Three Tucson Jack-in-the Box Restaurants Sell for $6.2 Million
TC Real Estate of Phoenix sold three investment properties of Jack-in-the-Box restaurants in Tucson. The total sale price of the three was $6.2 million, two of the properties were purchased by an investment group out of Los Angeles, and the third was bought by a group from Saratoga, CA.
Los Angeles-based HCLARE, LLC purchased the Jack-in-the-Box at 1202 West Saint Mary’s Road and 1195 S Craycroft Road in Tucson. Both had 10.5 years remaining on the triple net leases.
The Jack in the Box at 1195 South Craycroft Road in Tucson sold for $1.95 million ($616 PSF). An approximate 3,168-square-foot single-tenant retail building on an estimated .51 acres of land, it had 10 .5 years remaining on the absolute triple-net (NNN) lease at time of sale. The tenant, IChief, LLC is a 26-unit Jack in the Box operator covering the Southern Arizona market for Jack in the Box. tenants in the immediate area including Harbor freight Tools, Walgreens, Target, Hobby Lobby, Petco, Nissan, Ford, The Vitamin Shoppe, UPS, and Dollar Tree.
The Jack in the Box at 1202 West Saint Mary’s Road in Tucson sold for $1.75 million ($896 PSF). An approximate 1,950-square-foot single-tenant retail building on an estimated .51 acres of land, it also had 10 .5 years remaining on the absolute triple-net (NNN) lease with IChief, LLC. Located within close proximity if the University of Arizona it is surrounded by numerous tenants including Ace Hardware, Family Dollar, Safeway, Dollar Tree, Food City, 7-Eleven, Denny’s, and O’Reilly Auto Parts.
The third Jack-in-the-Box at 550 West Valencia Road in Tucson sold to Valley Green Partners, LLC of Saratoga, CA for $2.5 million ($955 PSF). An approximate 2,576-square-foot single-tenant retail building on an estimated .61 acres of land, it had 10 .5 years remaining on the absolute triple-net (NNN) lease at time of sale with IChief, LLC. Located at the hard corner of 12th Avenue and West Valencia, it benefits from its close proximity to I-19 on an outparcel to Food City adjacent to McDonald’s and Subway, near such tenants as Target, Home Depot, Walgreens, and Harkins Theatres.
Chris Lind, Jamie Medress and Mark Ruble with Marcus & Millichap of Phoenix handled the three transactions and were marketing a portfolio of five total Jack-in-the-Box restaurants for the seller.
Still available for sale is the Jack-in-the-Box at 3326 East Grant Road in Tucson. The restaurant at 3397 S 6th Avenue, Tucson is under contract.
To learn more, Lind should be reached at 602.687.6780, Medress is at 602.687.6778 and Ruble can be contacted at 602.687.6766.
For more information see RED Comps #3495, #3496 and #3497