TUCSON, Arizona — The following commercial real estate transactions totaling $7.96 million created a lot of conversation at the April meeting of the Southern Arizona CCIM Chapter, in case you missed it,  we’re publishing them here as part of our CCIM Conversation Corner.

Schotzsky’s Restaurant at 3270 E Valencia sold March 16^th for $775,000 ($229 PSF) in an all cash deal. The 3,383-square-foot building on .88 acre was included in the sale price. The buyer also purchased the franchise, furniture and fixtures in a separate transaction to continue operations as a Schlotzsky’s.  John Hamner, CCIM, with Keller Williams represented the seller. Hamner has since moved over to Re/Max Excalibur in Tucson. Teale Bloom with Phoenix Commercial Retail Advisors represented the buyer, DWG Properties LLC (Gene Denison, manager). Bobbi Rayon at Title Security handled the escrow. To learn more, see RED Comp #5649.

Time Market owner, Peter Wilke, bought the 6,639-square-foot former Scordata’s at 4405 W Speedway Blvd in Tucson for $430,000 ($65 PSF). Tari Auletta, CCIM, of Keller Williams represented the seller and Kristy Kelley with Long Realty represented the buyer. Buyer plans to convert the 6,639-square-foot building on almost 2 acres to a Time Market. To learn more, see RED Comp #5655.

Derrick Sinclair, CCIM, with Terramar Properties sold 13 semi-custom SFR lots sold at Yolanda Oasis Estate in Catalina, at Golder Ranch and Twin Lakes Road for $700,000 or $53,846 per lot. Average lot size is 30,000-square-feet. Sinclair handled the transaction for the buyer, AF Sterling, and seller. Title Security handled the escrow. To learn more, see RED Comp #5617.

Gary Andros, CCIM, of Andros Properties sold the office building at 615 W Roller Coaster Road in Tucson for $670,000 ($140 PSF). Doug Marsh and Lori Casey with Oxford Realty Advisors represented the seller, Farmers Insurance Exchange and Andros represented the buyer. The 4,769-square-foot office building was built in 1981 on .81 acres. The financing was handled by the National Bank of Arizona, Justin Martinez. To learn more, see RED Comp #5651.

F&J Ruis Holdings, LLC purchased vacant land at 507 – 547 W. Lester, Tucson, AZ from Starnoff Investments, LLC for $249,000 ($4.89 PSF).  David Blanchette, CCIM, with NAI Horizon represented the owners and Ron Zimmerman with Cushman Wakefield/PICOR represented the buyer in this transaction. To learn more, see RED Comp #5724.

The White Ohana, LLC purchased a 32,391-square-foot building on 4.26-acres at 3951 E. Columbia St. in Tucson for $3.65 million ($113 PSF).  Rob Glaser, CCIM, SIOR, Industrial Specialist with Cushman & Wakefield | PICOR, represented the seller and Ted Liles with Cresa Global, Inc., represented the buyer, Firsterra Corporation of Costa Mesa, CA. To learn more, see RED Comp #5669.

Hawkins Investment Solutions, LLC purchased a 20,000-square-foot industrial building at 3260 E. 36^th St. in Tucson, from Glazer’s Real Estate, LLC for $900,000 ($45 PSF).  Brandon Rodgers, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, represented the buyer; Stephen D. Cohen and Russell W. Hall, SIOR, GSCS, Industrial Specialists with Cushman & Wakefield | PICOR, represented the seller. To learn more, see RED Comp #5695.

The Connie Rae Simonds Trust purchased a 5,272-square-foot multitenant office building located at 3808-3818 E. 5^th St. in Tucson, from Wildcat Equities II, LLC for $582,503 ($110 PSF) as investment.  Built in 1966, the masonry building sits on a .40-acre lot. Brandon Rodgers, CCIM, Principal with Cushman & Wakefield | PICOR, represented the seller; Jim Briggs with Cornerstone Realty & Investments, LLC, represented the buyer. To learn more, see RED Comp #5699.

For more information on SOAZ CCIM Chapter and its upcoming monthly luncheon on May 8^th click here.

Velocity Retail Group, LLC completed 14 transactions in August totaling nearly 450,000-square-feet. A summary of each transaction follows:

Darren Pitts of Velocity Retail Group and ARCORE Real Estate Group’s Al Rodenbostel of Oak Brook, Illinois represented The Dump, a subsidiary of Haynes Furniture, Inc. in a 139,265 square foot retail store located at 2860 S. Highland Avenue in Lombard, Illinois. The building was a former Great Indoors. The same team also finalized a 215,400 square foot warehouse to support the new store at 180 N. Meadow in Addison, Illinois. This is the single largest retail transaction in the Chicago-land market in the past 18-months.

Andy Kroot of Velocity Retail Group represented Goodwill of Central Arizona in a new 10-year lease at Goodyear Centerpointe at 15433 W. McDowell Road, in Goodyear, Arizona. The 30,256 square foot new store will also have a full career center.

Darren Pitts, Michael Clark and Nick Ault of Velocity and Chad Moore and Jeff Harrison from Mountain West Retail in Utah represented the Tenant, Mattress Firm, Inc. in a 10-year lease at 1122 S. University in Provo Utah. The former Fazoli’s building is located in Provo Towne Center. The store is expected to open in the 2nd quarter of 2014.

