The Del Norte Shopping Center at 902 – 954 West Prince Road in North Central Tucson sold for $1.15 million ($42 PSF) to California investors, Marlene and Louis Morago of Sacremento, California.
The 27,543-square-foot center, located at the northwest corner of Prince and Fairview, was built in 1961 and sold with 21 potential tenants, 92% occupied. Tenants at time of sale included Labor Max, Metro PCS, Coin and Gold Shop, Brazilian Jiu-Jitsu, CNS Lock & Key Locksmiths, Herbal Life, Monte Carlo Hair Salon, Alvarez Taxes / Insurance and Realty, Gwenneth’s Shoe & Leather Repair, Phil’s Barber Shop, Bonanza Cleaners, Ely’s Vac & Sew, Desert Cloudz Vapor, Prince Market, and La Guelaguetza Mexican Food Restaurant. Some of these tenants have been at this location for more than 30-years.
The buyers intend to update and reposition the property.
Roger Breckenridge, Associate Broker with Long Realty at River & Campbell handled negotiations for buyer and seller, The Wonders Living Trust (William and Judith Wonders, trustees).
To learn more Breckenridge should be contacted at 520.918.5813. Also refer to RED Comp #2488 for additional information.
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[mepr-show rules="58038"]Sale date: 1/29/2015. Seller carryback with $200,000 down. Property sold with average lease rates of $8.70 / SF / MG and a 6.75% reported cap rate.[/mepr-show]