4^th Avenue is funky, in a good way. Retail space at 500 N 4^th Avenue in Tucson sold recently for $1.3 million ($197 PSF) to a local investor. The 6,592-square-feet in three buildings was built circa 1945 and was 100% occupied by food service tenants at time of sale.

Historic 4^th Avenue district near the University of Arizona is one of the most diverse and dynamic marketplaces in Tucson. Attributes of the property included a 700-bed student dorm to the west and direct access along the downtown modern streetcar. The last retail sale in the Fourth Avenue District was in July 2013. That sale price was for $164 PSF.

Tenants were Bumsted’s, the Chocolate Iguana, Athens on 4^th Avenue and the World Wide Wrap, all Tucson originals and all having been at this same location for decades.

At Bumsted’s you can relax while enjoying a refreshing cocktail and a round of bowling or pinball at the micro-arcade. Catch the latest sporting events on six televisions, including a 47 inch in the sunken dining lounge. Surf the internet with free WiFi while embarking on an equally investigative experience into a Bumsted’s colossal sandwich. Depending on the evening you could enjoy industry night, bingo, karaoke or Bumsted’s Dating Game.

The Chocolate Iguana is the place known for coffee, smoothies, muffins, cookies, bagels and a variety of unique candy found only at Chocolate Iguana on 4th Avenue. This little place is easy to spot since it’s located on the corner of 6th avenue and 4th. It looks like a little cottage with a patio and a neon sign glowing through the window with a green iguana. Inside the cottage, the first thing you see is a little gift shop with really cool stuff such as old tin lunch boxes, unusual magnets and cards. They also sell sandwiches, salads and desserts and you can grab something good and sit outside on their shady patio and enjoy the 4th Avenue scene. Their candy is quite fun because there you will find stuff from back in the day that you swore you would never see again. I’m talking about candy cigarettes, sweet tarts shaped like Legos, a wide variety of gummy bears and different kinds of chocolates. I could go on and on about all the candies they have, but it’s best if you see it for yourself.

Athens on 4th Avenue has been voted Tucson’s Best Greek restaurant for over 17 years and is an authentic family-owned Greek restaurant including artisan Greek dishes, fresh fish and seafood, prime meats, vegetarian specialties, homemade soups, and handmade desserts. All the dishes are prepared with the finest ingredients including locally grown vegetables and imported extra virgin olive oil, cheeses, olives, and wines. Family owned & operated, Athens on 4^th Avenue has been serving the freshest Greek cuisine for over 18 years from this same spot on Tucson’s historic 4^th Avenue district.

World Wide Wraps is an innovative quick service restaurant that provides healthy alternatives to traditional fast food. World Wide Wraps goes beyond burritos by wrapping gourmet, multi-cultural ingredients into wonderfully flavored low fat tortillas.

The seller of the property, Bernell Partners, is three partners from New York, who owned it for a very long time and are liquidating assets for retirement. Bruce Romano of Romano Real Estate in Tucson handled the property from the beginning for the sellers and represented the partners in the sale. The buyer was represented by Tom Nieman with Cushman & Wakefield| Pico in Tucson.

For additional information, login or see RED Comp #2504 or RED Comp #1513.

[mepr-show rules=”58038″]Sale date: 2/2/2015. All cash deal. Buyer is a local attorney who wanted to remain anonymous. Property was purchased by the Lindsey Coleman Biaggi Trust, Scott Biaggi, Trustee.[/mepr-show]

The building at 715 E Wetmore Road in Tucson, built for Golden Corral and later redeveloped as a China Buffet Restaurant was sold to Larsen Baker, LLC (George Larsen and Don Baker, principals) for $1.04 million ($96 PSF).

Larsen Baker developed the property at this corner and sold it to Golden Corral in 1995 while continuing to own the adjoining pads occupied by Jack-in-the Box at 4450 N 1^st Avenue, Los Betos Mexican Food Restaurant at 4470 N 1^st Avenue, and Prestige Fitness at 4490 N 1^st Avenue in Tucson.

The 10,500-square-foot building is on 2.07 acres of land located across the street from a Walmart, Office Max, and Best Buy anchored shopping center that also includes Payless Shoes, Anna’s Linens, Applebees, Aaron’s Rents, near the Tucson Mall area with tenants nearby such as Petco, Dillard’s, Macy’s, Sears, Nordstrom Rack, Home Depot, Stein Mart, Target and more.

The buyer purchased with plans to remodel the exterior of the building and possibly redevelop it into multi-tenant.

Kit Donley of Donley Commercial Real Estate represented the seller, Golden Southwest Financial Group, in the transaction. The buyer was represented by Andy Seleznov and Melissa Lal of Larsen Baker.

To learn more Donley should be reached at 520.907.0955 while Seleznov and Lal can be contacted at 520.296.0200.

Login for additional information and see RED Comp #2690.

[mepr-show rules=”58038″]Sale Date: 2/19/2015. Down Payment was $300,000 with new loans from financial institution. APN: 108-19-019H. This transaction closed in 60-days with seller wanting a quick close. Property was deed restricted and buyer had final approval on property use per the CC&R of property.[/mepr-show]

TUCSON, AZ – Lee & Associates is pleased to announce the sale of the Casas Adobes Plaza, an upscale retail shopping center in Tucson for $46 Million ($504 PSF).

Casas Adobes Plaza is an iconic 91,318-square-foot, grocery-anchored specialty shopping center, strategically located at the Southwest corner of Ina and Oracle roads in an affluent area of north Tucson. It is anchored by a new Whole Foods that opened this past August.

Jan Fincham and Patrick Dempsey, principals with Lee & Associates in Phoenix, facilitated the transaction on behalf of their Institutional client, GRI Investors of Bethesda, Maryland. The seller was Casas Adobes Plaza LLC of Tucson (Richard Shenkarow, manager) a private investment group.

“This acquisition was an opportunity for our Institutional client to acquire a Class A infill, upscale grocery and specialty center in an affluent area in the Catalina Foothills of north Tucson Arizona,” said Dempsey. Casas Adobes Plaza features national, regional and specialty tenants such as Whole Foods, Starbuck’s, Chipotle, Pei Wei Asian Diner, Jos. A Bank Clothier, Chico’s, Sauce, Loop Jean Company and a Wildflower restaurant.

Dempsey and Fincham also sold the Whole Foods anchored River Center at Craycroft and River about this same time last year for $24.8 million to the same investor. See https://red.hs-staging.site/river-center-sells-24-8-million-first-tucson-retail-sale-2014/ for full story, or RED Comp #1068.

To learn more, contact Dempsey at 602.954.3772 and Fincham at 602.954.3754. Shekarow of Shenkarow Realty Advisors can be reached at 520.299.2610.

For additional information, login or see RED Comp #2685

[mepr-show rules=”58038″]Sale Date: 2/23/2015. APNs: 102-04-076, 077A, 077B, 078, 079, 080A, 081, 082A, 084, 086 & 120. Cap rate was approximately 5.5%[/mepr-show]