PHOENIX, ARIZONA – First Vice President Andrew Warner of the NAI Horizon Manufactured Housing Investments team represented the seller in the $1.275 million disposition of Black Canyon Trailer Ranch in Phoenix.

Warner represented BCTR46 LLC of Phoenix. The buyer of the asset at 2444 W. Devonshire Ave., was AZ Park Partners of LLC also of Phoenix.

“The new owners plan on improving the property for the residents of the mobile home park,” Warner said. “By doing so, this action will continue to provide much-needed affordable housing for the area.”

Black Canyon Trailer Ranch is within close proximity of Grand Canyon University in Midtown Phoenix. It comprises 32 mobile home units. Major intersections include 19th Avenue and Camelback Road, which is 1.7 miles from Black Canyon Trailer Ranch.

Black Canyon Trailer Ranch is near Phoenix Sky Harbor International, located 10.4 miles or 17 minutes away. There are three shopping centers less than a mile away, which is about a 13-minute walk.

Company furthers dominance in the Bay Area market, completing deals that had been previously marketed unsuccessfully by other competitors

Bay Area, Calif. – Levin Johnston of Marcus and Millichap, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, announced that it has successfully completed 78 transactions totaling approximately $500 million in 2021, signifying a record year for Levin Johnston. Levin Johnston currently has over 30 commercial transactions pending in excess of $300 million set to close in the first quarter of 2022.

The properties range in size and are primarily located in the Bay Area, demonstrating the team’s ability to strategically procure buyers and identify a variety of assets to meet investor demand in this market, according to Adam Levin, Executive Managing Director, and Robert Johnston, Senior Managing Director of Levin Johnston.

“Multifamily transaction activity in suburban markets throughout the Bay Area has been strong throughout 2021, as the continued implementation of vaccines and return to office have helped ease the economic uncertainty of the pandemic,” says Levin. “Despite this year’s challenges, our team has been able to utilize its deep industry knowledge, strong connections, and the economic fundamentals of the Bay Area market to achieve our most successful year to date.” The Bay Area added 178,600 jobs between January and October 2021, far outpacing U.S. gains for this period. The region is also a state and national leader in vaccinations and reducing COVID cases, which has helped economic recovery and led to a strong return to office.

“The Bay Area benefits from a strong and dynamic workforce, driven by major employers such as Twitter, Salesforce, Adobe, and Uber, among many others,” added Johnston. “The continued flexibility of home and office work schedules has led to an increase in multifamily demand as people are making the decision to relocate or move to different multifamily communities that better support their remote work activities. We specialize in identifying properties that are near major employers, colleges, and universities, all of which are equipped to accommodate working from home and learning and will benefit from long-term renter demand.”

Johnston adds that many of the properties included in the team’s transactions for the year were previously marketed unsuccessfully by other brokers, including the following:

Casa Bonita Apartments

Levin Johnston directed the $10.2 million sale of Casa Bonita Apartments, a 24-unit multifamily community in Berkeley, California, which had previously been marketed unsuccessfully by a competitor. “Through our understanding of the value of the East Bay Area, we were able to secure a strong buyer and get the Casa Bonita Apartments deal closed contingency free,” notes Johnston.

Casa Bonita Apartments offers the buyer a Spanish Villa apartment building located in the heart of Berkeley. This property is conveniently located close to local coffee shops and restaurants and has a mix of studio, one-bedroom, and two-bedroom units. The multifamily community offers unique vintage and classic touches such as hand-crafted Spanish tiles, iron hacienda wrought railings, and iron candle chandeliers.

Casa Bonita Apartments is located at 2605 Haste Street, Berkeley, CA 94704.

680 South 8th Street

Levin Johnston completed the sale of a 27-unit multifamily community on behalf of a private investor located San Jose, California. The multifamily property was sold for a total of $8.35 million, after having been previously marketed unsuccessfully by another broker.

“680 South 8th Street has recently undergone significant exterior and interior renovations, with 16 of the 27 total units being extensively renovated,” explains Levin. “Our team was able to convey to investors the opportunity to achieve significant rental premiums through interior renovations and additions on the remaining 11 units, and we emphasized this property’s world-class location in the heart of Silicon Valley. These strong fundamentals ultimately led to a completed sale.”

The property is located at 680 South 8th Street, San Jose, California 95112.

For more information about Levin Johnston’s $100 million in available properties, visit www.levinjohnston.com.

TUCSON, ARIZONA — Highlighted this week is a 8,667-square-foot lease of industrial space at Palo Verde Business Center,  3880 S Palo Verde Road  in Tucson to Nu Wheel handled by Paul Hooker, SIOR, Principal, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR.

The following leases were submitted to the Real Estate Daily News for the Tucson Lease Report from January 10 thru 14, 2022.

