TUCSON, AZ (April 9, 2024) – A four tenant strip center at 2555-2573 North Campbell Avene in Tucson sold for $950,000 ($228 PSF). The property is adjacent to Jimmy Johns.

Located between Grant and Glenn Street, on Campbell, this 4,170-square-foot center was constructed in 1980 and sold with 750 square feet available. Tenants in place included a Farmer’s Insurance office and Madmax Hair Salon and Day Spa. Monument signage and additional parking in the back were included in the sale.

The seller, Campbell Amigos, LLC of Tucson, and the buyer, Green Cactus Group LLC, were self-represented in the transaction.

The buyer was in a 1031 exchange.

Ellen Golden with Goldsmith Real Estate should be reached at 520.219.3100 for leasing information.

To learn more, see RED Comp #11132.

Oro Valley, AZ (April 5, 2024)—Northwest Urgent Care Center at 10568 North Oracle Road in Oro Valley sold for $5.15 million ($791 PSF) in an investment sale. The investor was an affiliate of California-based Pacific National Group, and the seller was an affiliate of Meridian Real Estate Development of Walnut Creek, CA.

The 6,844-square-foot clinic is brand new and a built-to-suit. Rent commenced in mid-July to Northwest Urgent & Primary Care Clinic. The tenant has been in business for many years and is a staple in Tucson MSA, serving the surrounding communities with its 43 locations.

Northwest Hospital is the guarantor, a non-profit health system with a minimum guarantee requirement of $250mm. The health system reported nearly $3B in revenue in 2022.

Business Insider reports that interest in Urgent Care “has grown rapidly,” primarily due to its convenience and affordability, with 500-600 expected to open in 2021. This ongoing trend provides an investor with confidence in tenant performance for the duration of the 12-year lease and beyond.

This long-term single-tenant healthcare investment features a landlord-friendly lease structure with minimal landlord responsibilities making it ideal for out-of-state investors. Healthcare operators aren’t prone to the same competition that many retail tenants face.

It is located in affluent Oro Valley, one of the wealthiest pockets in Arizona, just 3 miles north of Tucson. The 1-mile average household income in the area surrounding the property is over $132K/year, and the 5-mile average household income is over $128K/year.

Arizona has a shortage of primary care doctors, about 667 short of what is needed to service the state. With an aging population, this shortage is expected to grow to 2,000+ by 2030. The 65-and-older population has been the fastest-growing demographic in the country since 2010, increasing 34.2% nationally and 48.4% in Arizona. This means demand for primary care and medical services will only increase.

The Clinic is across from a large retail strip center with big-name brands like Target, Fry’s, Starbucks, The Home Depot, McDonald’s, and Dollar Tree.

According to a recent report by WalletHub.com, Oro Valley is the best small city to live in in Arizona. They determined this using several factors, including the city’s low rate of crime, low poverty level, high level of area residents’ education, and low cost of living in the city.

The broker of record was Simon Assaf with Matthews Real Estate Investment Services in Scottsdale. Assaf can be reached at 909.800.7139.

To learn more, see RED Comp #11168.

TUCSON, AZ (April 4, 2024) — The Rincon Valley Fire District acquired 3.26 acres at the entrance to Rancho Del Lago for $1.14 Million ($8.03 PSF) for a new Station at the corner of Colossal Cave Road and Rancho Del Lago in Vail, Arizona.

The transaction closed on March 29, 2024.

The growth of the family-friendly Rancho Del Lago master-planned community adds needed resources. Rancho Del Lago’s unique blend of amenities makes for an ideal setting that combines bustling activity and peaceful surroundings. The community includes an 18-hole golf course, nine lakes, and walking and biking trails.

Rincon Valley Fire District was formed in 1985 by southeast metropolitan Tucson area residents. The District currently provides emergency and community services to 20,000 residents over a 50-square-mile area. Rincon Valley Fire District is a nonprofit, community service organization that offers a wide range of dedicated services to its residential and commercial property owners. In addition to fire protection, paramedic-equipped units in the District for advanced life support to medical calls provide prompt, efficient transportation to the hospital.

The seller was Aspen Block One, LLC of Paradise Valley, AZ. NAI Horizon brokers Gordon Wagner and Ben Craney handled the transaction.

For more information, Wagner can be reached at 520.326.2200 and Craney at 520.326.4500.

To learn more, see RED Comp #11215