A restaurant, vacant building and parking lot on Speedway near Country Club Road has fetched $1.1 million.
The sale included the 1,872-square-foot Los Betos Mexican restaurant, a 2,633-square-foot vacant building that once housed Sav-On Flowers and 23,092 square feet of parking space.
โThere is a strong demand for existing properties and development land on major thoroughfares like Speedway that are close to the University of Arizona,โ said David Blanchette, vice president with NAI Horizon who represented the seller. โIt is rare to see this much property offered for sale on Speedway. The sellers have owned the property for several years and decided that the time was right to sell and reinvest. It will be exciting to see how the new owners develop the property.โ
The seller was the Elizabeth McCuistion Living Trust of Ladera Ranch, Calif. The buyer, 2902-2952 E. Speedway LLC, was represented by John Ash, with CBRE.
โWe are seeing the resurgence of the smaller strip centers that include four to six shop spaces,โ Blanchette said, โwhich are attractive to cellphone companies, fast-casual eateries and even office/medical users that want high-traffic visibility.โ
Other recent commercial transactions include:
- Chi Ying Tsang and Bao Ge Chen bought the former Mariscoโs restaurant at 356-368 E. Grant Road for $520,000. Gordon Wagner and David Dutson, of NAI Horizon, represented the buyer. Ian Stuart, of CBRE, represented the seller, the city of Tucson.
- AOR Management Co. of Arizona LLC leased 25,271 square feet at 2625 N. Craycroft Road from TMC Holdings Inc. Rick Kleiner, with Picor, represented the landlord. David Volk and Bruce Suppes, with CBRE, represented the tenant.
- Latitudes Furniture LLC leased 12,100 square feet at 4721 E. Broadway from Volk Holdings LLC and Volk Vision LLC. Kevin Volk, of Volk Co., represented the landlord, and the tenant was represented by Rob Tomlinson, with Picor.
- Savant of the West LLC, doing business as 1-800-Radiator, leased 6,230 square feet at 4175 S. Fremont Ave. from Doubletree Investments Inc. Stephen D. Cohen and Russell W. Hall, with Picor, represented the landlord. Ted Liles and Pete Wilson, with Cresa Phoenix, represented the tenant.
- The American Charter Schools Foundation leased 6,000 square feet at 1820 E. Irvington Road from EC Irvington Foundation LLC. Kevin Volk and Debbie Heslop, with Volk Co., represented the landlord. Justin Himelstein, of Cushman & Wakefield, represented the tenant.
- LaFleur French Market LLC leased 4,000 square feet at 1548 S. Euclid Ave. from RRN Inc. Max Fisher, with Picor, handled the transaction.
- Break Out Studios LLC leased 2,400 square feet at 5811-5813 E. Speedway from Reddington Plaza LLC. Robert Nolan, of Oxford Realty Advisors, handled the transaction.
- Quina and James McCalley leased 1,024 square feet at 6544 E. Tanque Verde Road to open Quina McCalley Jeweler. Jeramy Price, of Volk Co., represented the tenant, and the landlord, La Plaza Investors LLLP, was represented by David Carroll, of Romano Real Estate.
