CORE and Rincon Capital Partner to buy Woodridge Apts. in Tucson for $15.4 Million

Woodridge Apartments, 8225 E. Speedway Blvd., Tucson, AZ

TUCSON, ARIZONA — CORE Real Estate Capital (“CREC”) and Rincon Capital Partners (“Rincon“) have jointly acquired Woodridge Apartments, a 204-unit, Class C+/B- multifamily community in Tucson, AZ for $15.4 Million ($75,500 per unit).

With more than $1 billion of real estate assets under management, CREC specializes in multifamily real estate investments in secondary and tertiary cities throughout the United States. Rincon, based in Phoenix, is a vertically integrated, full service real estate and property management firm. In addition to Woodridge, CREC and Rincon have collaborated on two prior joint ventures, one located in Tucson and the other in Phoenix.

Over the next two to three years, the new owners will rebrand the property and expect to invest up to $3.6 million to remediate deferred maintenance, renovate common areas, upgrade interiors and improve landscaping to bring the property on par with nearby recently repositioned residential communities.

The 6.2-acre property, built in 1981 and located at 8225 E. Speedway Boulevard, is approximately nine miles east of downtown Tucson, with convenient access to nearby jobs, retail and entertainment. It is also within eight miles of the University of Arizona campus and in close proximity to many other demand drivers. The city’s diversified economy, comparatively low cost of living, and business friendly environment have been driving recent economic growth and supporting demand for quality housing. The property is currently over 95% occupied, a figure which has held steady throughout the past few months.

“We are bullish on multifamily as a segment of commercial real estate that has historically outperformed other more-discretionary segments during times of social and economic uncertainty. We are very familiar with Tucson, and we believe the favorable fundamentals that bolstered the market in the years leading up to Covid-19 will provide continued support throughout any Covid-19 disruptions and long after the worst of the pandemic has passed,” said Jeff Coopersmith, founder and Managing Partner of CREC. “CREC sees an important value-add opportunity at Woodridge, and we believe that, together with our partners at Rincon, we can transform the community into a market-leading option for the growing number of residents in the East Tucson area.”

To learn more see RED Comp #7923.

Guardian Tax Law Leases Office Space at Williams Center

TUCSON, ARIZON – Guardian Tax Law, PLLC has leased 1,782-sqaure-feet at 310 S. Williams Blvd., Suite 260, in Tucson from DHS Property Investments, the landlord.

Lori Casey and Cameron Casey of Oxford Realty Advisors represented the Tenant and Ryan McGregor and Tom Nieman of Cushman & Wakefield | PICOR represented the Landlord in the transaction.

Guardian Tax Law specializes in programs to resolve tax debts with the IRS or State tax agencies, including delinquent payroll taxes.

IRS rules are constantly changing as to what type of Installment Agreement a taxpayer can qualify for. This also depends on the type of tax debt. Individual taxpayers who owe up to $50,000.00 (in some cases more) can pay through monthly direct debit payments for up to six years and avoid the imposition of a tax lien. Depending on your needs there are other ways to negotiate an Installment Agreement.

If you owe more than this or need longer than six years to complete your tax debt repayment, the firm can work with the IRS to determine what kind of installment agreement you qualify for.

Depending on the type of tax owed individuals (and some cases businesses) can have their balances ‘frozen’ for at least two years with the IRS, in many cases years longer. This prevents all collection activity by the IRS or a State. This requires negotiations based on a taxpayer’s financial information.

Aside from delaying any collection for a few years almost all IRS debt expires ten years from the date of assessment including any additional events that extended out the expiration date. Many older debts will just expire while a taxpayer is in this status.

An Offer in Compromise is an amazing program for individuals that qualify according to a rigorous IRS analysis. Many states have Offer In Compromise programs which vary from very helpful to extremely difficult.

Mr. Hubert Johnson, Tax Attorney, has submitted hundreds of Offers In Compromise to the IRS and State agencies, with over 300 successful Offers in one year alone that were personally handled by him. He has had many successful Offers for as low as $20.00 but the amount of the Offer In Compromise depends specifically on the financial details of each individual case.

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Chipotle at The Crossing at Sahuarita Sells for $2.233 Million

Chipotle, 18725 S Nogales Hwy., Sahuarita, AZ

SAHUARITA, ARIZONA — Chipotle at The Crossing at Sahuarita Shopping Center in Sahuarita, Arizona sold for $2.233 million ($969 PSF). The 2,305-square-foot building was built in 2019 at 18725 S Nogales Hwy. in Sahuarita and fully leased as a Chipotle restaurant with drive-thru.

The Crossing at Sahuarita is a 150,000-square-foot center that boasts a Sprouts Farmers Market, TJ Maxx, PetSmart, Beall’s Outlet, and several restaurants and shops to compliment the diverse tenant mix. The project is located at the southeast corner of Nogales Highway and Abrego Drive in Sahuarita, Arizona, which is about 20 minutes south of Tucson.

Chad Tiedeman and Steven Underwood with Phoenix Commercial Advisors represented the seller, FAE Holdinga of Utah and Art Flores with CBRE in Newport Beach, CA represented the investor.

“Pandemic proof retailers prove to be in high demand these days,” said Underwood. “Especially high quality quick service restaurants such as Chipotle with a drive thru. We could sell 50 of these tomorrow if we had the listings.”

Dutch Bros, 18800 S Nogales Hwy., Sahuarita, AZ

Dutch Bros at 18800 S Nogales Hwy. in Sahuarita also sold for $1.93 million ($2,386 PSF). The 810-square-foot Dutch Bros constructed in 2019, sits on a 16,754-square-foot lot was purchased by James D. Borel for investment, leased to Dutch Bros.

CVP- Sahuarita Plaza DB LLC, an affiliate of Cole Valley Partners of Portland Oregon, purchased the land from Team Adams Sahuarita in November 2018 for $765,000 ($28 PSF) to develop the Dutch Bros Coffee. in Sahuarita Plaza.

Sean Heitzler with CBRE in Newport Besch represented the seller, CVP-Sahuarita Plaza and Dustin Olive with West USA Prescott represented the investor.

For more information, Tiedeman and Underwood can be reached at 602.957.9800. Flores can be contacted at 949.725.8625 and Heitzler is at 310.567,1425

To learn more, see RED Comp #7952 and #8076.