Red Roof Inn Tucson Airport Sold for $4 Million

TUCSON, ARIZONA — The Red Roof Inn at 3704 E Irvington Road at the Tucson Airport  was purchased by a California investor for $4 million, or $34,000 per room.

The seller, a Joint Venture between a Singapore investor and Westmont Hospitality Group purchased the property in a portfolio at an auction sale that contained 89 hotels with 10,715 rooms in 2015. There were two Tucson Red Roof Inns that sold in the $600 million transaction, the 118-room hotel at 3704 East Irvington Road (near Tucson International Airport) was purchased in Tucson for $2.89 million ($24,450 per room) and the 133-room hotel at 4940 West Ina Road in North Tucson was bought for $2.95 million ($22,208 per room) according to public records.

Since the acquisition, Westmont has been selling off the properties one at a time.

The rooms at this 100% Smoke Free inn feature comfy Rest Suite beds by Serta, high-end bedding, and a large, flat-screen TV. Elevators are also available for your convenience. Wake up and experience our complimentary coffeehouse-style coffee and tea in the lobby. Whether traveling for business, with friends or family, the hotel keeps the traveler just minutes away from some of the best experiences in the city.

To learn more, see RED Comp #8243.




8 Unit Complex Sold in Under a Month for $100,000/unit

PHOENIX, ARIZ. — This past week, Almeria 8, a cozy centrally located 8-unit apartment complex, sold for $800,000 or $100,000 per unit. Almeria 8 was constructed in 1966 and has eight 552-square foot one bedroom/one bathroom units total, five of which were newly renovated. All units have washer and dryer hookups and private patios. The property was fully occupied at the close of escrow, and it sold at above a 6.5% cap rate with ample value add opportunity.
Jackson Everhart and Zack Mishkin of ORION Investment Real Estate took the property from list to close in under 1 month, representing the Seller, Andre Golnazarian. Delux Realty represented the Buyers, Michael and Andrea Cabrera.
Almeria 8 is located just north of 32nd Street and McDowell Road, with convenient access to the I-17, I-10, and Loop-202. The property is a short drive to an abundance of job opportunities and entertainment and dining options in Downtown Phoenix, Midtown Phoenix, and Glendale. Almeria 8 is located in an opportunity zone.
Jackson Everhart commented on the transaction, “This property attracted a lot of attention from the market. We were able to get it closed in less than a month. Bite-sized multi-family deals are moving quick this year, as the market continues to heat up. If you have a similar investment property, now is a great time to sell.”
To learn more, Jackson Everhart can be contacted at 480.530.3435.



Sundt Construction Launches Sundt Renewables

Renewable energy contractor is led by trio of solar industry experts

TUCSON, Ariz. – Sundt Construction, Inc., one of the country’s largest and most respected general contractors, has expanded its presence in the renewable energy construction market with the launch of Sundt Renewables, LLC. Prior to forming the new subsidiary, Sundt acquired select assets and key personnel from i1 Energy, a well-known leader in the renewable power market. Sundt Renewables will focus on utility-scale solar and energy storage projects across the United States with a heavy emphasis on the Southwest and Texas.

“Sundt Renewables brings something unique to the solar industry: the specialized knowledge of a niche contractor combined with the size and strength of a large builder,” said Sundt’s CEO and Chairman of the Board, G. Michael Hoover. “The renewable energy market is poised for significant and sustained long-term growth as society continues to shift away from fossil fuels and toward renewable energy. We anticipate significant growth from this new enterprise and are excited to be part of the country’s move toward a more sustainable energy future.”

Sundt Renewables is led by a trio of solar industry veterans and successful entrepreneurs who founded and grew i1 Energy into a well-respected market presence. Tom Dodson leads the group as its Managing Director. As co-founder of i1 Energy, he led the company’s operations and oversaw the construction of its projects. Previously, Dodson served as the President of Amec Foster Wheeler’s Power and Process business unit, growing a team that built nearly two gigawatts of solar projects under his direction. Dodson holds a bachelor’s degree in civil engineering from Cornell University and master’s degrees from the University of Florida and Pennsylvania State University.

“We are excited to expand the skills of our group with this exciting addition,” said Sundt’s Industrial Group President Rich Keil. “We desire to further augment the services we provide to our current clients while building new relationships in the solar market to support the sustainable energy demand of the future.”

Topher Wood brings $2.5 billion in solar project experience to his role of Vice President, Business Development Manager for Sundt Renewables. Before joining Sundt Renewables, he cofounded i1 Energy and led another solar industry contractor’s strategy and development. Wood holds a bachelor’s degree from James Madison University in manufacturing engineering and a master’s degree in industrial and systems engineering from Rochester Institute of Technology. Bobby Batista, i1 Energy’s third co-founder, along with Dodson and Wood, brings over 10 years of solar project experience to his new role of Vice President, Engineering Director for Sundt Renewables. He holds a bachelor’s degree in mechanical engineering from Stanford University.

As an industrial construction expert for over 100 years, Sundt has raised the bar on scheduling, safety and efficiency as well as innovations to reduce natural resource consumption, minimize environmental impact and improve our overall quality of life. A recognized leader in critical infrastructure, the firm has worked on projects worth $4.5 billion over the last decade and is ranked No. 1 in the power and water categories in Engineering News-Record Southwest, the industry’s leading publication.