GRE Partners, LLC in Tucson announced the sale of several industrial and retail closings this week with an aggregate sale price of $4.44 million in three transactions.

Clairemont Partners LLC purchased Clairemont Plaza, a 67,609-square-foot multi-tenant business park from Foothills Business Ventures LLC for $3.65 million ($54 PSF). Located at 22^nd Street and Pantano Road, Clairemont Plaza is at 1660-1684 S Research Loop in Tucson consisting of five buildings within the Eastside Research Commerce Center, a light industrial / warehouse / manufacturing, flex space business park. Built in 1986, the property sits on a 5.65-acre lot.

Gary Emerson of GRE Partners LLC represented the seller and Rob Glaser of Cushman & Wakefield | Picor represented the investor.

7770 AKE LLC, dba Marcel’s Total Fitness & Athletics, purchased a 7,200-square-foot former day care center at 7770 E. Wrightstown Road in Tucson for $572,000 ($79 PSF).  The seller was Realty Income Corporation. The buyer purchased the property to convert it into a state-of-the-art fitness and training facility. Property is located at the southwest corner of Wrightstown and Pantano Road, adjoining Catalina Village Shopping Center anchored by PetCo and Brawley’s Restaurant.

The buyer was represented by Gary Emerson of GRE Partners, LLC and the seller was represented by Rob Tomlinson of Cushman & Wakefield | Picor.

All Makes and Models Auto Repair, a tenant in building prior to sale, purchased the auto repair facility at 1305 E. Benson Highway in Tucson from Corfinium Holdings LLC of San Francisco for $220,000 ($72.37 PSF). The buyer plans to continue to occupy the 3,040-square-foot buildings on .74-acre as an owner / user.

Gary and Randy Emerson of GRE Partners, LLC represented the Seller in the transaction.

For more information, Glaser and Tomlinson can be contacted at 520.748.7100. Gary and Randy Emerson should be reached at 520.305.3589.

To learn more, see RED Comp #3821, #3838, and #3841.

Phoenix, AZ – Business Real Estate Weekly is reporting Greystar Development, Inc. of Charleston, SC (Bob Faith, CEO) has filed for zoning approval in Phoenix to develop a 171-unit, age restricted housing complex within the Kierland community in the northeast Valley.

The luxury rental project is being called Overture, and is targeted for a 2.45-acre site located at the northeast corner of 71^st Street and Tierra Buena Lane. The property address is 15801 N 71^st Street in Scottsdale, AZ and is not occupied by a vacant commercial building previously used as a furniture store.

That 21,710-square- foot building will be razed if the proposed Planned Unit Development (PUD) is approved.

The sale of the site with an estimated sale price of $6 + million (roughly $60 PSF) is contingent on zoning approval.

The seller is Legacy Kierland LLC of Denver, CO (Daniel Vecchiarelli, principal).

Tom Boyle of Lee & Associates in Phoenix and Mark Forrester, Ric Holway, Dan Cheyne and Tom Wolff of Berkadia in Phoenix are brokering the deal.

Greystar would like to be underway with construction by year-end to have the units ready for occupancy by first quarter 2018.

For more information, contact Berkadia agents at 602.955.1122 and Boyle can be reached at 602.956.7777.

To read full article click here.

Colliers International’s Hahn, Sherman and Koskovich Negotiate Sale of 161-Unit Asset

Phoenix, AZ – Colliers International in Greater Phoenix negotiated the sale of Silver Cliffs Apartment Homes at 1570 Paseo Grande in Bullhead City, Arizona, for $8.95 million or $55,590 per unit.

Colliers International’s executive vice presidents Bill Hahn, Jeff Sherman and Trevor Koskovich represented both the seller and buyer. The seller was Thompson Corporation of Brookfield, Wisconsin.

The buyer was Walika Properties of Van Nuys, California, a private investment company specializing in multifamily and commercial properties. This represents their first acquisition in this market.

“This transaction is evidence of higher yields that can be attained in smaller markets,” said Koskovich. “Silver Cliffs offered a well-positioned asset with positive cash flow, competitive market rents and a high occupancy of 98 percent. Walika Properties acquired the asset in the completion of a 1031 tax-deferred exchange, with new financing arranged through Bank of The West.”

Silver Cliffs is a 161-unit apartment community built in 1993, consisting of 118,400 square feet in six two- and three-story buildings on approximately 4.86 acres. The property offers 106 one-bedroom and 55 two-bedroom units with full-size washers and dryers, dishwashers, large walk-in closets, patio or balcony, and storage areas. Common amenities include reserved covered parking plus additional open parking, heated swimming pool, 24-hour fitness center, basic cable and 24-hour maintenance.

Silver Cliffs is conveniently located north of Silver Creek Road, a major thoroughfare, and two miles from SR-95, which connects north to Nevada, south to California and to other major highways. The community is in proximity to K-12 schools, Mohave Community College, shopping centers, grocery stores and two parks.

Situated on the east side of the Colorado River near the junction of Arizona, California and Nevada, Bullhead City is one of Arizona’s fastest growing communities. As the sister city to Laughlin, Nevada, and just 90 minutes from Las Vegas, tourism is a primary economic driver centered on the resort and gaming industry. To the south is the Fort Mojave Indian Tribe’s casinos and recreational facilities. The Colorado River and Lake Mead National Recreation Area offer visitors and residents year-round recreation.