This article has been archived, please login for access or subscribe now for a free trial.

Feb. 22, 2013 Rick Engineering Company, Inc. (Paul Iezzi, President and Bruce Paton, Secretary), a division of Rick Engineering of San Diego, purchased four office condos on two-stories, with an aggregate of 16,900 sq. ft. for[mepr-show rules=”58038″]$3.5 million, or $207 per sq. ft. at the Puente Nuevo Plaza, 3945 E Fort Lowell Road in Tucson.. Rick Engineering was previously a tenant of the same space in the 27,000 sq. ft. two-story building. The seller was Puente Nuevo Development, LLC of Park City, UT an affiliate of Craig Masters Investment of Tucson (Craig Masters, principal).

Rick Engineering has been working in Tucson since 1987, and moved into its current office at Puente Nuevo in 2008, shortly after the building was completed. Puento Nuevo Plaza sits on 5.6 acres at the northeast corner of Alvernon and Fort Lowell, other tenants in the building include Dehnert Dental and Congressman Ron Barber.

Rick Engineering is a privately-owned corporation founded 1955 by Glenn A Rick in San Diego that offers a full scope of planning, design and engineering services. Today, it has eight locations in San Diego, Riverside, Orange, Sacramento, San Luis Obispo, and Bakersfield in California, and Phoenix and Tucson in Arizona serving the Southwest.

Some of its projects in and around Tucson include La Encantada, Gladden Farms Master Community, Williams Center, Cienega High School in Vail, The Gallery at Dove Mountain, Loews Ventana Canyon Resort, Miraval Resort & Spa, Tangerine Crossing, Rancho del Lago Clubhouse & Golf Course, Titan Missile Museum in Sahuarita, University of Arizona Learning Center, Intuit, Raytheon ATA Building, Joesler Village, Whetstone Ranch and Texas Instruments.

According to Bruce Paton, a partner with the Rick, “the decision to buy now instead of continue leasing was made because of the current low interest rates and favorable terms that were able to lower their monthly overhead.”Financing was handled by Donna Cotlow, Sr. Business Development Officer at Wells Fargo Bank SBA Lending. There were no real estate brokers involved in the transaction.

For more information on Rick Engineering, contact Bruce Paton at (520) 795-1000. Craig Masters can be reached at (520) 615-5268. Call Donna Cotlow of Wells Fargo SBA Lending is at (520) 577-2200.

[/mepr-show]

This article has been archived, please login for access or subscribe now for a free trial.

Summit Raintree, an entity formed by privately-held Summit Equity Investors, Inc. of Los Angeles, CA (Joseph Rosen, President) purchased the 364-unit Raintree Apartments at 6450 E. Golf Links Road for[mepr-show rules=”58038″]$9.25 million, or approximately $25,400 per unit. The seller was Raintree Associates, an affiliate of Thompson Michie Associates, Inc. of Salt Lake City, UT (Trenton Michie, partner).

The 143,299 sq. ft. gated community was built in 1983, and consists of 20 two-story buildings on 10 acres. The property was 89% occupied when it sold, with 40 vacant units.

The unit mix has studios, one- and two-bedroom units, with 66% one-bedrooms. Community amenities include: disability access, pet friendly without weight restrictions, short term rentals available, basketball courts, clubhouse, emergency maintenance, fitness center, free gym passes, gated access, courtesy night patrol, high speed internet, laundry facility, public transportation, heated swimming pool, whirlpool/spa, volleyball court, racquetball court, gazebo, lush landscaping, gas grills, carports, free DVD library, jogging track and picnic area, and a resident referral program. Apartment amenities include: oversized closets, dishwasher, air conditioning, view, vaulted ceilings/skylights, and expanded basic cable.

The transaction was negotiated by Art Wadlund of the newly renamed Hendricks-Berkadia in Tucson, its first Tucson transaction since the merger between Hendricks & Partners and Berkadia Commercial Mortgage, LLC. Berkadia financed the sale for Summit Equity Investments.

