Friday, October 20, 2017

3rd Quarter Sales

New Apartment Complex Planned for River and Craycroft in Tucson

TUCSON, Arizona – MC Companies of Scottsdale purchased 12.65 acres at River and Craycroft in Tucson for $3 million ($5.42 PSF). The site is at the southeast corner and will be used for construction of a 210-unit upscale apartment complex. The first new apartment complex for quite some to be...

Auto Zone and Burger King Coming to Sorrento Square in Tucson

TUCSON, ARIZONA – Sorrento Square, a new retail center development by Larsen Baker of Tucson, located southwest of the corner of Houghton and Golf Links Roads in Tucson will soon have a Burger King and an Auto Zone. Laird Real Estate (Michael Laird, trustee) purchased a 16,190-square-foot pad at Sorrento...

Tucson’s St. Mary’s Village Retail Center Sells for $2.2 Million

TUCSON, Arizona - St. Mary’s Village Center at 1301-1325 W St. Mary’s Road in Tucson sold for $2.2 million ($141 PSF). The 15,600-square-foot multi-tenant retail strip center has solid mix of national and local tenants with a variety of office, medical, service and food uses. Tenants include H&R Block, Supercuts,...

David Lee Completes Retail Sales Worth $1.93 Million in Tucson

TUCSON, Arizona – Marlee Saguaro, LLC of Tucson (David Lee, manager) purchased a 5,215-square-foot free standing restaurant at 4499 W. Ina Road in Marana AZ for $680,000 ($130 PSF). The former Chuy’s Mesquite Broiler was vacant at time of sale on a 52,042-square-foot pad. The buyer owns an adjacent 35,000-square-foot...

Meritage Reloads at La Estancia / Richmond Continues Acquisition Surge this...

TUCSON, ARIZONA – Meritage Homes acquired 142 SFR lots at La Estancia having almost completed its first phase of 195 lots in this new master planned community since opening in June 2016. The seller, SBH La Estancia, an affiliate of Sunbelt Holdings, sold the lots for $6.25 million, or $44,000...

Tucson Office Sales Gaining Traction in 2017

TUCSON, ARIZONA -- According to tracking done by Real Estate Daily News and RED Comps, the Tucson office market is picking up steam as 2017 advances. The average price per square foot for office buildings selling is once again on the rise, with Q3 reaching $145.54 per square foot, a...

$70.2 Million Southern Arizona Multifamily Portfolio Sold by IPA

TUCSON, Arizona – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the sale of a three-property, 812-unit portfolio of multifamily assets in Southern Arizona. The portfolio sold for $70,225,000, or $86,484 per unit. Bascom Arizona Ventures acquired the three apartment communities located in Tucson &...

Colliers Completes Sale of Two Apartment Communities in Tucson for $6.1...

Georgetown and Park Village Communities Sold for $6.1+ Million Phoenix, Arizona – Colliers International in Greater Phoenix has sold two different apartment communities in Tucson for a total sales price of $6,149,000 ($39,417 per unit) .  The developments contain a combined 156 apartment units and were sold to separate California-based...

Chapman and Partners Purchase Pima Street Office Project

TUCSON, Arizona – Lillestrom II, LLC of Tucson (Swain Chapman, Managing Member) purchased the multitenant office building at 5920 & 5930 East Pima Street in Tucson for $1.8 million ($87 PSF). The 20,140-square-foot office complex was built in two phases, 1986 and 2002, on 1.67 acres and features covered parking...

Tucson Fiesta Shopping Center Sells for $12.3 Million in Off-Market Deal

TUCSON, ARIZONA – Tucson Fiesta retail center at 4215 – 4265 N Oracle Road in Tucson sold for $12.3 million in an off-market transaction to EVT Tucson Fiesta, LLC of Phoenix (Jason Eisenberg, manager) from Tucson Fiesta, LLC of Los Altos, CA (Troy Detrick, manager) This 93,452-square-foot center was built...

Highland Park Apartments Sells in Off-Market Transaction for $3.3 Million

TUCSON, ARIZONA – A California investor, LV Management, LLC purchased Highland Park Apartments at 1402 E Manlove Street in Tucson for $3.3 million ($55,100 per unit). Chris Itule with Long Realty represented the seller, Highland Park Apartments, LLC and Jake Arnold and Ben Riehl of Keller Williams in Tucson represented...

Marcus & Millichap Complete Three Multifamily Sales for $9.63 Million in...

TUCSON, ARIZONA – Tucson’s Marcus & Millichap Multi Housing Team of Hamid Panahi and James Crawley closed on three apartment complexes in Tucson recently at an aggregate  of $9.63 million for 139-units. Phoenix investors, Bakerson, LLC and Dene Bleeker, purchased the value-add Tuscany Apartment Homes at 4399 E Pima Street...