Wednesday, October 17, 2018

3rd Quarter Sales

Glen Una Buys Investment Property at Tucson International Gateway for $16.42...

TUCSON, Arizona -- A Privately Held Real Estate Investment and Management Group, Glen Una Management, purchased the fully occupied office buildings at 6221 & 6223 South Palo Verde Road in Tucson for $16.42 million ($136 PSF) in the Tucson International Gateway Center. The two buildings totaling 120,810-square-feet were built in...

Blackstone Invests $270 Million to Acquire Two Luxury Student Housing Projects...

TUCSON, Arizona -- New York-based, Blackstone Group LP paid $112 million ($536,780 per unit) for The District on 5th, a 208-unit student housing complex near University of Arizona in Tucson. The 5-story building, built in 2011, is located at 550 N 5th Avenue in Tucson with 764 student beds...

Tucson may see Latest Downtown Housing Project, RendezVous Urban Flats, as...

TUCSON, Arizona -- RendezVous Urban Flats, LLC (Roger Karber, manager) closed on an option to purchase the land and infrastructure at 20 S Stone Avenue in downtown Tucson from 1 SC Partners LLC for $2.65 million ($87 PSF). The project is ready to begin construction within weeks and may...

Continental Ranch Shopping Center sold for $3.4 Million

MARANA, ARIZONA -- Continental Ranch Shopping Center at 8235-8245 N Silverbell Rd., Marana, AZ on the corner of Wade Rd. and Silverbell Road in Marana sold to 2908 RT. 130, LLC for $3,386,733 ($157 PSF). The 21,600-square-foot Multi-tenant retail center received an offer within the first week of being...

Casa Marin and Eucalyptus Gardens Apartments in Tucson Sell for $5.7...

TUCSON, Arizona – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Casa Marin, a 72-unit apartment community along with Eucalyptus Gardens, a 48-unit apartment community located in Tucson, AZ, according to...

Oracle Road Medical Office sold to Private Investors from Michigan

Oro Valley, Arizona – Pearl Peak, LLC of Whitefish, Michigan (Nicholas R. Chickering) closed on a triple net investment property at 7510 N Oracle Road, Ste 100, in Oro Valley, Arizona for $2.2 Million ($360 PSF). The 6,008-square-foot office condominium, built in 2009 of masonry construction, is located in...

Berkadia Completes $128 Million Portfolio Sale – Reaches New Record

TUCSON, Arizona – When Berkadia’s Senior Managing Director Art Wadlund and Director Clint Wadlund of the Tucson closed recently on Pinnacle Heights Apartments it was the conclusion of a five-property portfolio sale, worth just under $128 million, representing the highest bulk apartment sale for the region and setting a...

Rio Nuevo District Acquires Broadway Corridor, Sunshine Mile Office Building

TUCSON, ARIZONA - Rio Nuevo Multipurpose Facilities District bought a 12,686-square-foot office space from New Dekel, LLC (Amram Dahukey, managing member) at 2221 East Broadway Boulevard in Tucson for $700,000 ($55 PSF). The 62% vacant multi-tenant building was constructed in 1965 and is located on the Broadway widening area...

Vail Development Makes Headway; formerly the ‘Passages’ 400 Acre Site Sold...

VAIL, Arizona – Chicago-based Rancho Del Lago developer, RMG Vail II LLC, has closed on approximately 400 acres of land from Pima Land, LLC of Minneapolis, MN.  Located at I-10 and US 83 in Vail, the purchase price of $475,000 or about $1,200 per acre was the auction price. The...

Live / Work Building near UA Sells to Used Furniture Start-Up

TUCSON, ARIZONA -- The live/work building at 103 North Park Avenue in Tucson sold for $625,000 ($124 PSF) to Loon Lake LLC of Tucson (Andrew Suter, manager). The building consists of studio and loft space for office, retail and/or living space. Located between the University of Arizona and Tucson South...

Hood Distribution Building on Toole in Tucson Sells for $1.5 Million

TUCSON, Arizona – The Hood Distribution / McEwen Group building at 501 S Toole Avenue in Tucson sold for $1.468 million ($47 PSF) in a net lease investment sale. The 31,160-square-feet of buildings was built in 1972 and sits on a 3 acre lot. It was 100% occupied at...

Meritage Homes Stays Busy at Gladden Farms in Marana

MARANA, ARIZONA -- Meritage Homes purchased portions of blocks 40 and 41 at Gladden Farms Master Planned Community in Marana for $1.4 million ($60,000 per acre) from Crown West Realty (Dean Wingert, member) the developer. The 23 acres sold with preliminary plat for 119 - 45’ x 120’ SFR lots. Gladden...