Walgreens store #3837, 1550 W Valencia Rd, Tucson, AZ
An investment sale of Walgreens at 1550 W Valencia in Tucson traded for $5.7 million ($331 PSF) in an all-cash transaction. The property is a 17,085-square-foot building and was constructed in 1996 and did a lease extension prior to closing.
The seller was Transmark Valencia, LLC (Adam Karon) of Tucson and the investor, Anthony A Palermo and Beverly Hills Properties I, LLC of Milwaukee, WI.
Alvin Mansour, senior vice president investments and senior director and Ned Zivkovic, retail specialist with The Mansour Group of Marcus & Millichap in San Diego represented the seller.
In a written statement, Mansour commented on the retail market, “We are continuing to see high… Read more
Pizza Hut Main Street Marketplace out parcel
Phoenix, Ariz. – CBRE has completed the sale of a free-standing Pizza Hut ground lease located at the southeast corner of Main Street and Dobson Road in Mesa, Arizona. The asset commanded a sale price of $608,000.
Andrew Fosberg and Molly Busch with CBRE’s Phoenix office represented the seller, Mesa Partners, LLC of Portland, Ore. The buyer, Riverside, Calif.-based Grand Corona One, LLC, was represented by Alan Fruitman with Real Estate Foundation, Inc. and purchased the property as part of a 1031 exchange.
Built in 1991, the ±1,285-square-foot retail property sits on a ±0.231-acre parcel. The property’s original ground lease began in 1991 and the tenant, a Pizza Hut franchisee, has subsequently… Read more
Rio Nuevo TIF Boundaries
Rio Nuevo has been hampered all along by not being allowed access to the information held by Arizona Department of Revenue necessary to identify merchants that don’t properly self-code their Transaction Privilege Tax forms within the Rio Nuevo TIF District as shown above. Proper coding of these forms does not increase a merchant’s tax liability, it merely allows State tax funds to be allocated and directed correctly to the Rio Nuevo District for use within downtown Tucson. If the proper code is not used the tax receipts go into the State’s general fund and not to the Rio Nuevo District. This lack of visibility has created certain bond rating issues recently due to the… Read more
WASHINGTON, D.C. — For the third quarter in a row, apartment markets expanded across all four areas of the National Multifamily Housing Council (NMHC) Quarterly Survey of Apartment Market Conditions. Market tightness (52), sales volume (58), equity financing (54) and debt financing (71) indexes all remained above 50 – indicating growth from the previous quarter.
“The apartment markets are still firing on all cylinders,” said Mark Obrinsky, NMHC’s SVP of Research and Chief Economist. “Demand for apartment residences is still strong enough to offset the gradually rising level of new apartment deliveries. Even with occupancy rates at high levels, markets got just a bit tighter in the last three months.”
The survey also asked about apartment demand from demographics… Read more
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.
On Wednesday, the Dow Jones Industrial average fell 31.44 points, or 0.2%, to 16,974.31. The S&P 500 fell 2.75 points, or 0.1%, to 1,982.30 The Nasdaq composite fell 15.07 points, or 0.3%, to 4,549.23.
Benchmark U.S. oil rose 78 cents to $82.20 a barrel. Brent crude, the global benchmark, gained $1.09 to $87.12 a… Read more