have grabbed the attention of the public recently.  However, consumers are still making the majority of their purchases in brick and mortar stores.  Shoppers are looking for more than merchandise, they are looking for human experiences, connectivity, and the ability to touch and feel the product. The lines between where purchases are made has been blurred. Customers browse on-line and buy in-store; buy on-line and pick-up or return in-store; try on in-store and buy on-line. The rules have changed, and purchasing habits have transformed, as well.

The challenge for physical retail is to differentiate themselves, provide excellent customer service and interesting, relevant products.  The challenge for landlords is to create exceptional experiences, those that over-paid for properties are having difficulty pivoting to reduce rents and meet the market.  The science of retail is changing at warp-speed and everyone is working to keep up. Demographics, not e-commerce is the number one disruptor in retail.

Tucson is seeing many big box vacancies without the speed of traditional retailers looking to re-fill spaces.  There are other, non-traditional retail uses; entertainment, fitness, self-storage, medical that see vacancies as an opportunity to enter the market.  The addition of one of these often make centers more interesting and attract customers for more frequent visits. Unfortunately, leases often restrict uses other than true retail. Landlords have to work with their tenants or pay to allow for mixed uses.

One bright spot for Tucson over the past several years has been the attraction of new restaurant concepts; the right restaurant can act as new anchors for centers. That being said, one challenge restaurants face is the legislated increase in minimum wage and paid leave.  This financial pressure on local restauranteurs has caused closures.  Prime regional locations are always the target with eateries and bars. Tucson’s downtown has been a magnet for local restaurants to launch new concepts.

Arizona had one of the hottest tourism years on record and this bodes well for retail—restaurants, hotels, and storefronts are all winners when tourists come to town. Tucson’s proximity to the Mexican border makes it easy for Mexican tourists, business people, and investors to travel to the area and make major purchases. Retailers and restaurants, properly staffed, with bilingual signage gain loyal customers and word of mouth.  It’s the time to break away from traditional business models and choose to be remarkable to gain consumer attention.

For further information on Tucson’s Retail Market this quarter click here.

Nancy McClure specializes in representing local and national retailers in their expansion pursuits across the Tucson area and other key markets in southwest Arizona. With more than 31 years of professional experience, Nancy has extraordinary insight into Tucson’s unique retail landscape, cultivating strong relationships and earning clients’ trust along the way through her dedication and commitment to creating exceptional real estate solutions.