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CENTRE POINT PLAZA46,685 RSF OF IN-LINE RETAIL
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Tucson, AZ
Jon O’SheaDesignated Broker
520-624-9400 - Office520-780-4743 - [email protected]
RETAIL INVESTMENT OPPORTUNITY
OFFERED AT $7,400,0007.3% CAP RATE
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S OFFERING INTRODUCTION
This offering provides investors with the oppor-tunity to acquire 46,685 SF of in-line retail space. Centre Point Plaza is a 104,311 SF plaza located in a strong trade area, on the southeast corner of Campbell Avenue and Irvington Road. The center is comprised of the following:
CENTRE POINT PLAZASubject PropertyIn-line Shop Space 46,685 square feet Food City Anchor Space 41,268 square feet
Burger King 2,700 square feet
China Buffet (VACANT) 5,400 square feet
Famous Sam’s 5,984 square feet
Taco Bell 2,274 square feet
TOTAL 104,311 square feet
The in-line shop space boasts an 85% occupancy rate and has a long history of stabilized income. Centre Point Plaza has historically maintained high occupancy due to foot traffic from surrounding residential and multi-family developments. Food City is a strong anchor for the plaza and, combined with national name pad users and local businesses, these retailers create a thriving shopping center that is well-positioned for any market fluctuation.
JON O’SHEA [email protected] 520-780-4743www.vasttucson.com/centrepoint
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S PROPERTY DESCRIPTION
BUILDING AREA
The subject consists of 46,685 square feet of in-line shop space in three buildings within the Centre Point Plaza shopping center.
TRAFFIC COUNTS
E. Irvington Rd: +/-23,127 CPD (2018)S. Campbell Ave: +/-22,309 CPD (2017)(Source: Arizona Department of Transportation)
CONSTRUCTION / ZONING
Centre Point Plaza was built in 1985.
Per the City of Tucson, the subject site is currently zoned as C1-Commercial.
LAND AREA
The listing consists of 2 parcels (Lot 3 and Lot 7) totalling approximately +/- 45,500 SF of land area.
140-12-2170 43,642 SF Lot 3140-12-2210 140,328 SF Lot 7TOTAL: 183,970 SF
LOCATION / SITE
1992 - 1998 & 2002 - 2038 E Irvington RdTucson, AZ 85714
Centre Point Plaza is located at the SE corner of Irvington Rd and Campbell Ave in the city of Tucson, AZ.
Parcel No. Address 140-12-2170 1992 E Irvington Rd 1994 E Irvington Rd 1996 E Irvington Rd 1998 E Irvington Rd140-12-2210 2002 E Irvington Rd 2004 E Irvington Rd 2006 E Irvington Rd 2008 E Irvington Rd 2012 E Irvington Rd 2014 E Irvington Rd 2016 E Irvington Rd 2018 E Irvington Rd 2020 E Irvington Rd 2024 E Irvington Rd 2032 E Irvington Rd 2038 E Irvington Rd
ACCESS
Access points into the center include 2 entrances off Irvington Rd and 3 entrances off Campbell Ave.
JON O’SHEA [email protected] 520-780-4743www.vasttucson.com/centrepoint
© 2019 VAST commercial real estate solutions, llc. all rights reserved. this information has been obtained from sources that are believed to be reliable but has not been verified for accuracy or completeness. if this information is material to you, you are advised to verify all information independently; any reliance on this information is solely at your own risk.
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Irvington Road
Cam
pbel
l Ave
nue
El ConquistadorApartments
201 Units
IrvingtonPlaza
Bank of AmericaFinancial Center
Drexel Road
Tres PueblosSubdivision
Rivera ParkElementary
Cher
ry A
venu
e
SunnysideNeighborhood
Bravo Park LaneNeighborhood
Centre PointPlaza
South CornerstoneApartments
60 Units
JON O’SHEA [email protected] 520-780-4743
Drexel ParkNeighborhood
www.vasttucson.com/centrepoint
MAJOR TENANTSVA
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Cricket Wireless is a wholly owned subsidiary of AT&T that provides wireless services to 10 million subscribers in the United States. Cricket provides affordably priced cell phone plans and a high-quality, reliable network. There are currently 5,000 retail locations as of 2019. Cricket is headquartered in Atlanta, Georgia.
Little Caesars is the third-largest pizza chain in the United States.It operates and franchises pizza restaurants in the United States and internationally in Asia, the Middle East, Australia, Canada, Latin America and the Caribbean. The company was founded in 1959 and is based in Detroit, Michigan.
DaVita Inc. provides kidney dialysis services through a network of 2,664 outpatient dialysis centers in the United States, serving 202,700 patients, and 241 outpatient dialysis centers in other countries. It is organized in Delaware and based in Denver.
