Legacy Property Pays $4.6 Million For Industrial Investment

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Legacy Property Management, LLC of Orange County, CA (Kurt Thomas, manager) purchased the 45,675 sq. ft. industrial building at 4700 S Overland Dr in Tucson at the Butterfield Business Park [mepr-show rules=”58038″] for $4.625 million, or $101 PSF, from Brian Realty Group, LLC of Tucson (Susan Dew, manager) that owned the property since 2003. The property was built in 1999 on 3.5 acres and sold fully leased to long-term single tenant, Xeridiem Medical Devices, Inc.

Xeridiem designs, develops, manufactures, and sells single use medical devices for the delivery of energy or therapy in the areas of cardiology, gastroenterology, and urology within the United Statesand internationally. Xeridiem was formerly known as MRI Manufacturing & Research, Inc. and changed its name to Xeridiem Medical Devices, Inc. in February 2011. The company was founded in 1985 and is based in Tucson, Arizona. As of July 7, 2010, Xeridiem Medical Devices, Inc. operates as a subsidiary of Fenner PLC a leading British-based manufacturer of industrial-based products and a constituent of the (Financial Times Stock Exchange) FTSE 250 Index, a mid-cap index in the UK.

This is the first CRE purchase in Tucson for the buyer and was an upleg in a 1031 exchange. It was an all-cash transaction and sold at an above 8% cap rate.

Rob Glaser, SIOR, CCIM, Industrial Specialist with Cushman & Wakefield / Picor Commercial Real Estate Services of Tucson represented the seller. Jonathan Garvey and Henry Wildermuth of Available Properties, Inc in Anaheim, CA represented the investor and are looking for more investment properties in the Tucson area.

Glaser can be reached at (520) 546-2707. Garvey and Wildermuth should be contacted at (714) 998-8205.



Jack’s Barbeque Returns “Good Food For Hungry People” Tradition Saturday

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A Tucson landmark since 1950, Jack’s Original Barbeque at 5250 E 22nd Street was purchased by Sylvia and Henry’s Corporation of Tucson (Sylvia and James Williams III)

[mepr-show rules=”58038″]for $390,000, or $153 per sq. ft. for the 2,553 sq. ft. building, complete with trade name and original recipes from Three B’s Investments LLC (Greg, Steve and Larry Baccardo). Initially owned by Jack and Laura Banks, from 1950 to 1992, Three B’s acquired the business in 1997, but due to economic challenges brought on by the longer than expected recession closed in August 2012. It was Tucson’s longest running business prior to its closing.

“The new owners are a perfect match for Jack’s,” according to Debbie Heslop of the Volk Company. James owned and operated a barbeque restaurant back in Virginia before moving to Tucson. Heslop handled the transaction for both buyer and seller.

It took about six months to get a City business license and the liquor license transfer from previous owners is still pending. The deal was financed with a seller carryback.

The new owner, James Williams, commented, “There are a lot of barbeque places in Tucson, but none compare to eating at Jack’s. We’re bringing back Jack’s original menu and the original motto ‘Good Food For Hungry People’.”

The new owners have no doubt that Jack’s will be successful and are anxious to bring back barbeque with more than a half century of tradition in the community. Williams added, “We couldn’t be more excited; the closer we get to the grand opening the more we recognize it not just about good barbeque, but also a revival of history, and that brings us pleasure.”

Co-owner and wife, Sylvia, will bake all the desserts and cousin, Sonny Clark, also with many years of restaurant experience from Chicago, will be the day-to-day manager.

“It isn’t work when you love what you’re doing, and I love this business,” said Williams. His other successful restaurant back in Yorktown, VA was called C.J.’s Diner, named after their son, where he served chicken, fish and barbeque before retiring.

The 62-year-old recipes and history will be revived at Jack’s Original Barbeque’s Grand Opening, Saturday, April 6th, open daily from 10 a.m. to 10 p.m.

To contact Williams call Jack’s Original Barbeque at (520) 750-1280. Heslop can be reached at (520) 326-3200.



Local Sales Bear Out National Trend – Investors Prefer Multifamily

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Since third quarter 2012, investors nationally have continued to exhibit a strong appetite for multifamily properties, a fact borne out by the sales in Pima County for first quarter 2013. From Jan 1 – March 29th, almost a third (28%) of all commercial sales in Pima County were for multifamily properties, from duplexes to larger complexes, it seems that investors are preferring Class-B and Class-C multifamily properties over other commercial real estate investments.

The Ranch at Star Pass student housing complex with 1020-beds in 336-units student sold for[mepr-show rules=”58038″]$26 million (25,500 per bed) see full story of March 5th at:

The 364-units at Raintree Apartments at 6450 E Golf Links sold for $9.25 million, or $25,400 per unit as reported March 13th. See complete story at: https://realestatedaily-news.com.previewdns.com/raintree-apartments-sells-for-9-25-million/

Valencia Hills Apartments LLC of Reno, NV (Ernest Tschannen) transferred the 112-units at Tierra Hills Apartment, 3550 W Valencia, Tucson 85746 to National Safe Harbor of Tempe as part of a 1031 reverse exchange for $2.8 million, or $25,000 per unit. Danny Lee and Neil Sherman of Sperry Van Ness of Phoenix represented the seller.

Desert Atriums LLC of Tucson (Patrick Delaney) purchased the 37-unit Desert Atriums Apartments at 8750 E Cooper Street, Tucson 85710 in an REO sale from Washington Federal for $1.2 million, or $33,800 per unit with new financing. The 28,872 sq. ft. property on one acre was built in 1972. Neil Sherman of Sperry Van Ness in Phoenix represented the bank and Tony Reed of Long Realty in Tucson represented the investor.

