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Super Star Car Wash

1505 W Valencia R, Tucson, AZ

Property Status


Lot Size

1 AC

Building Size

4,500 SF

Deal Type

Pad Sale

I had been searching on the southwest side for a potential pad site for some tenants I represent. Valencia Road west of I-19 is a busy area with a strong retail corridor, so I knew that finding a site here would attract multiple retail tenants. I noticed a 4.5-acre site on Valencia that wrapped around an existing Circle K gas station. The site was excellent, particularly the land fronting Valencia Road, and I wondered why it hadn’t already been developed.

After some research, I found out that it was owned by a healthcare group that didn’t seem to have plans for a hospital or any project on the site. I felt they might be willing to sell. Although the property was 4.5 acres, I only wanted the front 1.5 acres and didn’t have immediate plans for the back portion. I prepared an offer for the front portion and sent it to the healthcare group. To my surprise, they were open to selling but wanted to sell the entire thing. Their counteroffer was reasonable for the whole property, so I decided to go for it.

We quickly signed a Letter of Intent (LOI) and were close to finalizing a purchase agreement when the property owner received a much higher offer from another retail development company. The other group had a tenant lined up, allowing them to propose a higher price. The seller’s agent informed me they were seriously considering this higher offer.

Determined not to lose the deal, I identified the other buyer and decided to call them. I proposed, “I’m close to putting this deal together at a land price more than $1 million lower than your offer. You have a tenant interested in this site, which I also need. Why don’t we collaborate and do this deal together as a joint venture?” They liked the idea and pulled their offer, allowing the seller and me to finalize our purchase agreement based on our original terms.

Once escrow was opened, I put the joint venture together with the other group. We closed on the entire 4.5-acre parcel and immediately sold a 1-acre parcel to Super Star Car Wash for more than what the whole 4.5 acres cost us, thereby clearing a profit on the first deal and still having two pads remaining to sell or ground lease. The joint venture turned out to be very successful.

J. Clint Jameson, CDP

Managing Partner

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