Sahuarita
REAL ESTATE
Marcus & Millichap Facilitates the Sale of Hawaiian Bros, a 4,520-SF Net-Leased Property in Tucson, Arizona
The asset sold for $3,925,925 ($869 PSF). “The property was on the market for four months, and the buyer is using the property to satisfy his 1031 requirement,” says Mark Ruble, an investment specialist in Marcus & Millichap’s Phoenix office. “Our team has been able to leverage local market knowledge, asset experience, and a national platform for this transaction.” Ruble, Chris Lind and Zack House, investment specialists in the firm’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The sale included a brand new 15-year absolute triple-net (NNN) lease with corporate guaranty and 10 percent rental increases every five years with multiple renewal options.
Real estate transactions: Week of June 28, 2024
Larsen Baker, through its affiliate Commerce Center Developers LLC and Volk Company through its affiliate Commerce People LLC, recently acquired the 135,760 square feet/flex building on 15 acres at 2700 and 2800 E. Commerce Center Place, Tucson, for $9,231,680 ($68/sf). Intuit will continue to occupy 70,000 square feet, and 65,000...
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