Berkadia Commercial Mortgage, LLC a joint venture between Berkshire Hathaway and Leucadia National Corporation, is a master and primary servicer managing a portfolio of more than $200 billion at year-end 2012. As a correspondent for insurance companies and other institutional lenders and a leading approved lender for Fannie Mae, Freddie Mac and HUD/FHA, Berkadia offers clients access to capital for the acquisition, construction, rehabilitation or refinance of multifamily and commercial properties.

For more details, contact Art Wadlund of Hendricks-Berkadia at (520) 299-7200. Trenton Michie can be reached at (801) 532-6143. Joseph Rosen of Summit Equity is at (310) 477-5300 and the Raintree Apartments leasing office is at (520) 441-7750.

[/mepr-show]

This article has been archived, please login for access or subscribe now for a free trial.

As 2013 progresses, the commercial real estate market continues to settle into a “new normal,” largely reflected by the number of bank owned properties, or REOs, lenders can clear off their books each month. There were five REO sales in Pima County from January 1 to February 28, 2013.

The Bank of Oklahoma sold an 8,142 sq. ft. outparcel at Heritage Plaza, 2912 W Ina Road in Tucson for[mepr-show rules=”58038″]$1.95 million, or $239 per sq. ft. The retail building was fully occupied with three tenants when it sold: Einstein Bagels, Foothills Barbers and Cici’s Pizza. The property sold at an approximate 8.5% cap rate. LCL Heritage, LLC of Tucson (Danny Leung, manager) was the investor. Jordan Simon of Venture West in Tucson brokered the deal for the bank.

Zions First National Bank of Salt Lake City, UT sold a 10,212 sq. ft. storefront at 4622-4628 East Speedway in Tucson for $295,000, or $29 per sq. ft. The 10,212 sq. ft. retail building was constructed in 1963 on a 30,933 sq. ft. lot. Speedway Swan Plaza, LLC of Tucson (Ameen Mneimneh and Azzam Taleb) was the buyer. Robert Nolan of Oxford Realty Advisors handled the transaction for buyer and seller.

The Bank of Tucson sold a 4,345 sq. ft. office building at 6380 E Tanque Verde Road in Tucson for $245,000, or $56 per sq. ft. The freestanding building with four office suites was built in 1982, and was vacant at time of sale. Real Property Management Rincon, Inc. of Tucson (Chet & Erika Judd) was the buyer, a property management firm that purchased it to owner occupy. Bill MacMorran of MacMorran Realty represented the seller in the transaction.

The Commerce Bank of Arizona sold Desert Pines Eldercare, a 10-bed assisted living facility at 17420 S La Canada Drive in Sahuarita for $240,000, or $24,000 per bed. This 2,962 sq. ft. building was constructed in 1975 on 1.31 acres. KC2 Group, LLC of Tucson (Kevin H Concannon Jr. & Sr.) was the buyer.

Bank of Tucson sold four office condominiums at the Broadmoor Executive Center, 184-190 S Stratford Drive in Tucson for $150,000, or $30 per sq. ft. The property that sold for $112 per sq. ft. in 2008, was vacant at time of sale. 420 Aviation, LLC of Tucson (Rich Rodgers) was the buyer. Brandon Rodgers of Picor Commercial Real Estate Services handled the transaction for buyer and seller. Rodgers is also leasing the property.

For more information from The Bank of Tucson, contact Robert Placzek at (520) 321-4500. Commerce Bank of Arizona can be reached at (520) 797-4160. Zions First National Bank is at (801) 844-7000. Leslie Warren of the Bank of Oklahoma can be contacted at (918) 619-0984. To reach Robert Nolan at Oxford Realty Advisors call (520) 232-0200. Brandon Rodgers of Picor is at (520) 546-2714. Jordan Simon of Venture West can be contacted at (520) 722-9292. Bill MacMorran of MacMorran Realty is reached at (520) 991-4649.

[/mepr-show]