Las Plazas at Old Vail, a 17-acre retail development at the northwest corner of Houghton and Old Vail Roads in Southeast Tucson, has landed its first wave of restaurant users. CBRE has recently completed the sale of the first three lots and the development will soon be home to a Taco Bell, Native Grill and Freddy’s Frozen Custard & Steakburgers.
Nancy McClure and Michael Laatsch with CBRE’s Tucson office negotiated the transactions on behalf of the seller, OVP Development Company, LLC. Taco Bell was purchased as a corporate store, but was then sold to a franchisee with the rest of the corporate Taco Bells in the Tucson market. The company purchased Lot 8 and was represented by Terry Dahlstrom of Volk Company. Native Grill, which will operate as a franchise, bought Lot 7 and was represented by James Neal with Hinkson Company. Freddy’s Steakburger, also a franchise operation, has purchased Lot 9 and was represented by John Hamner with Keller Williams.
“The purchase of the first three lots at Las Plazas at Old Vail confirms there is significant pent-up demand for retail and restaurant options in this underserved area. The surrounding neighborhood residents have expressed a desire for these additional options and users have taken notice,” said McClure. “This is a high-density residential area and is well equipped to handle additional retail amenities and these transactions are just the tip of the iceberg.”
Site work at the project in the form of underground utilities, grading, retention/detention, common drive aisles, landscaping, curbs and parking lot lighting began last spring and was recently competed. All three buyers are slated to begin construction soon and are projected to be open by year’s end.
Las Plazas at Old Vail is divided into fifteen lots ranging in buildable areas from 3,000 to 19,000 square feet. Las Plazas at Old Vail is designed to accommodate retail, office and industrial users. The remaining available lots are for sale to users and developers who want to provide build-to-suits to tenants. The site is approximately a mile and a half from the I-10 freeway, just south of the Rita Ranch master-planned community.
