Tucson, Arizona – CBRE has facilitated the sale of a 24,999-square-foot freestanding junior anchor building in the Santa Cruz Plaza retail center in Tucson, Ariz. to an owner/user for $1.41 million ($56.40 PSF).  The transaction closed September 17, 2020.

Nancy McClure of CBRE in Tucson represented the seller, LSC Realty Arizona, LLC c/o Community Banks of Colorado. The buyer was Apache Junction, Ariz.-based Gem World, which plans to occupy the property with a retail/wholesale business. Dave Blanchette, CCIM, with NAI Horizon Tucson represented the buyer, Gem World.

Located at 3754 S. 16^th Ave. at the northeast corner of Interstate 19 and Ajo Way, the property is neighbored by Fry’s Food & Drug, Burlington, Boot Barn and various other national retailers. The property is situated on 2.44 acres.

“The property offered Mineral Market Place, LLC an opportunity to acquire a well-located property in a busy neighborhood retail center anchored by Fry’s Food & Drug and several other national retailers,” said CBRE’s McClure.

For additional information McClure should be contacted at  520 323 5117 and Blanchette is at 520.906.9446.

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Phoenix, Arizona – CBRE handled the sale of the 515-unit multifamily community Solara at Mill Avenue on behalf of a partnership between Acre Valley Real Estate Capital and BH Equities to Tides Equities for $77 million.

CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter, Matt Pesch and Danny Baker represented the sellers.
Located at 3730 S. Mill Avenue in Tempe, Solara at Mill Avenue features 425 units upgraded with new cabinets, quartz countertops in the kitchen and bathroom, tile backsplash, wood-style flooring, stainless steel appliances, updated lighting and plumbing fixtures, two-tone paint, and new baseboards.

“Solara at Mill Avenue’s outstanding renovations and appealing location in a high-growth submarket made the community very attractive to investors,” said Pesch. “Getting this deal closed during the pandemic is a testament to the diligence of both the buyer and seller.”

Transaction volume for multifamily communities over 100 units in Phoenix through the first half of 2020 totaled $1.48 billion, down 54.7 percent from the first half of 2019.

“The current economic environment creates challenges and opportunities,” said Acre Valley Real Estate partner Josh Hostetter. “We successfully executed our repositioning strategy for the property and CBRE sourced an excellent buyer to complete our exit from the investment.”

The sellers invested nearly $8 million in transformational renovations to the common area amenities and grounds including adding a new resort-style pool to the main entertainment area, remodeling and expanding the fitness center and furnishing with new state-of-the-art equipment to a club-quality level, and a comprehensive renovation of the clubroom and business center.

“We are thrilled with our purchase of Solara at Mill Avenue as it gives us even more scale in the South Tempe submarket, which is among our favorites in all of Phoenix,” said Tides Equities co-founder Sean Kia.

Tides currently owns 5,500 units in Phoenix and will add another five properties or 1,700 units over the next two months.

Whether you’re joining the real-estate business or just looking for a place to call home, it’s important to get a handle on the housing markets you’re considering before investing in a property. This year, the housing market is in a unique situation as mortgage rates have hit record lows at a time when many Americans are struggling financially due to the COVID-19 pandemic. For those who have extra cash, buying a home now could be a golden opportunity. It is important to note that home prices have been rising on average throughout the pandemic as well, but home prices and rental rates vary widely across the U.S. based on supply and demand.

If you aim for long-term growth, equity and profit, you’ll need to look beyond tangible factors like square footage and style. Those factors certainly drive up property values. From an investor’s standpoint, though, they hold less significance than historical market trends and the economic health of residents.

To determine the best local real-estate markets in the U.S., WalletHub compared 300 cities of varying sizes across 24 key indicators of housing-market attractiveness and economic strength. Our data set ranges from median home-price appreciation to home sales turnover rate to job growth. Read on for our findings, expert insight from a panel of researchers and a full description of our methodology.

Click on city to see ranking.