Investment activity in Tucson automotive properties surged in the past few weeks, some speculative, some with tenants. Second only to the gold standard drug stores and fast food properties, with long-term corporate leases in place, these automotive retail buildings, with shorter lease terms are in high demand by investors. It is not uncommon for these buildings to sell at a higher price per square foot, depending on tenant improvement upgrades.
NORTHWEST SUBMARKET
Cross Development CC Oro Valley of Plano Texas purchased a 6,176-square-foot building at 625 E Vuelta Caminata del Rio in Oro Valley from MUFG Union Bank NA for $725,000.($117 PSF). The property, a former car wash, will be leased to Caliber Collision, a leading body and paint shop in Tucson. Steve Cohen and Russ Hall, SIOR, GSCS, Industrial Specialists with Cushman & Wakefield | Picor, represented the buyer and Jim Zemezonak with Boulder Realty Advisors, represented the seller in the transaction.
To learn more Zemezonak can be contacted at 480.990.0150. Cohen should be reached at 520.546.2750 and Hall is at 520.546.2747. Login or see RED Comp #2701 for additional information on this transaction.
CENTRAL SUBMARKET
Barrio Holdings of Tucson purchased the previous Volvo auto service center at 802 N 4th Avenue in Tucson for $368,000 ($200 PSF). The 1,840-square-foot building on a 6,678-square foot lot in the downtown district has four service bays and was purchased to reposition. Dave Hammack and Kevin Volk of Volk Company in Tucson represented the seller, Huggins Enterprises of Vail, AZ and Tony Reed with Long Realty in Tucson represented the investor.
Buyer purchased to reposition property for a new retail use in conjunction with the property owned across the street that sits on an acre for parking or other. Reed is handling the leasing and repositioning of property.
To learn more Reed should be contacted at 520.918.5189. Volk and Hammack can be reached at 520.326.3200. Login or see RED Comp #2721 for additional information on this transaction.
SOUTH SUBMARKET
Jorge and Gloria Fimbres of Tucson purchased the auto service center at 5124-5132 S 12th Avenue in Tucson for $205,000 ($73.64 PSF). The 2,784-square-feet is in two buildings with a total of five bays. The buyer is an investor and purchased property to lease. Pat Darcy of Tucson Realty & Trust represented the seller, Consuelo Management, LLC of Cheshire, CT. Amaury Torres and Matthew Gutierrez with Keller Williams Southern Arizona represented the investor.
To learn more Darcy can be reached at 520.577.7000, Torres and Gutierrez are at 520.408.1885. Login or see RED Comp #2720 for additional information on this transaction.
Poots, LLC of Tucson, an affiliate of Truman Transportation, purchased the Windshield Arizona property at 856 W Silverlake Road in Tucson for $225,000 ($87.72 PSF). The 2,565-square-foot building is on a 13,945-square-foot lot and will continue to be occupied by Windshields Arizona a windshield, glass repair and replacement shop. The seller was Al & Sal Properties, LLC of Tucson.
For additional information login and see RED Comp #2471.
[mepr-show rules="58038"]625 E Vuelta Caminata del Rio – sale date: 2/27/2015, new financing. APN: 224-28-263.
802 N 4th Ave – sale date 3/9/2015, all cash deal. APN: 117-03-374A.
5124-5132 S 12th Ave- sale date: 3/9/2015, all cash deal. APN: 137-05-289A
856 W Silverlake Road – sale date 1/27/2015, all cash deal. APN: 118-08-088B[/mepr-show]