Evergreen Mortuary and Cemetary at 3015 N Oracle Road sold to NorthStar Cemetary Services of Arizona, an affiliate of NorthStar Memorial Group of Houston, TX for $2.617 million. In an all cash transaction, The Tucson Cemetary Association sold 13,741-square-feet of buildings and 92 acres at Oracle and Miracle Mile Roads in Tucson.

The Tucson Cemetary Association has 7 principals. The principals are J Anne A. Vandenberg from Tucson AZ, J Anne Addison Vandenberg from Tucson AZ, Jean W. Addison from Tucson AZ, Jeff Addison from Tucson AZ, Peter Callaghan from Tucson AZ, William B. Addison from Tucson AZ, and Williams B. Addison from Tucson AZ.

Evergreen Cemetery started in 1907. From 1914 to 1916 the tombs and gravestones from Old City Cemetery were moved to Evergreen Cemetery.  The burial site contains the most significant of Tucson’s prominent burials. While Tucson’s original cemeteries were closer to downtown, Evergreen and Holy Hope Cemetery were established when the city boundaries began pushing north and west in 1907, and remains perhaps the most significant historically in a single location for the area, from elaborate Victorian to simple headstones, the property is a piece of Tucson history.

NorthStar Memorial Group is a privately held funeral, cremation and memorialization company based in Houston, TX founded to care for the dead, comfort the living, and plan for the inevitable.

This is NorthStar’s second location in Arizona, it also owns Smart Cremation in Scottsdale.

NorthStar Memorial Group has been growing by acquisitions and mergers. Many of the current NorthStar Memorial Properties were family run businesses or small corporations that shared the entrepreneurial spirit in their commitment to serve.

According to the Tucson Historical Society some famous people buried at Evergreen include:
Asa Clapp 1805
Asher Hinds 1863
Carroll L. Beedy 1880
Charles W. Goddard 1879
Charles W. Walton 1819
Cornelius C. Smith 1869
Cornelius Cole Smith, Jr. 1913
Curt Roberts 1929
Eddie Anderson 1905
Elbridge Gerry 1813
Emmor Cope 1834
Ether Shepley 1789
Francis Fessenden 1839
Francis H. Fassett 1823
Francis Ormand Jonathan Smith 1806
Joe Hayashi 1920
Frank Augustus Miller 1858
Frank Fixaris 1934
Gary Vinson 1936
George Baird Hodge 1828
George Foster Shepley 1819
James Deering Fessenden 1833
John Appleton 1815
John J. Perry 1811
John Lynch 1825
Joseph C. Noyes 1798
Kiyoshi K. Muranaga 1922
Lorenzo De Medici Sweat 1818
Louise Beavers 1902
Marianne Moore 1887
Nathan Clifford 1803
Ted T. Tanouye 1919
Neal S. Dow 1804
Obed Hall 1757
Samuel C. Fessenden 1815
Samuel Fessenden 1784
Silas Lee 1760
Slow Joe Doyle 1881
T. A. D. Fessenden 1826
Thomas Brackett Reed 1839
William F. Cogswell 1819
William H. Horsfall 1847
William LeBaron Putnam 1835
William P. Fessenden 1806
Willits J. Hole 1858
Zack Williams 1884

GLENDALE, AZ– Cushman & Wakefield of Arizona, Inc. negotiated a long-term lease for 23,288-square-feet of industrial space at 5714 N. 51^st Ave., bringing Sunbelt Rentals, Inc. to the property.

This marks a new location for Sunbelt Rentals Inc., the second-largest equipment rental company in the United States. Sunbelt took occupancy of the property this month and is occupying the entire building.

“The landlord’s property offers the tenant a desirable location for its equipment rental business,” said Keri Scott. “Its proximity to major arteries (NW Grand Ave. and W. Bethany Home Rd.) makes this facility ideal for the company’s clients in the construction industry.”

Scott, Jackie Orcutt and John Grady of Cushman & Wakefield represented the landlord, ABC Contractor Supply Co. in the lease negotiations. Rob Martensen of Colliers International represented the tenant.

To learn more Scott and Orcutt can be reached at (602) 253.7900, Grady should be called at (602) 229.5834. Martensen can be contacted at (602) 222.5082 and go to www.sunbeltrentals.com for more information.

Phoenix – Growing Renter Pool Fueling Investment Activity

Asking rents reached a cyclical high in Phoenix, hitting $804 per month in the second quarter. This marked a 2.6% increase from one year ago. In addition, a handful of submarkets in the Valley posted annual rent increases of 6% or more.

Development activity is gaining momentum. Nearly 7,000 units are currently under way, up from approximately 5,600 under construction in the first quarter. Development is concentrated in low-vacancy cities in the East Valley.

Seasonal factors caused a short-term uptick in local vacancy to 6.9% in the second quarter, but the rate remains 90 basis points lower than one year ago. Despite the recent rise, approximately 80% of submarkets in the Valley have recorded year-over-year vacancy increases.

Sales activity surged in the second quarter following a slowdown in the first three months of the year. The median price in deals closed year to date is $52,000 per unit, although there is a great deal of volatility based on property age, Class and location.

To read the full Phoenix Q2 report from Colliers International click here: Phoenix Multifamily Market Report 2Q14

Tucson – Investment Activity Gains Momentum as Vacancy Continues to Dip

Sales velocity spiked in the second quarter in metro Tucson, after minimal activity in the beginning of the year. The median price in transactions closed year to date reached $40,200 per unit, the highest figure since 2008. Investors are responding to the steady improvement in the Tucson multifamily market by stepping up acquisition activity.

Looking forward, the construction sector could serve as a catalyst to the local economy. Single-family permitting has nearly doubled from lows recorded in 2011, but construction employment has only inched higher. As those permits become housing starts, local construction employment should gain momentum. This trend could also spark some acceleration in local population growth, which would support renter demand for apartments. In the aftermath of the housing bust, local population growth slowed to near zero, in part because construction workers relocated out of the metro. Going forward, population gains of 1 percent or more per year are forecast.

Multifamily vacancy in the Tucson metro area ended the second quarter at 9.1%, an improvement from 9.3% in the first quarter and down from 9.4% one year ago.

Asking rents have increased 0.9% over the past 12 months to $639 per month. The more significant increases have been recorded at both ends of the quality spectrum, with Class A and Class C asking rents each rising more than 2% year over year.

To read the full Tucson Q2 report from Colliers International click here: Tucson Multifamily Market Report 2Q14_