REAL ESTATE DAILY NEWS
May 30, 2013
El Molinito of Tucson (Wayne & Margaret Hallquist) purchased the former Chicago-style pizza parlor at 10180 N Oracle Road in Oro Valley for $1.25 million ($171 PSF). This will be its fourth restaurant location in the area. The 7,295 sq. ft. restaurant (built 2001) on 1.38 acres sold fully fixturized in an REO sale from Silver Point Capital’s affiliate SPCP Group IV, LLC.
The restaurant was most recently a Uno Chicago Grill franchise (2007) and later re-branded to the Loop Taste of Chicago. In 2007, the property was sold for $3.2 million.
El Molinito has been serving the Tucson Area for over 35 years and features a menu full of authentic Mexican dishes prepared fresh that is characteristic of their high standards and success. The conversion from pizza to Mexican food is currently with an architect for review and opening date will depend on the extent of renovation and licensing process. Hallquist anticipates a grand opening to be towards the end of summer and will be hiring approximately 40 new employees for this spot.
As in their other locations, they serve breakfast, lunch and dinner with a big menu. They will have a full bar with indoor and outdoor seating that takes advantage of the views of Pusch View Ridge. The restaurant is also known for their catering and have banquet facilities that include delivery and setup for celebrations at home, or elsewhere. They current locations are open Sunday-Saturday, 10:00 A.M.- 10:00 P.M.
El Molinito’s three other locations are at 5380 E 22nd Street in Tucson, 2323 N Pantano Road, Tucson and at 3675 W Ina Road in Marana.
JP Morgan Chase Bank handled financing for the sale.
Greg Furrier, Rob Tomlinson and Aaron LaPrise, Retail Specialists with Cushman & Wakefield / Picor Commercial Real Estate Services of Tucson, handled the transaction.
We caught up with Hallquist at El Molinito on Ina Road (520) 744-1188. Silver Point Capital is at (203) 542-4200. Furrier, Tomlinson and LaPrise with C&W / Picor can be reached at (520) 748-7100.
Link to original article on REDaily News
