Surf Thru, Inc. a Fresno, California-based company (Todd Gall, secretary) purchased its second site in the Tucson area last week. The 1.45 acre at 35 South Pantano Road, Tucson, AZ located south of the southeast corner of Broadway Boulevard and Pantano Road commanded a sale price of $600,000 ($9.50 PSF).

This will be the 8th location for Surf-Thru Express Car Wash and Tucson’s second. Gall told us last year, with the opening its first location at 3847 W River Road in Marana, that plans were to develop five locations in the Tucson area. The company’s current locations are in Fresno, Clovis and Visalia with others under construction in Southern California.

BFL Construction is the contractor and Cypress Civil Development, the Engineering firm on the Tucson projects.

Each car wash creates about 16 jobs including four or five full-time positions, Gall told us.

Surf Thru Express Car Wash uses cleaning ingredients that are environmentally friendly and mostly bio-degradable. Because Surf Thru controls the flow rate and the water pressure, it uses far less water per car than washing at home with state of the art water purification (reverse osmosis) systems in every wash that removes 99% of the minerals and impurities that otherwise leave water spots on vehicles.

Craig Finfrock of Commercial Retail Advisors, LLC in Tucson negotiated the purchase for the buyer. The seller, National Retail Properties LP, formerly known as Commercial Net Lease Realty LP of Orlando, FL was represented by Pete Villaescusa and Jesse Peron with CBRE in Tucson.

To learn more Finfrock should be contacted at 520.290.3200 and Villaescusa and Peron can be called at 520 323.5100.

For additional information log in and refer to RED Comp #2760.

[mepr-show rules=”58038″]Sale date: 3/27/2015. Sale Price $600,000 all cash deal. Property is to the south of Circle K at the corner.[/mepr-show]

Los Angeles-based, Corporate Partners Capital Group Inc, a private investment group, has acquired three M&I Bank branches in a sale-leaseback agreement, with BMO Harris Bank, signing separate 10-year leases with 8 successive five-year options.

Corporate Partners bought the retail sites from BMO Harris Bank for $6.4 million ($390.65 PSF) for the 16,293-square-feet portfolio, consisting of 3 bank branches with drive-thrus at 1200 N Wilmot Road, Tucson in El Dorado Place, 35 N Houghton Road, Tucson in Eastpointe Commercial Center and 270 W Continental Road in Green Valley, Arizona at the Safeway anchored Continental Shopping Plaza.

The investor was attracted to the deal because of its competitive economics, the reduced closing costs involved and other advantages offered by the transaction, Howard Sands, founding principal of Corporate Partners, reported.

The complete BMO Harris Bank Arizona Sale Leaseback Portfolio consists of 31 retail bank branches totaling 173,934-square-feet. It was Corporate Partners Capital Group that purchased the BMO Harris Bank in Oro Valley back in September along with four other locations in Phoenix for an aggregate total of $11.42 million and one in Sedona. Real Estate Daily News Sept 17, 2014.

Corporate Partners Capital Group specializes in the acquisition and financing of corporate real estate. The principals of Corporate Partners have structured sale-leaseback transactions with Circuit City, EDS, Limited Brands and Sierra Health Services and build-to-suit/take-outs with various developers. In 2003 Corporate Partners acquired a 31-property portfolio of auto part stores secured by long term leases with CSK Auto and O’Reilly Automotive.

The complete BMO Harris Bank Arizona Sale Leaseback Portfolio consists of a 31 property portfolio sale that is being brokered by Chicago based Jones, Lang and LaSalle and can be reached at (312) 782-5800.

Login and see RED Comp #2748, #2751 and #2752 for cap rate. Priors are at RED Comps #2131, #2216 and #2699

[mepr-show rules=”58038″]1200 N Wilmot – sale date: 3/23/2015 sale price $1,795,330. $614,080 down for 4,900 Sf building (built 1979) on 39,756 SF lot.
35 N Houghton Road – sale date: 3/24/2015 sale price: $1,636,641 with $581,391 down for 4575 SF (built 2004) on 79,085 SF lot.
270 W Continental Road – sale date: 3/24/2015, sale price: $2,932,962 with $1,034,712 down for 6,818 SF (built 1981) on 53,068 SF.[/mepr-show]

A group of local investors, PSSW Investments LLC (Michael Shiner, Ben Pozez and Don Semro, members) purchased 4 acres at the northwest and northeast corner of Blacklidge Drive and Tyndall Avenue in Central Tucson for development of 74-SFRs in a joint venture with Pepper Viner Homes. The 4 acres of vacant land commanded a sale price of $750,000 ($4.41 PSF).

Already zoned R-3 for high density housing, the infill project is to be developed in two phases, with 37 two-story, two-car garage homes per phase. There hasn’t been an infill project of this magnitude in Tucson for some time and plans are still tentative pending plat approval.

Attention to design details of infill development is essential to ensure that the new development fits the existing context and gains neighborhood acceptance, and the Five Time Southern Arizona Home Builder of the Year, Pepper Viner, has shown its ability to do that with energy efficient homes at affordable prices.

The project is located just off the U of A Mountain bike path, in the Amphitheater School District, and with access from several streets to help lower development costs.

Tony Reed and Jameson Gray of Long Realty in Tucson represented the seller, Stiteler Partners LLC of Phoenix (John Stiteler, manager). Michael Shiner is also with Diversified Equity Corporation of Tucson and represented the buying group.

“It will be a positive project for the neighborhood, nobody likes living near ugly vacant lots that has been passed over in the normal course of growth. New housing, with an affordable price point should be a welcomed addition to the area,” Shiner told us.

To learn more Gray can be reached at 520.490.2404 and Reed is at 520.403.2150. Shiner should be reached at 520.247.6436. See also RED Comp #2744 for additional information.