5523 E Grant Road, Tucson
Nam Le Nguyen, Inc. (Dr. Nam Le Nguyen, president) of Tucson purchased the former Wingers Diner at 5523 E Grant Road in Tucson for redevelopment for La Cholla Dental practice. The property commanded a sale price of $470,000 ($159.75 PSF) and consists of a 2,942-square-foot building (built 1996) on approximately 28,286-square-feet of land northeast of Craycroft and Grant Roads.
The exterior of the building reflects the original use of the building as a Wingers Diner, while the interior underwent extensive renovations in 2004 transforming it into a hair salon for tenant, Images Salon and Spa. The construction is block frame with steel, wood and stucco exterior including the main entry along the south… Read more
Two North Phoenix Apartment Complexes Sell for $91.2 Million
Trillium North Apartments
Phoenix – Starlight Investments Ltd. of Toronto, Ontario, Canada (Daniel Drimmer, CEO) purchased 634 apartment units in two north Phoenix complexes for $91.2 million ($143,849 per unit blended average). The deal was brokered by Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix. Both acquisitions were made by a limited partnership formed by Starlight U.S. Multi-Family Core Fund, which is managed by Starlight Investments. In one of the transactions, North 7th Street Acquisition LP paid $48.712 million ($135,313 per unit) to acquire the 360-unit Trillium Deer Valley apartments at 20425 N. 7th Street. The seller was 7th and 101 Apartments Phase I LLC (Trillium… Read more
Photo courtesy of Cronkite News
Cronkite News is reporting on a recent National Association of Realtors report that shows Tucson and Phoenix-area renters have had to deal with a double whammy: Dwindling or stagnant incomes coupled with significant rent hikes.
The report, released last week by the National Association of Realtors, indicated the two metro areas are among those where the gap growth between rental costs and household income is increasing.
“It’s something we are watching since rising housing costs are getting to unhealthy levels,” association spokesman Adam DeSanctis said.
The association collected data on 70 major metro areas and analyzed household income growth, housing costs and homeownership changes in renter and owner-occupied households over the past… Read more
First launches of wireless-guided missiles from airborne platform
TUCSON, AZ– In the first of its kind launch, Raytheon Company (NYSE: RTN) fired tube-launched, optically-tracked, wireless-guided (TOW®) 2A radio frequency (RF) practice missiles from an AH-1W Cobra attack helicopter during a December exercise.
TOW, a tube-launched, optically-tracked, wireless-guided (TOW) weapon system, with the multimission TOW 2A, TOW 2B Aero and TOW Bunker Buster missiles, is the premier long-range, precision anti-armor, anti-fortification weapon system used throughout the world today. TOW is in service in more than 40 international armed forces and integrated on more than 15,000 ground, vehicle and helicopter platforms worldwide. Raytheon has delivered more than 690,000 TOW missiles to U.S. and allied warfighters. The TOW weapon system… Read more
Real Estate Daily News Buzz – business perspectives, real estate, government, the Fed, local news, and the stock markets
Real Estate Daily News Buzz is designed to give news snippets to readers that our (yet to be award winning) editors thought you could use to start your day. They come from various business perspectives, real estate, government, the Fed, local news, and the stock markets to save you time. Here you will find the headlines and what the news buzz for the day will be.
Monday, the Dow Jones industrial average gained 263.65 points, or 1.5%, to 17,976.31. The Standard & Poor’s 500 index added 25.22 points, or 1.2%, to 2,086.24. The NASDAQ composite rose 56.22 points, or 1.2%, to… Read more