Desert Sky Animal Hospital will be opening a 2,100 square foot location at Arrowhead Vista’s shopping center located north of the northeast corner of Bell Road and 51st Avenue in Glendale, Arizona. John Morrow of Professional Practice Consultants represented the Tenant in the five-year transaction. Larry Miller and Jim Edwards of Velocity Retail represented the Landlord, Arrowhead Properties, LLC.

Mattress Firm leased a 5,064 square foot building from Madison Development at 4456 E. Thomas Road in Phoenix. Both parties were represented by Darren Pitts, Michael Clark, and Nick Ault of Velocity Retail Group. The store is expected to open during the first quarter of 2014 after the owner finalizes retrofit work in the building.

Goodwill of Central Arizona leased a 19,290 square foot building from San Tan Village Investors, LLC at 2756 S. Market Street in Gilbert, Arizona. The tenant was represented by Andy Kroot of Velocity Retail Group in the 10-year transaction. The new store will be a “Goodwill Redesign” concept.

Sasha Bella Day Spa was represented by Velocity Retail’s Michael Clark, John Jackson and Nick Ault in a 1,400 square foot 5-year transaction at Township Plaza at the southwest corner of Baseline and Gilbert Roads. The Landlord is an entity managed by Desert Troon Companies of Scottsdale. The location is expected to open in October of this year.

Mattress Firm leased a 4,000 square foot building in the newly constructed San Dorado retail center at Oracle and 1st Street in Oro Valley, Arizona. The tenant was represented by Darren Pitts and Michael Clark of Velocity Retail Group and the landlord was represented by Teale Bloom of Phoenix Commercial Advisors. The store is expected to open in the first quarter of 2014. For more information on San Dorado https://realestatedaily-news.com/cvs-and-shop-tenants-committ-to-san-dorado-in-oro-valley/

Biscuits Café Inc. leased a 2,876 square foot space at 414 West University Drive in Tempe, Arizona. Velocity Retail Group’s Andy Kroot represented the tenant in the 5-year transaction. This will be the third store for the restaurant in the Phoenix area, with more in the works. The location is expected to open in the 3rd quarter of this year.

Jim Edwards, Larry Miller and John Jackson of Velocity represented the landlord, Pacific West Land, LLC in a 975 square foot lease to Black Tie Cleaners. The new store will be located in the Fry’s anchored Corona del Sol shopping center at the southeast corner of Ray and Rural Roads in Chandler, Arizona.

Mattress Firm leased a 3,285 square foot building from SKM Peterson LC at 6520 North Highway 224 in Park City, Utah. The tenant was represented by Chad Moore and Jeff Harrison of Mountain West Retail in Utah, and Darren Pitts, and Michael Clark of Velocity Retail. This will be the first location for Mattress Firm in Park City and the store is expected to open during the first quarter of 2014.

Goodwill of Central Arizona is opening a 1,331 square foot donation center in the Maricopa Fiesta shopping center at the southwest corner of John Wayne Parkway and State Route 238 (Smith Enke Road) in Maricopa, Arizona. Andy Kroot of Velocity Retail represented the Tenant.

Velocity Retail Group is headquartered in Phoenix, Arizona, and provides a full range of commercial real-estate services including leasing and selling of shopping centers, tenant representation, consulting, investment consulting, development to retail tenants, and redevelopment to owners of retail real estate throughout the West. For more information, visit www.velocityretail.com or call (602) 682-8100.

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Kitchell Development of Phoenix (Jeffrey Allen, President), the developer of San Dorado mixed use development on the east side of Oracle at First in Oro Valley broke ground this month. Approximately 65,350 sq. ft. was sold to CVS for[mepr-show rules=”58038″]$1.35 million ($20.66 PSF). Armstrong Development, the builder for CVS Pharmacy in Arizona, will build a 13,485 sq. ft. CVS on this PAD ‘A’ on site plan.

Firm commitments at San Dorado include Mark Taylors’ Apartments for a 275-unit multifamily luxury apartment complex. The residential portion will be on 15.73 acres and being used for 374,817 sq. ft. building area in 2-story and 3-story buildings. Parking ratio will be 1.95 per unit. For earlier story click here https://realestatedaily-news.com/phoenix-builders-jv-on-luxury-apartments-shopping-in-oro-valley/

Panera, formerly known as Paradise Bakery has leased a 2,500 sq. ft. space and Mattress Firm the adjoining 4,000 sq. ft.  to fill “Shops B” located next to CVS.

Tyler Chester with Phoenix Commercial Advisors says, “There has been an increase in interest since the project broke ground this month. San Dorado is a very attractive site and something some thought would never happen. Now that it is going forward and they see ground breaking, there’s a lot of excitement.”

The commercial site plan shows 12.09 acres to be used for 66,880 sq. ft. commercial development. The pad shops run from 6,800 – 8,000 sq. ft., but there is some fluidity with the site plan to accommodate larger tenants, according to Chester. Parking ratio for the commercial development is 5.7 /000

Greg Laing, Dan Gardiner, Tyler Chester and Teale Bloom of Phoenix Commercial Advisors in Phoenix is handling leasing of the commercial project and also represented the seller in the sale to CVS.

Darren Pitts and Michael Clark of Velocity Retail Group in Phoenix represented the tenant Mattress Firm.

Kitchell can be reached at (602) 264-4411. Laing is at (602) 734-7207, Gardiner is at (602) 734-7204, Chester can be reached at (602) 288-3480 and Bloom is at (602) 288-3476. Pitts and Clark should be reached at (602) 682-8100.[/mepr-show]

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