JCAZ LLC of Tucson (Stephen & Jon Offerman) paid cash for the 35-unit Anandale Apartment complex at 5601 E 5th Street, Tucson 85711 from Mahalo Commercial Properties 10 LLC of Tucson (Celeschito Sapalo) for $902,424 or about $25,800 per unit. The 34,068 sq. ft. complex on 1.4 acres was constructed n 1970. Bob Kaplan and Allan Mendelsberg with Cushman & Wakefield / Picor Commercial Real Estate of Tucson handled the transaction.

A 4,079 sq. ft. main house and three guest houses with 2,976 additional sq. ft. on 5.25 acres in Casas Adobes at 1685 W Ina Road, Tucson 85704 was purchased by Kelly McGinnis of Tucson for $505,000 from Joseph P Lenihan with seller financing. The 7,055 sq. ft. property was constructed from 1946 to 1960. There were no brokers involved in this transaction.

Tajinder Singh and Inder Preeticaur of Oro Valley sold the 47-unit Primavera Apartments, newly rebranded, Mi Casita, at 252 W Valencia Rd, Tucson 85706 to Valencia Tucson LLC (Megan Saputo) of San Diego for $700,000, or $14,900 per unit. The 2-story complex with 30,104 sq. ft. in 3-buildings is on 1.51 acres, built in 1961. Justin Lanne of Newmark Grubb Knight Frank of Tucson handled the transaction.

Diamondhead Estates LLC (Robert and Henry Balsinger) bought 6-units at 2701-2703 E Copper Street, Tucson 85716 for $475,000, or $79,000 per unit, from John and Grazyna Stanek. The 6,659 sq. ft. was built in 1961 on a 23,000 sq. ft. lot.

A duplex at 245-247 E Blacklidge Dr, Tucson 85705 was sold by the Parcelluzzi Family LLC (Allan and Tina Parcelluzzi) to Preston Phillips, a former renter in the duplex for $475,000, or about $50,000 per unit and new FHA financing. The 1,602 sq. ft. building on a 6,098 sq. ft. lot was built in 1972. Aaron Fisher of Tierra Antigua handled the transaction.

Jerome Hallberg of Tucson bought the 12-unit Coronado Terrace apartments at 2428 N Fontana Ave, Tucson 85705 from Mindy Sonen of San Diego for $450,000, or $37,500 per unit with seller financing. The 9,263 sq. ft. single story building on 35,981 sq. ft. lot, constructed in 1982 was 92% occupied at time of sale. Mike Schulte of the Schulte Company represented the seller and Matt Tennyson of Keller Williams of Southern Arizona represented the buyer.

Roland Johnson of Florida sold two duplexes at 4440-4444 E Pima St, Tucson 85712 for $352,000, or $88,000 per unit to Vijaya Chada of Tucson. For complete story on February 21st, go to:

The Gary Lee Fugua Trust of Portland, OR (Gary Fugua) sold a fourplex at 1650 E Adelaide Dr, Tucson 85719 for $325,000, or $81,250 per unit, to Russell and Caroline Duff. The single building with 3,689 sq. ft. is on a 20,038 sq. ft lot was built in 1998.

Justin & Andrea Hafner of Tucson bought 5-units at 2667 N Dodge Blvd, Tucson 85716 the Moghadam Family of Tucson for $190,000, or $38,000 per unit with a seller loan. The 2,749 sq. ft. in three buildings was built from 1945 to 1982 on a 17,898 sq. ft. lot.

Jesus Lopez Zavala bought 8-units in two separate transactions at 1201-1204 E Milton and 1233-1239 E Milton Road, Tucson 85706 for $181,500, or $22,690 per unit in a cash transaction. The two 2-story fourplexes are an aggregate of 6,960 sq. ft. built in 1981. Marsee Wilhems of the Marsee Wilhems Group with Re/Max Majestic of Tucson handled the transaction.

A fourplex at 420-430 E Delano Street, Tucson 85705 was purchased by Justin List of Tucson for $190,000, or $47,500 per unit from Hannelore McAdams of Tucson and private financing. The 2,532 sq. ft. in two buildings was built in 1964 and 1967 on a 15,720 sq. ft. lot. Don Knittel and David Guthrie of Coldwell Banker in Tucson represented the seller and David Aguilar of Keller Williams Southern Arizona represented the investor.

A triplex at 4729 E 2nd Street, Tucson 85711 was purchased by Kelli Alexander LLC (Kelli Alexander) of Tucson in an all-cash deal from Anna Burchard of Tucson for $172,000, or $57,300 per unit. The 2,448 sq. ft. building on a 10,454 sq. ft lot was built in 1959. James Robertson of Realty Executives Tucson Elite handled the transaction.

A duplex at 4055 E Lee St, Tucson 85712 was sold by Beverly Neblett of CA to Michael and Debra Rosko for $113,500, or $56,750 per unit using new conventional financing. The 1,650 sq. ft. building on a 6,282 sq. ft lot was built in 1982.

Ricardo and Christi Bermudez bought a triplex for $69,900, or $23,300 per unit from Deep Canyon LLC (Angus Maughan) with The 1,452 sq. ft. at 405-409 W Columbia, Tucson 85714 was constructed in 1953.

For more information, Sherman can be reached at (480) 425-5500. Reed is at (520) 918-5189. To contact Kaplan call (520) 546-2737 and Mendelsberg at (520) 546-2721. Lanne can be reached at (520) 321-3330. Schulte is at (520) 885-5900 and Tennyson is at (520) 615-8400. Knittel and Guthrie can be contacted at (520) 745-4545 and Aguilar at (520) 615-8400. Robertson should be reached at (520) 877-4940. Wilhems is at (520) 885-9000. Fisher can be reached at (520) 318-5290.