ABI Multifamily Brokers $38M, 444-unit Apartment Community in Tucson, AZ

Pantano Apartments, Tucson, AZ

Tucson, Ariz. –  ABI Multifamily has announced the $38 million / $85,586 Per Unit / $133.99 PSF sale of the Overlook at Pantano Apartments at 1800 S Pantano Road in Tucson.

Overlook at Pantano is a 444-unit garden-style apartment community located on Pantano Road, nestled between Golf Links Road to the South and 22nd Street to the North, in the Southeastern part of the Tucson MSA.

Built in 1985, Overlook at Pantano offers a mix of one-, two- and three-bedroom configurations with a plethora of amenities that include a fitness center, playground, dog park, two pools, spas, two laundry facilities, clubhouse and a dedicated leasing office. The property features individual hot water heaters and is individually metered for electricity.

“Overlook at Pantano was an outstanding transaction and it was such a pleasure working with both parties again,” said ABI Multifamily Senior Managing Partner Alon Shnitzer, lead broker representing the Buyer and Seller. “This property has been owned and professionally managed by The Wasatch Group for over 20 years and they did an excellent job in maintaining the property, which the Buyer, Element Property Company, can nicely build off of and complete an additional value-add play on.”
The Buyer, Element Property Company, is a California-based multifamily operator. With the addition of Overlook, Element, Tucson’s most active multifamily buyer, will own and operate a growing portfolio now approaching 4,000 units across the Western US including more than 2,000 units in the Tucson MSA.

The Seller, The Wasatch Group, is based in Utah and are a fully integrated real estate development, construction, property management and guaranty capital company, with holdings that include approximately 17,500 apartments plus commercial properties with assets totaling over $4 billion.

The Buyer and Seller were both represented by the ABI Multifamily Arizona large apartment transactions team of Alon Shnitzer, John Kobierowski, Rue Bax, Eddie Chang and Doug Lazovick.




Mesa Retail Center Trades for $2.42 Million to Private Investor

Phoenix, Arizona CBRE announced the sale of Power Plaza, a 9,500-square-foot retail center located at the northeast corner of Power and Broadway roads in Mesa, Arizona, for $2.42 million ($255 PSF).

Cam Stanton, Tim Healy and Mike Sandahl of CBRE represented the seller, Lorne LLC of Tucson, Arizona. The buyer was HSA Development, a private investor completing a 1031 exchange.

Power Plaza is located at 319 S. Power Road. It is 100 percent leased at the time of sale to various service retailers and restaurants. The retail strip is shadow-anchored by Albertsons.

Power Plaza offers exceptional access with five points of ingress and egress. The property is nearby to the Loop 202 and the U.S. 60 and across the street from Banner Heart Hospital and Banner Baywood Medical Center.

For additional information, Stanton can be reached at 602.735.5545, Healy is in the CBRE Tucson office and can be contacted at 520 323 5119. Mike Sandahl has recently retired and is enjoying the good life after real estate.

 

 




Vacant Fast Food with Drive-Thru Sells as Investment in Tucson

TUCSON, Arizona — A California investor, Atlas BL. Ajo Way, LLC bought a soon to be vacated 2,586-square-foot Taco Bell at 708 W. Ajo Way for $950,000 ($367 PSF).

The property has a drive-thru with ability to add more stacking at this well-maintained building with 26 parking spots. Monument signage and menu board made this soon to be vacated property attractive to the investor.

It also has two access points: off of Ajo Way and 14th Avenue with a separate drive-thru egress and a separate drive-thru egress point.

The current tenant, Taco Bell is leaving April 1, 2020, and the property was sold as vacant. Buyer purchased it to re-lease and has it back on the market with the Western Retail Advisors.

Gordon Wagner and Ben Craney with NAI Horizon represented the seller, Plum Vista LP and Bryan Babits and Bryan Ledbetter with Western Retail Advisors represented the buyer in this transaction.

For more information, Wagner and Craney should be reached at 520.326.2200. For leasing information, Babit can be reached at 602.778.3747 and Ledbetter is at 602.795.8670.

To learn more, see RED Comp #7571.