The UPS Store network is the world’s largest franchisor of retail shipping, postal, printing and business service centers. Today, there are more than 5,000 independently owned The UPS Store locations in the U.S., Puerto Rico, and Canada. The UPS Store, Inc., franchisor of The UPS Store brand, is a wholly owned subsidiary of United Parcel Service (UPS).
Dollar General Corporation is an American chain of variety stores headquartered in Goodlettsville, Tennessee. As of March 2019, Dollar General operates 15,472 stores in the continental United States. Dollar General has grown to become one of the most profitable stores in the rural United States with revenue reaching around $25.6 billion in 2018.
Rent-A-Center is an American public furniture and electronics rent-to-own company based in Plano, Texas. The company was incorporated in 1986 and as of 2019 operates over 2,800 company-owned stores in the United States, Canada, Puerto Rico and Mexico.
JON O’SHEA [email protected] 520-780-4743www.vasttucson.com/centrepoint
RENT ROLLVA
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Lease Term Rental Rates
Unit Tenant Name Square Feet (SF) Lease From Lease To Base Rent/
Month Total/SF
1990 Rent-A-Center 4,200 12/1/1998 11/30/2023 $ 5,600.00 $1.67
1992 VACANT 1,200 $ 0.00 $0.00
1994 Water Mart 600 6/1/1993 12/31/2020 $ 1,202.00 $2.00
1996 Zenith Vape 600 4/1/2018 3/31/2023 $ 824.00 $1.87
1998 Little Caesars 1,400 5/1/1998 4/30/2023 $ 1,512.11 $1.47
2002 Cricket Wireless 2,100 1/1/2002 7/31/2024 $ 3,538.50 $2.10
2004 UPS Store 1,050 5/15/1996 5/31/2024 $ 835.46 $1.20
2008 Nails First by Tom 1,000 1/1/1996 12/31/2022 $ 2,100.00 $2.10
2010 VACANT 1,650 $ 0.00 $0.00
2014 SuperPowers Nutrition 900 8/1/2017 8/31/2022 $ 1,100.00 $1.76
2016 Isela Lopez 900 8/26/2008 6/30/2020 $ 1,612.50 $2.19
2018 VACANT 2,640 $ 0.00 $0.00
2020 LA Insurance Agency 2,000 5/1/2008 4/30/2023 $ 2,731.82 $1.66
2024 DaVita Dialysis 10,910 8/1/2000 2/29/2024 $13,046.54 $1.44
2026 VACANT 1,356 $ 0.00 $0.00
2032 Dollar General 9,230 8/1/2003 12/31/2023 $ 9,469.75 $1.03
2038 TNT Fashion 3,936 1/1/2010 4/30/2023 $ 4,500.00 $1.14
SUMMARY Total Units % Total
AreaTotal
Base RentOccupied 13 85.0% 38,826 $48,072.68
Vacant 4 15.0% 6,846 $0.00
Totals 17 45,672 $48,072.68
JON O’SHEA [email protected] 520-780-4743www.vasttucson.com/centrepoint
STABILIZED PRO-FORMAVA
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IncomeRent $ 683,225 Annualized Rent Roll & Vacancy at Market
Reimbursements $ 342,695 2018 YE Pro-Forma
Other Income $ 2,893 T12 (9/30/19)
Pro-Forma Gross Income $ 1,025,920
Less Vacancy & Collection Loss $ (153,888) 15% (Actual Vacancy)
Effective Gross Income $ 872,032
ExpensesTotal Expenses $ (332,110) T12 (9/30/19)
NOI $ 539,922
JON O’SHEA [email protected] 520-780-4743www.vasttucson.com/centrepoint
SITE MAPVA
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LOT 7
Unit Tenant Name Square Feet
2002 Cricket Wireless 2,100
2004 UPS Store 1,050
2008 Nails First by Tom 1,000
2010 VACANT 1,650
2014SuperPowersNutrition 900
2016 Isela Lopez 900
2018 VACANT 2,640
2020LA Insurance Agency 2,000
2024 DaVita Dialysis 10,910
2026 VACANT (Storage) 1,356
2032 Dollar General 9,230
2038 TNT Fashion 3,936
LOT 3
Unit Tenant Name Square Feet
1990 Rent-A-Center 4,200
1992 VACANT 1,200
1994 Water Mart 600
1996 Zenith Vape 600
1998 Little Caesars 1,400
JON O’SHEA [email protected] 520-780-4743www.vasttucson.com/centrepoint
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JON O’SHEA [email protected] 520-780-4743www.vasttucson.com/centrepoint
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JON O’SHEA [email protected] 520-780-4743www.vasttucson.com/centrepoint
