TUCSON, Arizona -- The former Canyon Community Bank Plaza, now Thornydale Plaza, at 6811 N Thornydale Road in Marana sold for $1.97 million ($237 PSF) to a Tempe-based, private investor, Thornydale Plaza, LLC.
Dave Carroll of Romano Real Estate in Tucson handled the transaction for buyer and seller, Canyon Community Bank.
Carroll told us, the seller, Canyon Community Bank, occupied an anchor space in the center for its mortgage office. Canyon recently vacated this space and leased it to Enterprise Car Rental. Additional tenants in the Plaza include First Impression Security Doors, Sports Buzz, 5 Star Electronics and coming soon Celebrity Tanning to bring it to 100% occupancy.
The 8,327-square-foot retail plaza is of masonry construction, built in 2004, and located between Ina Road and Orange Grove on Thornydale in front of Costco, Home Depot, Savers, and Sportsman’s Warehouse and many other big box tenants nearby, within a retail hub for Marana, Arizona.
This is the first Tucson area investment for the buyer who was introduced to the property by Carroll without it being on the market for sale.
In a separate transaction, the investor, Thornydale Plaza, also acquired 47,810-square-feet of adjoining land for parking expansion and a car wash to be leased by Enterprise Car Rental. Debbie Heslop of Volk Company in Tucson represented the seller, BOKF, N.A. in this transaction and Carroll represented the buyer.
For more information, Carroll should be reached at 520.577.1000 and Heslop can be contacted at 520.326.3200.
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[mepr-show rules="58038"]Sale date: 12/14/2016. Property sold at a 7% cap rate. Lease rate ranged from $18-$20 / SF / NNN and $5.34 triple nets. Traffic count: 31,000 VPD on Thornydale. The vacant lot sold for $170,000 ($3.56 PSF). Sale date: 1/17/2017. It was an REO sale. [/mepr-show]