The following sales were compiled from public records of closings in August for the Central, Northeast, Eastern and South submarkets. They have not been confirmed and are published for informational purposes only. These smaller multifamily sales represent an aggregate of $2.25 million for 54-units in 13 transactions in the month of August, 2013.

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[mepr-show rules=”58038″]EAST SUBMARKET
11-Units at 947 N Alvernon Way, Tucson, AZ 85711 sold for $325,000 ($29,545 per unit). The seller was Robert & June Logan of the Logan Family Trust, the buyer was AJAR Investing, LLC (Alan & JoAnne Simmons). The 5,930 sq. ft. building (built 1947) is on a .77 acre lot. Al Gould and Peter Canacakos of Long Realty represented the seller and Robert Grant of Keller Williams represented the buyer.

CENTRAL SUBMARKET
A duplex at 3314-3316 E Presidio Road, Tucson, AZ 85716 sold for $88,000 ($44,000 per unit). The seller, Tucson Acquisition and Development Corporation (Jeffrey Utsch) of Tucson sold to Roxy Properties of Los Angeles (Michael Morris). The 1,560 sq. ft building (built 1979) has two two-bedroom units is on a .15 acre lot. The seller is a licensed real estate broker.

Tucson Acquisition and Development also sold 10-units at 427-441 E Delano, Tucson AZ 85705 for $178,000 to Delano Investments of Tucson (Brett Josephson). The 6,042 sq. ft. in nine buildings (built 1976) is on a .66 acre lot.

A duplex at 1702 E 10th Street and 40 N Warren Street, Tucson, AZ 85719 sold for $169,800 ($84,900 per unit). The seller was the Peggy A Hughes Trust of Tucson and the investor, Jaylon Reynolds of Tucson. The 1,448 sq. ft. building (built 1946) on a .17 acre lot. The two units were each one-bedroom and rented at time of sale, with no vacancies since 1999. Teresa Robison of Long Realty represented the seller and Danny Roth of Keller William of Southern Arizona represented the buyer.

A duplex at 534 E 2nd Street in Tucson, AZ 85705 sold for $285,000 ($142,500 per unit). Seller was William and Roberta Weiss of Tucson and the investor is Jeffrey Scott Willson of Tucson. The 1,825 sq. ft. building (built 1914) has two two-bedroom units and is on a .24 acre lot.

3-units at 110 W 21st Street, Tucson, AZ 85701 sold for $282,500 ($94,167 per unit). The seller was Raima Chaimers of Tucson and the buyer, Linda Benyak of Tucson. The 3-units are in three separate casitas (built 1929-1943) and total 1,734 sq. ft. on a .14 acre lot.

A duplex at 1150 & 1152 E Haven Lane, Tucson, AZ 85719 sold for $111,886 ($55,943 per unit). The seller was Cherry Lane Properties (Mary Wilson) of Tucson and the buyer, Grizzly Properties (Eric Freeman). The 2,120 sq. ft. building (built 1973) sits on a .21 acre lot.

A duplex at 3202 E Lee Street, Tucson, AZ 85716 sold for $105,000 ($52,500 per unit). The seller was Austin Horan of Tucson and the buyer Billie Kay Gearin of Tucson. The 1,394 sq. ft. building (built 1952) is on a .18 acre lot. The two units were two-bedrooms. Dave Eazer of Keller Williams of Southern Arizona was the listing agent and Peggy Gay of Long Realty represented the buyer.

4-units at 205 W Laguna Street, Tucson, AZ 85705 sold for $141,730 ($35,433 per unit). The seller was Wildcat Equities, LLC of Tucson (Brandon Matheson) and the buyer. Terek Khaled of Staten Island, NY. The four units were one-bedrooms in two buildings totaling 1,643 sq. ft. on a .25 acre lot. The property prior sale was on 1/24/2013 in “as is” condition for $49,900. Lou Parrish of Keller Williams of Southern Arizona represented the seller and Lisa Larkin of Re/Max Trends represented the buyer.

4-units at 3735-3745 E Fairmount Street, Tucson, AZ 85716 sold for $150,000 ($37,500 per unit). The sale was an estate sale, heirs of the Estate of Jon Kouba and the buyer Gary and Susan Sharp of Oro Valley. The 2,373 sq. ft. in three buildings was effectively built in 1959 on a .41 acre lot.

NORTHEAST SUBMARKET
4-units at 4159 E Desert Place, Tucson, AZ 85712 sold for $165,000 ($41,250 per unit). The seller was Lee Thorn of Tucson and the buyer Rio Flores of Tucson (William Wissler, et al). The 3,072 sq. ft. building (built 1972) is on a .28 acre lot. James Robertson of Realty Executives Tucson Elite represented the buyer and the seller in the transaction.

4-units at 1623-1629 N Santa Rosa Ave, Tucson, AZ 85712 sold for $300,000 ($75,000 per unit). The seller was Gordon and Sonia Vernon Revocable Trust and the buyer, BWI Anklam, LLC of Tucson (James Baker). The 4,590 sq. ft. building (built 1968) is on a .33 acre lot.

