TUCSON, ARIZONA — Inventory of office product for sale increased, with 511,000 square feet of listings added in 2019. Notable sales included the West Coast Capital Partners’ acquisition of 510,523-square-feet in the Williams Center for $47.5 million and Cambric Center for $20.85 million, purchased from the Colton Family Trust.2019.

RED Comps tracked 118 office sales in 2019 with an aggregate of $237 million / $178 average PSF represents the highest level of completions in seven years of data

“Office projects under construction at year-end totaled 176,000-square-feet. Due to slight negative absorption in Q4, Tucson’s 2019 overall office vacancy rate rose .3% to 8.9%. Despite this quarterly anomaly, annual overall net absorption clocked a healthy 460,732-square-feet,” according to Picor (Q4 2019 Market Trend).

Picor also closed on three office transactions in January as follows:

ABCO Solar, Inc. purchased 4,768-square-feet of office space located at 2505 N. Alvernon Way in Tucson.  The single-tenant, free-standing building was purchased from the Niesen Family for $323,000 ($67.74 PSF).  Molly Gilbert, Office Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction.

Craycroft Capital, LLC purchased 21,800-square-feet of office space located at 888 S. Craycroft Rd. in Tucson.  The multi-tenant, professional office building was purchased from 888 South Craycroft, LLC for $450,000 ($20.64 PSF). Buyer intends to occupy 8,000-square-feet and lease the remainder of building. Max Fisher and Molly Gilbert, with Cushman & Wakefield | PICOR, represented the buyer in this transaction. Bruce Suppes and David Volk with CBRE, Tucson, represented the seller.

302 S. Plumer, LLC purchased a 7,000-square-foot office/warehouse building which will be the new location for Pioneer Pools and Spas.  The industrial warehouse property, located at 302 S. Plumer Ave. in Tucson, was purchased from D.H.P., LLC for $455,000 ($65 PSF).  Paul Hooker, Principal and Industrial Specialist with Cushman & Wakefield | PICOR, handled this transaction.

For additional information, Hooker should be reached at 520.546.2704, Gilbert can be reached at 520.546.2766 and Fisher is at 520.465.9989. Suppes and Volk can be contacted at 520.323.5100.

To learn more, see RED Comp #7525, #7475 and #7486.

Phoenix, Ariz. – ABI Multifamily is proud to announce the $3,480,000 / $145,000 Per Unit / $202.09 per SF sale of Ocotillo Apartments in Phoenix, Ariz.

The Ocotillo Apartments transaction consists of 24 garden-style units in the North Central Phoenix submarket, conveniently located near Uptown Plaza, the Midtown Phoenix Light Rail, and the State Route 51 Freeway. In addition, the property is located down the street from the brand-new Wyatt Communities of Arizona Residential Development as well as a short 15-minute drive to Phoenix Sky Harbor International Airport.

With 24 units built in 1963, the Ocotillo Apartments feature six individual four-plex properties on separate parcels. The apartment community is comprised of 50% two-bedroom units and 50% one-bedroom units. All units are individually metered for electricity, while 66% of the units have private fenced backyards.

ABI Multifamily’s Mitchell Drake and Ryan Smith represented the seller. ABI Multifamily’s Dallin Hammond and Rue Bax represented the buyer.

“This is a great opportunity for the Buyer as the property is located right along the canal in Uptown Phoenix,” states Dallin Hammond, Vice President at ABI, who represented the buyer in the transaction. “With the properties being separately parceled and contiguous, it provides the Buyer with numerous exit strategies in the future.”

“The Seller’s initial plans were to hold these apartments long term and eventually buy out the remaining ownership within the community,” explained Mitchell Drake, Vice President at ABI who was in representation of the Seller. “Due to the low supply and high demand for multifamily in Uptown & Central Phoenix, the Seller decided to forgo his holding pattern and capitalize on the current market conditions.”

The Buyer is an Arizona-based private investor. The Seller is a New York-based private investor.

GILBERT, Ariz. – Restoration and facility maintenance professionals Corina Burton and Patrick Maez have combined their expertise and launched a new firm, CPR Construction Cleaning.

The Gilbert-based firm offers three phases of cleaning: progress/rough cleaning, final cleaning and touch-up cleaning. The company can handle projects from 300 square feet to more than 1 million-square-feet. Services include ongoing maintenance cleaning, hard-surface floor cleaning and maintenance, window cleaning, pressure washing and parking lot sweeping.

Burton and Maez possess more than 20 years of experience in business development, managing strategic national accounts, marketing, sales and relationship building. Burton previously served as Director of Business Development at EHS Restoration. Maez formerly was Executive Director at Square Care, a mission-critical/data center cleaning and carpet and textile cleaning firm.

“Our clients range from general contractors, commercial real estate professionals, property managers and corporate and multifamily/residential professionals,” said Maez, who possesses more than 15 years of experience managing strategic national accounts and operations within the facility maintenance industry.

CPR’s three-phase construction cleaning process assures that newly constructed space is move-in ready. “We work during the actual construction phase removing and cleaning all construction debris, caulking and adhesives,” Burton said. “We thoroughly clean windows, glass doors and glass partitions. General cleaning of walls and floors are also included during this phase.”

The final clean consists of a very detailed clean from the ceiling, walls, windows, glass, doors to baseboards and floors. A week or so after the dust settles, CPR goes back in and wipes down all horizontal surfaces to assure that all dust and debris is eliminated.

“At CPR we focus on teamwork,” Burton said. “Teamwork is the result of groups working together to effectively and efficiently achieve the organizational tasks, vision and mission.” For more information, visit cprclean.com.