Picor Brokers Tucson 10-Unit Multifamily Complex for $105,000 per unit.

TUCSON, AZ (July 12, 2024) — Cushman & Wakefield | PICOR’s experienced multifamily team, led by Allan Mendelsberg and Joey Martinez, successfully closed on the sale of Coronado Heights, a ten-unit apartment at 3035-3053 N Los Altos Ave. in Tucson for $1,050,000 / $105,000 per unit / $167.48 PSF.

Mendelsberg and Martinez represented the buyer and seller, both based in California.

Coronado Heights, a community in the central submarket of Tucson, is strategically located just 2.7 miles from the University of Arizona. It is situated west of Los Altos and Delano Street. Built in 1948, the property sits on a 36,000-square-foot lot and is sold as a value-add opportunity with some recent capital improvements, landscaped walkways, a private backyard, and additional storage units.

The unit mix consists of (9) two-bedroom/one-bath and (1) three-bedroom/one-bath units.

For more information, Mendelsberg can be reached at 520.546.2721, and Martinez is at 520.546.2730,

To learn more, see RED Comp #11382.

General Metals Mfg. & Supply Joins WinSupply Family of Companies

TUCSON, AZ (July 11, 2024) — Winsupply Inc., one of the largest distributors in the nation, has acquired General Metals Manufacturing & Supply Company and acquired the property at 1250 South Euclid Avenue in Tucson for $1.65 million ($110 PSF). The 15,000-square-foot building sits on .84 acres at Euclid and 22nd Street.

Founded in 1952, General Metals Mfg. & Supply Co. (General Metals) is a Phoenix-based company engaged in the manufacturing, fabrication, and wholesale distribution of HVAC equipment and products. Its primary clientele is comprised of HVAC contractors in the Southwestern United States. It is a known enterprise with a long-standing and excellent reputation.

Throughout its 72-year history, General Metals has been a leader and innovator in its marketplace region and niche industry sector. The company provides residential and commercial HVAC contractors with everything needed to complete large or small installations for residential, multi-family, retail, factory, and office buildings, regarding virtually any HVAC requirement. In the big picture, most of General Metal’s HVAC installations and revenue emanate from the single-family residential home sector.

Jeff Dice, president of Winsupply Inc., would like to welcome GenerTl Metals to the Winsupply family.

“Winsupply deeply admires the company’s excellent 72-year reputation and impressive track record of growth,” he said. “Winsupply looks forward to investing in General Metals and expanding in the Phoenix market.”

General Metals manufacturing-fabrication facility, combined with its integrated wholesale distribution division, can handle virtually any HVAC project. The company operates three locations: two in the Phoenix Metropolitan area and one in Tucson, Arizona, approximately 100 miles south of Phoenix.

“Winsupply is excited to add General Metals to the Winsupply Family of Companies. Focusing on HVAC distribution and fabrication has allowed the company to be a solutions provider for their customers,” said Greg Holbrock, vice president of mergers and acquisitions due diligence and financial integration at Winsupply. “Under the current leadership of Richard and Michael Goettel, General Metals has established strong vendor partnerships, a dedicated workforce, and a loyal customer base, positioning the company for future growth in the Phoenix market. This company will greatly contribute to the Winsupply HVAC expansion in the Phoenix area and surrounding markets.”

Currently serving as the president of General Metals, Richard Goettel looks forward to continuing with the company in a consulting capacity and transitioning leadership to Anthony Jackson, who will assume the president’s role. Anthony is relocating from Prescott Winsupply, where he was the president for four years. This transition opens up new career growth opportunities within the Winsupply Family of Companies. Michael Goettel, who has been with General Metals for 21 years, will continue with the company in a leadership position as vice president of fabrications, further demonstrating the potential for career advancement within the organization. Rich Rhodes, the current vice president with 37 years of experience at General Metals, will remain in a leadership position. Moreover, Bobbi Gonzales, who has been with the company for 15 years, will continue handling sales and purchasing.

Steven Coen, director of business development at Winsupply, stated, “The mission at Winsupply is to nurture entrepreneurs. When I met Richard, he shared the remarkable history of how his family founded General Metals, and I was confident that the cultures would align. When Winsupply acquires a company, the people are prioritized as the most critical asset. After getting to know Richard, Mike, and the General Metals team, Winsupply is incredibly excited to continue the legacy of General Metals and propel the company’s growth with the unwavering ‘Spirit of Opportunity’ they have already established. I thank Richard and Mike for entrusting Winsupply with carrying on their family legacy.”

In the Winsupply business model, Winsupply is the majority owner of the local companies. This reflects a shared-ownership business model in which local entrepreneurs have the autonomy to decide how best to serve their customers and share in ownership’s financial risks and rewards.

Alturas Capital Partners Acquires Heritage Plaza Shopping Center in Tucson for $17.5 Million

Tucson, Arizona—(July 10, 2024)—Alturas Capital Partners, an Idaho-based real estate investment and operating company, has acquired Heritage Plaza Shopping Center in Tucson for $17.5 million ($156 PSF) on June 11, 2024. 

This acquisition represents an exciting addition to Alturas Capital Partners’ expanding portfolio and demonstrates the company’s commitment to acquiring high-quality assets in growth markets. Our growing network of market and industry partners, our dedicated team, including our Arizona-based property management team, and our valued tenants make this addition possible.

Anchored by LA Fitness and Goodwill, this asset features top-performing tenants who drive consistent foot traffic and retail activity. Goodwill’s recent expansion, the top-performing store out of 11 locations in the Tucson market, underscores the center’s strong market position.

Situated on Ina Road, with traffic volumes of approximately 45,000 vehicles daily, Heritage Plaza Shopping Center is centrally located in the bustling Northwest Tucson retail corridor. The shopping center spans 112,394 square feet on 11 acres and is 93% occupied at closing. The center boasts a healthy mix of local and national tenants catering to daily needs and lifestyle services.

Alturas Capital Partners continues to be interested in the Tucson market. This property is Alturas’ second asset in Tucson and the eighth asset overall in Arizona. Tucson boasts a retail market vacancy rate of 5% and an unemployment rate of 4%, with a population of 1.1 million residents. These favorable economic conditions contribute to the center’s stability and growth potential.

“This transaction, represented by Patrick Dempsey of JLL, came together after years of collaboration with Patrick and his team. This acquisition is a great example of why we value building long-term partnerships with our brokers,” said Joshua Utke, Director of Acquisitions at Alturas Capital Partners. “We want to thank Patrick and his team, who represented the seller, and Daniel Digerness of JLL, who assisted us in securing suitable long-term debt for this asset,” added Utke.

Alturas Capital Partners owns and operates real estate throughout the Western United States, emphasizing the Intermountain West and Inland Northwest. The company has been built on long-term partnerships with investors, brokers, and tenants, and its mission is to provide value to these partners. The company acquired its first property in 2015 and has grown significantly to approximately $600 million in assets under management. Alturas Capital Partners seeks to acquire additional assets in the United States’ growth markets.

Larsen Baker has the leasing contract for Heritage Plaza with the new owner.