Property Tours: Property tours are available by appointment only. Please RSVP with Rob Tomlinson at 520-240-4299. Investment Highlights: * Located West of I-10 * Less than 1 mile from St. Mary’s Hospital * Rapidly growing Westside area * Easy conversion to other use * Redevelopment opportunity: Up to ± 120,000 SF of land that can be divided * Opportunity to develop up to 3 pads * Easy conversion to other use * 8.8% site coverage ratio Investment Overview: The opportunity is 2.75 acres in Tucson, AZ with a 10,670 sq. ft. restaurant. The Property is located at 1095 West St Mary’s Road, situated at the intersection of West St Mary’s Road and North Bonita Avenue. The restaurant, built in 1983, is currently 100% occupied. The current tenant, Furr’s Friendly Service Restaurant, is on a month-to-month lease, terminable by either party with a 30-day notice. The lease is NNN plus $500 per month. The average daily traffic count at the intersection of West St Mary’s Road and North Bonita Avenue exceeds 31,000 vehicles. The Property has ample parking around the building. The parcel is zoned C-2, Commercial, and I-1, Light Industrial, which can allow for redevelopment. The Property is the leasehold interest of a ground lease agreement signed January 3, 2011 between RM 14 FK Corp (Landlord) and Lynx Associates, LP (Tenant). The lease start date was 1/3/2011 and expiring 1/1/2014. A first amendment dated November 21, 2013 between Tucson Lynx, LLC (successor in title to RM 14 FK Corp) and Hume Arizona Holdings, LLC (successor in title to Lynx Associates, LP) picked up the first renewal option, extending the lease to January 1, 2019. The ground lease has renewal options every 5 years, bringing the final extended maturity of the ground lease out to the year 2086. The ground rent is a fixed net rent payable in equal semi-annual installments of $19,696.10. There are no escalations in the ground rent. There is an Option to Purchase the Premises at the end of each lease term. The leasehold interest has a right of first offer, should the land owner want to sell. The Property is conveniently located approximately 0.7 mile southwest of the interchange of West Speedway Boulevard and Interstate 10, providing access west to Phoenix and east to New Mexico. The Property is 112 miles southwest of Phoenix and approximately 67 miles north of Nogales, Mexico. The University of Arizona is approximately 2.2 miles to the east and Pima Community College-West Campus is three miles to the west. Tucson International Airport is within 12 miles to the south. Surrounding land uses include single-family homes and commercial/retail properties to the north and west; residential, multi-family, and commercial properties are to the south and east. The Property is adjacent to the Lantana Apartment Homes to the west and south and across North Bonita Avenue are the Zona Rio Apartments. The area’s demographics include an estimated 2017 population of 107,451 people with an average household income of $43,818 within a 3-mile radius of the Property.
« show less
Retail Space
© 2008-2024 Rofo.com. All rights reserved.