INDUSTRIAL – 3880 S. PALO VERDE RD., TUCSON 85714, South
Nu Wheel Inc. leased 8,667-square-feet of industrial space at Palo Verde Business Center, 3880 S. Palo Verde Road, Suite 405 in Tucson, from Pegasus Tucson Owner LLC. Paul Hooker, SIOR, Principal and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

OFFICE – 442 W. KORTSEN RD., CASA GRANDE  85122, Extended North
First American Title Insurance Company, a Nebraska corporation, leased 3,600-square-feet of office space from Rox Investments, LLC, located in Lake Shore Village, 442 W. Kortsen Rd., Units 1 and 2 in Casa Grande, AZ.  Richard M. Kleiner, MBA, Principal, and Office Specialist with Cushman & Wakefield | PICOR, represented the tenant in this transaction.

INDUSTRIAL – 4500 E. SPEEDWAY BLVD., TUCSON 85712, Northeast
J2 Technology Solutions, LLC renewed their lease with Pegasus Tucson Owner LLC for 2,400-square-feet of industrial space at Midway Business Park, 4500 E. Speedway Blvd., Suite 49 & 50 in Tucson. Paul Hooker, Principal, SIOR, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

OFFICE – 3497 N. CAMPBELL AVE., TUCSON 95719, Central
Aetna Life Insurance Company leased 2,327-square-feet of office space at Campbell Office Plaza, 3497 N. Campbell Avenue, Suite 705 in Tucson, from Tierra Fuerte LLC. Molly Mary Gilbert, and Thomas J. Nieman, Office Specialists with Cushman & Wakefield | PICOR, and Elizabeth Rothschild with Cushman & Wakefield, Tampa, represented the tenant in this transaction. Dean Cotlow with Cotlow Company, represented the landlord.

INDUSTRIAL – 2420 W. RUTHRAUFF RD., TUCSON 85705, Central
Home Service Experts, PLLC renewed their lease with Pegasus Tucson Owner LLC for 2,160-square-feet of industrial space at Ruthrauff Commerce Center, 2420 W. Ruthrauff Road, Suite 100 in Tucson. Paul Hooker, Principal, SIOR, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

OFFICE – 231 W. GIACONDA WAY, TUCSON 85704, Northwest
Melissa Miller Medical Massage, LLC, leased 2,033-square-feet of office space from Giaconda 205 Partners, LLC, located in Giaconda West, 231 W. Giaconda Way, Suite 103 in Tucson.  Thomas J. Nieman, Principal, and Office Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Bruce Suppes with CBRE, Tucson, represented the tenant.

RETAIL – 7231 E. SPEEDWAY BLVD., TUCSON 85710, East
Aparisi Visual and Performing Arts, LLC, leased 1,871 square feet of retail space from Sunrise Speedway LG, LLC, located in Sunrise Place Shopping Center, 7231 E. Speedway Blvd. in Tucson.   Ryan McGregor, Office Specialist with Cushman & Wakefield | PICOR, represented the tenant in this transaction. Karen Kobylinski, with Venture West Real Estate Services, LLC, represented the landlord.

OFFICE – 3131 N. COUNTRY CLUB RD., TUCSON  85716, Central
Sunlight Center for Change, LLC, renewed their lease with Spirits, LP, for 1,782-square-feet of office space located at 3131 N. Country Club Rd., Suite 201 in Tucson.  Ryan McGregor and Molly Mary Gilbert, Office Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

OFFICE – 3131 N. COUNTRY CLUB RD., TUCSON 85716, Central
Mosaic Senior Services, LLC, leased 1,329-square-feet of office space from Spirits, LP, located at 3131 N. Country Club Rd., Suite 106 in Tucson.   Ryan McGregor and Molly Mary Gilbert, Office Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Kelly Doty, with Long Realty Company, represented the tenant.

INDUSTRIAL – 4500 E. SPEEDWAY BLVD., TUCSON 85712, Northeast
Lexicon Medical Supply Co. leased 1,202-square-feet of industrial space at Midway Business Park, 4500 E. Speedway Blvd., Suite 73 in Tucson, from Pegasus Tucson Owner, LLC. Paul Hooker, Principal, SIOR, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

INDUSTRIAL – 3941 E. 29^th ST., TUCSON 85711, East
Custom Solar and Leisure, LLC renewed their lease with Pegasus Tucson Owner LLC for 1,176-square-feet of industrial space at Midpoint Business Plaza, 3941 E. 29th Street, Suite 601 in Tucson. Paul Hooker, Principal, SIOR, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

OFFICE – 2530 E. BROADEAY BLVD.,  85716, Central
Hospitality Staffing Solutions leased 870-square-feet of office space from LLJ Holdings, LLLP, located in Broadway Midtown Plaza, 2530 E. Broadway, Suite E in Tucson. Cushman & Wakefield | PICOR Office Specialists handled this transaction. Molly Mary Gilbert represented both parties, and Ryan McGregor represented the landlord.

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