TUCSON—CBRE has completed the sale of a 24-property gas station and convenience store portfolio for properties in Tucson and throughout Southern Arizona. The portfolio commanded a sale price of $39.75 million.

Pete Villaescusa and Jesse Peron in CBRE's Tucson office represented the seller, Reay's Ranch Investors, LLC of Tucson. The buyer was a national REIT, American Realty Capital Properties.

Of the 24 convenience store locations, eight are in the Tucson area, and the rest are located throughout Southern Arizona. Under a new master lease agreement between ARCP and El Paso, Texas-based Western Refining, the stores will be rebranded and operate under the “Giant” moniker. In addition to the twenty four sale properties, another seven locations were leased to Western Refining for a total of thirty one new locations for their company to operate.