The Circle K store and gas station at 3301 S 6^th Avenue in Tucson South submarket sold for $4.21 million ($956 PSF) as a triple net investment to Capizzi Family Trust of Downey, CA.

The property consists of a 4,400-square-foot building with 10 gas pumps under canopy on 1.31 acres, and is one of the top performing Circle Ks in the area. Located on I-10 at the signalized intersection off I-10 with highway visibility and strong traffic counts of 79,764 VPD on I-10 and 32,418 VPD on South 6^th Avenue at Benson Highway and I-19, a major north-south thoroughfare connecting Tucson with Nogales, Mexico.

The site benefits from strong daytime traffic generated by El Super grocery center and 285-bed VA Hospital with 2,300 employees that serve over 170,000 veterans. The site is surrounded by national retailers including Panda Express, Jack in the Box, Church’s Chicken, Food City, Midas, Big O Tire, lodging facilities such as Budget Inn and Econo Lodge and Lazy 8 Motel.

Circle K will continue to lease the property with 14 years remaining, options and a corporate guarantee for a period of 20 years under an absolute triple net lease and rental increases.

With cap rates trending downward according to sales tracked by the Real Estate Daily News, this investment sold at a slightly higher than average cap rate.

Tatyana Meulemans with Newmark Grubb Knight Frank in Phoenix represented the seller, the Deconcini Family Trust of Tucson. The buyers represented themselves.

To learn more Meulemans can be reached at 602.952.3800. For additional information log in and refer to RED Comp #2767 for full details.

[mepr-show rules=”58038″]Sale date: 3/31/2015. Sale price $4,207,000 an all-cash deal. Property sold with an NOI of $241,918 and cap rate of 5.75% at time of sale. Full financial increased are attached to RED Comp #2767[/mepr-show]

The property leased to Chuys Mesquite Broiler at 7101 E. 22nd Street in Tucson, Arizona sold to investors from Honolulu Hawaii, RR 22^nd Street Tucson, LLC (Robert and Martha Riley, trustees) for $1.08 million ($411 PSF).

The property is an approximate 2,500-square foot single-tenant retail building on an estimated .49 acres of land. The brand new lease with JBL Restaurant Investments, Inc. is absolute triple-net (NNN) and commenced on November 1, 2014 for a term of 15 years with increases and renewal options.

Although this is a new lease at 22^nd & Kolb, Chuys has been operating at this location since 1997 and the Chuys concept began in 1978 with independently owned locations in Arizona and California.

Chuys cooks everything on a mesquite grill which is visible from the entrance. Mesquite grilled chicken is a specialty of Chuys, but they also serve tri-tip beef and seafood such as fish and shrimp. This is one of two Chuys operated by this same owner; the other is at 7585 S Houghton Road in Tucson.

The property is located within Palo Verde Plaza at a high traffic hard corner with 97,000+ daily traffic counts alng 22^nd Street and Kolb Road. Surrounding tenants within the plaza include Goodwill, Payless, Popeyes, Filiberto’ s, Pep Boys, Arby’ s and Desert Rat. Across the street from the subject property is a Toyota dealership, 99 cent store, Jack in the Box, Starbucks, SmashBurger, McDonald’ s, Bank of America, Wells Fargo, Sally Beauty Supply, ACE Hardware, Brake Masters, Enterprise and Tucson Bowl. Palo Verde High School is also located within one block from the property.

The property also benefits from a billboard leased to Eller Media Company that also sold in the deal adding income revenue.

The seller, 7101 E 22^nd Street, LLC (Steven Mar, manager) was represented by Jamie Medress and Mark Ruble with Marcus & Millichap in Phoenix. The investor was represented by Bob Boyles with Colliers International in Phoenix.

To learn more Medress can be reached at 602.687.6778, Rubles is at 602.687.6766, and Boyles can be contacted at 602.222.5033.

For additional information such as cap rate log in and refer to RED Comp #2738.

[mepr-show rules=”58038″]Sale date: 3/16/2015. Sale Price: $1,028,000 all cash deal. Escrow took 30-days. Property sold with an NOI of $67,839 and a 6.6% cap rate.[/mepr-show]

Monson Properties AZ LLC of Sacramento, CA (Paul Monson, manager) acquired Cordova Village Apartment Homes for $6.11 million ($19,200 per unit) at the end of March. On the basis of number of units and sale price, it is the single largest property purchased in Tucson multifamily sector for Q1 2015.

Tucson Five LP, an affiliate of Hamilton Zanze of California (Mark Hamilton and Tony Zanze, partners) sold the 318-unit complex at 2020 South Columbus Blvd in Tucson. Hamilton Zanze, a private San Francisco-based real estate company, has several of its Tucson assets on the market listed with Colliers International.

The garden-style community of Cordova Village consists of two parcels totaling 9 acres, with 18 two-story apartment buildings, a maintenance shop, office building / laundry building and a second laundry building. The northern portion of the property was constructed in 1977, and the southern portion added in 1982. Community amenities include a basketball court, a concrete soccer field, playground, volleyball court, two swimming pools, Jacuzzi, ramadas, three barbeque areas, asphalt-paved parking areas and lush landscaping.

Location is among the property’s chief attributes, situated near Davis-Monthan Air Force Base. The unit mix of Cordova Village is 67.2% one-bedrooms, 29.6% studios and 3.1% two-bedroom units that range in size from 327- to 836-square-feet in eight floor plans.

The apartment sector resoundingly outperformed consensus expectations in 2014. With Tucson vacancy rate at equilibrium or tighter for the previous four years. Ending 2014 with $311 million in sales volume, 2015 is looking well positioned for even more growth, based on the 15.13% increased volume year-over-year, according to tracking by the Real Estate Daily News.

The Colliers’ Cooke Team lead by Cindy Cooke, Brad Cooke and John Barnes of Colliers International in Phoenix represented the seller. Hamid Panahi, Cliff David and Steve Gebing of Marcus & Millichap in Phoenix represented the investor.

To learn more Cindy Cooke should be contacted at 602.448.3880, Brad Cooke at 602.222.5088 and call Barnes at 602.222.5042. Panahi, David and Gebing can be reached through their office at 602.687.6700.

For additional information, log in and see RED Comp #2754.

[mepr-show rules=”58038″]Sale date: 3/24/2015. Sale price: $6,105,600, and $2,044,600 down payment. Property sold 90% occupied and a 6.5% cap rate, brokers reported. Hamilton Zanze has four other properties in Tucson on the market for sale: 4250 E 29th Street, 2800 S Mission Road, 8600 E Old Spanish Trail and 6340 S Santa Clara Street.[/mepr-show]