TUCSON-A California-based investment firm has beat out five other investors to take ownership of two Osco Drug stores at prime Tucson locations in a $6.7-million deal that was sealed just 30 days after the properties went on the market.
"Everyone who was interested liked the locations," says Bob Broyles, senior vice president with Colliers International Inc.'s investment division in Phoenix. He teamed with Collier's agent Marc Bonilla to negotiate the deal for the seller, Commercial Industrial Realty Co. of New York City.
Broyles tells GlobeSt.com that interest in the 13,500-sf, net-leased properties at 7499 E. Broadway Blvd. and 6895 E. Sunrise Dr. initially sparked inquires from more than 50 investors, but only five sent letters of intent indicating their interest in purchasing the free-standing sites. West Coast Land Co. from Los Angeles came out the winner in the negotiations, taking locations to satisfy a 1031 exchange.
Broyles says both properties are "irreplaceable" locations along prime commercial corridors. The drug-store tenant has 15-year leases for both stores. Steve Fernandez and Andrew Forsberg, both with CBRE's Phoenix office, represented the buyer.
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