'Steady and active' for office sales in January. While in 2014 the most common word was ‘steady’. ‘Steady and active’ seem to better describe the Tucson office market for the first month of this year.
The following January office sales total over $3 million:
Kenneth Swanson, Inc. of Los Gatos, CA purchased a 7,280-square-feet office building for investment at 1951 N Wilmot Road, Building 2 in Tucson for $1.565 million ($215 PSF). The property was fully leased to a single tenant, Southwest Surgery, when it sold at an above average cap rate. Chris Shoemaker of Hirsch & Associates based in Capitola, CA represented the investor. The seller was Carnes Properties LLC (Billy Carnes) of Tucson that Andrew D. Sternberg and Robert J. Nolan of Oxford Realty Advisors in Tucson represented in the transaction.
To learn more Sternberg and Nolan should be reached at 520.232.0200. See also RED Comp #2398 for additional information.
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HKR Holdings LLC of Tucson (Jonathan Kearns, manager) bought a 4,000-square-feet office building in Old Farm Executive Park for $525,000 ($131.25 PSF). The seller, 6147 E Grant Road LLC (Chet Smith, manager) of Tucson occupied the office previously for Tucson Sandblasting. The buyer is a computer software company. See also RED Comp #2396 for additional information.
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Cope Properties LLC purchased two office buildings at 660-662 N Craycroft Road in Tucson for $400,000 ($117 PSF). The buildings total 3,416-square-feet and were built in 1957 and 1960 on .54 acre. The buyer purchased to occupy the property. Tom Knox, SIOR, Office Specialist with Cushman & Wakefield | Picor, represented the seller, Ramparts Investments 3 LLC (Manuel Bracamonte, manager) of Tucson. The buyer was represented by Jason Hisey with the Ray Schneider Company of Tucson.
To learn more Knox can be contacted at 520.546.2701 and Hisey’s office number is 520.869.1544. See also RED Comp #2453 for additional information.
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Phil Lipman and Jet to the Promised Land LLC of Tucson sold 630 E 9th Street in Tucson for $304,000 ($66.64 PSF). Lipman had purchased the investment property in March 2013 and sold the excess land, in a separate transaction. The 4,562-square-foot red-brick office building was vacant; previously occupied by a non-profit group. The buyer is Orange Bambu LLC (Corbin Dooley, manager) of Tucson that owns a florist business and purchased property to owner occupy.
Kristy Kelley of Long Realty handled the transaction for seller, and can be reach at 520.918.6539 to learn more. See also RED Comps #2330, #2431 and #1477 for additional information.
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Rick and Brandy McLain purchased a 3,256-square-foot office building at 4226-4228 E Speedway Blvd in Tucson for $158,000 ($48.53 PSF). The building was vacant with deferred maintenance and buyer plans to renovate it for buyers’ two businesses. Rick is an Architect Contractor dba Repp + McLain Design and Construction, an award winning full service architecture and construction firm based in Tucson that specializes in residential and commercial desert appropriate, sustainable modern architecture. Brandy’s company, Modern House Numbers will occupy the other half. Modern House Numbers provides high quality address and mailbox numbers for the modern dweller, with distribution from Australia to Canada, California to Germany and everywhere in between.
Ron Zimmerman, Commercial Specialist with Cushman & Wakefield | Picor, represented the buyers and Barbara McGill, Associate Broker with Tierra Antigua Realty, represented to seller, Jerald Getlan of Tucson, in the transaction. To learn more Zimmerman can be reached at 520.546.2755 and McGill should be contacted at 520.490.3640. See also RED Comp #2452 for additional information.
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Bobby and Erica Poplin purchased a 2,437-square-foot office building at 5714 E 22nd Street in Tucson for $110,000 ($45 PSF). The buyers plan to owner occupy the building (built 1966) for Poplin Construction Company. The seller, The Crisis Pregnancy Centers of Tucson (John Tabor, director) had vacated it almost a year earlier. Tom Nieman, Office Specialist with Cushman & Wakefield | Picor represented the seller in the transaction. See also RED Comp #2454 for additional information.
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[mepr-show rules="58038"] 1951 N Wilmot Rd: sale date: 1/2/2015. All cash transaction. Tenant has 4 years remaining on a NNN lease with a cap rate of 8% at time of sale. APNs: 121-01-649 & 650
Old Farm Executive Park, 6147 E Grant Rd: sale date 1/5/2015, conventional financing. APNs: 110-16-050B, 051B & 052B
660-662 N Craycroft: sale date: 1/23/2015. All cash transaction. APN: 127-03-546
630 E 9th Street: sale date: 12/12/2014. All cash transaction. APN: 117-06-124A & 140A
4226-4228 E Speedway: sale date: 1/23/2015, $24,100 down, and balance financed conventionally. APN: 126-05-070A
5714 E 22nd Street: sale date: 1/23/2015. All cash transaction. APN: 131-09-012 [/mepr-show]