TUCSON, Arizona — Tucson Marketplace at the Bridges is at Kino and I-10 in the southern submarket of Tucson. This 114-acre project anchored by Costco and Walmart will have approximately 1 million-square-feet of shops, pads, entertainment and anchors when fully completed. It has experienced some exceptional growth this past year.

Costco and Walmart were already joined by McDonald’s, Great Clips, Mattress Firm, Sports Clips, Sprint, Verizon, and Starbuck’s. This past year delivered a 25,000-square-foot Planet Fitness and a 53,678-square-foot Century Theatre with 14 screens in addition to a 12,550-square-foot Lin’s Chinese Buffet. A 30,000-square-foot Dave & Buster’s getting ready to tentatively open April 10^th.

Recently, Texas-based, Global New Millennium Partners purchased a 2.8-acre pad for construction of a 2,844-square-foot Popeye’s Restaurant with an addition 1,000-square-foot patio. The developer paid $860,000 ($7.00 PSF) for the pad.

Popeye’s restaurant is known for its New Orleans style menu featuring spicy Bonafide^® Chicken, Handcrafted Tenders and fried shrimp as well as jambalaya, red beans and rice and signature buttermilk biscuits. This will be Popeye’s fifth location in the Tucson metro area.

Randolph Titzck and Chad Russell with Land Advisors Organization in Phoenix represented the seller, Fullerton Properties of Toronto, Ontario, Canada. Dave Cheatham and Darren Pitts with Velocity Retail Group in Phoenix represented the buyer.

For additional information, Titzck and Russell should be reached at 480.483.8100. Pitts can be contacted at 602.682.6050 and Cheatham is at 602.682.6060.

To learn more, see RED Comp #4435.

TUCSON, Arizona — James P. Robertson Jr., CCIM, Senior Commercial Associate Broker with Realty Executives Tucson Elite, announced the closing of two commercial transactions in Tucson, one a multifamily and the other for an automotive center.

Robertson assisted the seller, Frank and Florence Cotta in the sale of Coventry Manor Apartments at 5770 E. 10^th St. Tucson, AZ.  A 32-unit community, built in 1962 in the Park Mall retail corridor.  The property consists of 20 one-bedroom, 4 two-bedroom and 8 studio units, with pool and laundry facilities amenities.

This was one of only a few remaining distressed multifamily properties in the Tucson marketplace.

“Count this sale as another victim and hopefully the last of the recent real estate valuation collapse.  I applaud the buyers and the buyers’ representative for being knowledgeable on the multifamily sale process.  It is not for the light-hearted,” said Robertson. “The buyer saw that the property had good bones, but needed cosmetic and mechanical upgrades.  An opportunity was there at the right price.”

After a three-month escrow and countless negotiations with the lenders, escrow closed with a sales price of $860,000 ($26,875 per unit).

The buyer, Catalina by Bakerson, LLC, was represented by Rich Rose with Praedium Advisors from Phoenix, AZ.

In a separate transaction, Robertson assisted both the sell and buy the former Tucson Automotive Center to Central Collision Center at 2420 & 2430 N Palo Verde Blvd. in Tucson for $295,000 ($46 PSF) in the Central Tucson submarket.

“The location at 2420 & 2430 N. Palo Verde Blvd was an ideal location for Central Collision Center to expand their exotic car renovation division,” said Kevin Styer, President of Central Collision Center. “Central Collision Center’s new location consists of 6,373-square-feet in two buildings.  One of the buildings is retrofitted with mechanical lifts ideal for mechanical repairs and the second building is perfect for the fine details needs to put the final polished touch to our client’s collectable automobiles.”

“After a short tenant improvement build out period, Central Collision Center is ready for their clients,” said Robertson.

Robertson, as a CCIM specialized in multifamily, has earned the internationally recognized professional designation that signifies expertise in commercial investment real estate.

For more information, Robertson should be reached at 520. 284.9572.

To learn more, login and see RED Comp #4387 and RED Comp #4346.

TUCSON, Arizona — The former Canyon Community Bank Plaza, now Thornydale Plaza, at 6811 N Thornydale Road in Marana sold for $1.97 million ($237 PSF) to a Tempe-based, private investor, Thornydale Plaza, LLC.

Dave Carroll of Romano Real Estate in Tucson handled the transaction for buyer and seller, Canyon Community Bank.

Carroll told us, the seller, Canyon Community Bank, occupied an anchor space in the center for its mortgage office. Canyon recently vacated this space and leased it to Enterprise Car Rental. Additional tenants in the Plaza include First Impression Security Doors, Sports Buzz, 5 Star Electronics and coming soon Celebrity Tanning to bring it to 100% occupancy.

The 8,327-square-foot retail plaza is of masonry construction, built in 2004, and located between Ina Road and Orange Grove on Thornydale in front of Costco, Home Depot, Savers, and Sportsman’s Warehouse and many other big box tenants nearby, within a retail hub for Marana, Arizona.

This is the first Tucson area investment for the buyer who was introduced to the property by Carroll without it being on the market for sale.

In a separate transaction, the investor, Thornydale Plaza, also acquired 47,810-square-feet of adjoining land for parking expansion and a car wash to be leased by Enterprise Car Rental. Debbie Heslop of Volk Company in Tucson represented the seller, BOKF, N.A. in this transaction and Carroll represented the buyer.

For more information, Carroll should be reached at 520.577.1000 and Heslop can be contacted at 520.326.3200.

To learn more, login and see RED Comp #4384 and RED Comp #4485.

[mepr-show rules=”58038″]Sale date: 12/14/2016. Property sold at a 7% cap rate. Lease rate ranged from $18-$20 / SF / NNN and $5.34 triple nets. Traffic count: 31,000 VPD on Thornydale. The vacant lot sold for $170,000 ($3.56 PSF). Sale date: 1/17/2017. It was an REO sale. [/mepr-show]