SOUTH SUBMARKET
A duplex at 4325 S 7th Avenue, Tucson, AZ 85714 sold for $37,500 ($18,750 per unit) in an online auction sale. The seller was lender, Nationstar Mortgage, LLC of Lewisville, TX and the buyer Juan Alvarez of Tucson. The 1,386 sq. ft. building (built 1952) was vacant when it sold and is on a .11 acre lot. Bridgett Baldwin of Prudential Arizona Properties represented the seller and Auction. Com represented the buyer.

4-units sold at 113-119 E Aviation Dr, Tucson, AZ 85714 for $60,000 ($15,000 per unit). The seller was Francisco & Artemisa Lopez of Tucson and the buyer Gilbert & Mary Robles. The two duplexes total 2,076 sq. ft. (built 1950) on a .30 acre lot.
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(947 N Alvernon Way Sale date: 8/9/2013. Escrow time 30 days, market time 60 days. Down Payment was $117,982 and loan assumption of existing loan. GSI was $63,708 plus other income of $500. Adjusted gross income totaled $64,208. Total operating expense was $36,400. Property sold with an NOI of $27,808 and an 8.56% cap rate. Unit mix was 7 studios ($450 rent), 3 one-bedrooms ($475 rent), and 1 two-bedroom ($795 rent).)

(3314-3316 E Presidio Road Sale date: 8/7/2013. Documents show the transaction was all-cash. APN: 111-05-142H and 427-441 E Delano Sale date: 8/6/2013. Documents showed zero down and buyer assumed existing loan. APN: 107-11-0260)

(1702 E 10th Street and 40 N Warren Street Sale date: 8/29/2013. Escrow time was 30 days. Down payment was $33,960 financed conventionally. Property sold with a GSI of $14,400 and operating expenses of $7,354. Property sold at an 4.15% cap rate and an NOI of $7,046.)

(534 E 2nd Street Sale date: 8/7/2013. Down payment: $140,000. APN: 117-03-0190)

(110 W 21st Street, Sale date: 8/21/2013. All cash deal. APN: 117-09-0640)

(1150 & 1152 E Haven Lane Sale date: 8/14/2013. Unable to determine down payment, documents show zero down. APN: 113-04-042K)

(3202 E Lee Street Sale date was 8/8/2013. Escrow time was 75 days. The GSI was $12,000 and a $600 vacancy loss reported. Total operating expenses were $5,632. Property sold with a 5.49% cap rate and a $5,768 NOI.)

(205 W Laguna Street Sale date: 8/22/2013. Down payment was $35,433, balance financed conventionally. GSI was $22,020, expenses of $1,127 were reported, property sold with an NOI of $20,893 and a 14.74 cap rate. APN: 107-12-1920. R-3 zoning.)

(4159 E Desert Place Sale date: 8/19/2013. Escrow time was about 30 days. All cash deal. GSI was $27,312 with $2,731 vacancy loss reported. Total operating expenses of $9,221. Property sold with an NOI of $15,360 and a 9.31% cap rate. APN: 110-07-3320. R-2 zoning)

(1623-1629 N Santa Rosa Ave Sale date: 8/23/2013. Zero shown down, conventional financing. APN: 121-11-1950)

(4325 S 7th Avenue Sale date: 8/16/2013. All cash deal. APN: 120-07-459A)

(113-119 E Aviation Dr Sale date: 8/19/2013. All cash deal. APN: 120-06-3340)

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Occidental Fire & Casualty Company of North Carolina, a wholly owned subsidiary of IAT-Re Group, an insurance holding company has leased space at Canyon Village in Scottsdale. The company signed a 7-year lease for 18,100-square-feet in Building B at Canyon Village, 18867 N Thompson Peak Pkwy in Scottsdale. The new lease offers IAT an upgraded facility opportunity to grow compared with their previous space.

Occidental Fire & Casualty Company specializes in providing personal automobile insurance to customers through a variety of networks.

Mike McQuaid and Chris Krewson, principals with Lee & Associates in Phoenix represented IAT in the transaction. McQuaid has represented IAT for over 15-years in the Phoenix market. Brad Anderson, Mike Strittmatter and Bryan Taute of CBRE in Phoenix represented the lessor DMB Associates.

Developed and owned by DMB, The Canyon Village property is comprised of four buildings situated on 5.6 acres at the northeast corner of Union Hills Dr. and Thompson Peak Pkwy. The property features mixed-use amenities such as retail and restaurants and an adjacent park. Building B selected by Occidental Fire & Casualty features 29,139- square feet and was built in 2008.

Lee & Associates’ McQuaid and Crewson can be reached at (602) 956-7777.  The CBRE team of Anderson, Strittmatter and Taute can be contacted (602) 735-5558.

FOMC Rocked Stock Market World
Wednesday, Sept. 18, 2103 – The Dow Jones industrial average jumped 147.21 points, or 1%, to 15,676.94. The S&P 500 surged 20.76 points, or 1.2 per cent, to 1,725.52, slicing through its previous all-time high of 1,709.67 set on Aug. 2. The NASDAQ composite rose 37.94 points, or 1 per cent, to 3,783.64.

Stocks traded slightly lower throughout the morning, but took off immediately after the Fed’s decision in the early afternoon. Bond yields fell sharply — their biggest move in nearly two years. The price of gold had its biggest one-day jump in four years as traders anticipated that the Fed’s decision might cause inflation.

US Dollar weakened with the news today. The New Zealand and Australian dollars were the biggest beneficiaries of U.S. dollar weakness but the Canadian dollar wasn’t far behind. Thanks to the Federal Open Market Committee (FOMC) announcement, the EUR/USD strengthened, breaking through 1.35 to the US Dollar, this its strongest level since February (1.35255) while the British pound rose to its strongest level against the U.S. dollar in 7 months (1.61407). The NZD closed at 1.19252, the AUD was at 1.05286; Canadian dollar strengthened to 1.02226 over the US dollar.

Policymakers Say “Expect Slower Growth & Increased Spending Next Year”
Wednesday morning, FOMC reported a more downbeat outlook on the U.S. economy for 2013 and 2014 than it did three months ago. The Fed predicts that the economy will grow by just 2% to 2.3% this year, down from its previous forecast from their last meeting in June of 2.3% to 2.6% growth. But the Fed’s policymakers expect the unemployment rate to fall to 7.1% to 7.3% by the end of 2013, slightly below its June forecast of 7.2% to 7.3%. It predicts that unemployment will fall as low as 6.4% next year, down from 6.5% in its June forecast. The unemployment rate is now 7.3%. For full report click here.

Wednesday afternoon, the Center for Medicare and Medicaid Services Office of the Actuary chimed in and projected modest health spending growth for the nation’s health care spending. Government experts predict a jump by 6.1% next year as the big coverage expansion in President Obama’s overhaul kicks in. That’s more than 2 percentage points higher than the growth rate forecast for this year, and compares with a growth rate that has hovered under 4%, historically low, for the past four years. Much of the increase projected for next year is attributed to the new health care program. Without it, the estimated growth would be 4.5%, according to Wednesday’s report. The full findings were published online by the journal Health Affairs and can be found by clicking here.

Walgreen shifts health coverage over to Employees to choose from Exchange
Walgreen Co. is joining a growing push from big businesses to shift more responsibility for finding insurance onto their employees as health care costs continue to climb. The nation’s largest drugstore chain said Wednesday that it will send its 180,000 workers and dependents to a private health insurance exchange where they will pick from as many as 25 plans instead of having the company give them two to four options. Walgreen’s employers normally pay most of their coverage cost, and Walgreen’s contribution toward the benefit won’t change. The company said the move will give its workers more choices and help them become better consumers.

Court ruling: Clicking ‘Like’ on Facebook is exercise in First Amendment Right
Clicking “Like” on Facebook is constitutionally protected free speech and can be considered the 21st century-equivalent of a campaign yard sign, a federal appeals court ruled Wednesday. The 4th U.S. Circuit Court of Appeals in Richmond reversed a lower court ruling that said merely “liking” a Facebook page was insufficient speech to merit constitutional protection. Exactly what a “like” means — if anything — played a part in a Virginia case involving six people who say Hampton Sheriff B.J. Roberts fired them for supporting an opponent in his 2009 re-election bid, which he won. The workers sued, saying their First Amendment rights were violated.

Coal’s future becoming more uncertain globally
Economic forces, pollution concerns and competition from cleaner fuels are slowly nudging nations around the globe away from the fuel that made the industrial revolution possible. The U.S. will burn 943 million tons of coal this year, only about as much as it did in 1993. Now it’s on the verge of adopting pollution rules that may all but prohibit the construction of new coal plants. And China, which burns 4 billion tons of coal a year — as much as the rest of the world combined — is taking steps to slow the staggering growth of its coal consumption and may even be approaching a peak. According to the World Coal Association, coal provides around 30% of global primary energy needs, generates 41% of the world’s electricity and is used in the production of 70% of the world’s steel. Click here for coal statistics from around the world the US as a net coal exporter.

Commerce Department Reports August permits increasing pace
U.S. builders started work in August on the most single-family homes in six months and requested permits to construct even more in future months. Building permits in August 2013 were at a seasonally adjusted annual rate (SAAR) of 918,000, down 3.8 percent from the revised July rate and up 11.0 percent from August 2012. Housing starts in August 2013 were at a SAAR of 891,000, up 0.9 percent from the revised July estimate and up 19.0 percent from August 2012. The figures suggest housing remains a driver of economic growth despite rising mortgage rates. Construction of single-family homes rose 7% last month to a seasonally adjusted annual rate of 628,000, the Commerce Department said Wednesday. That’s the fastest rate since February. And builders sought 627,000 permits to construct future single-family homes, 3% more than July and the best pace since May 2008.

FedEx says quarterly profit up 7%
FedEx Corp. boosted quarterly profit by 7% this summer despite a dip in revenue at its express-delivery unit, and it will raise prices on many U.S. shipments in January. The weak global economy is still creating turbulence in FedEx’s air-shipment business. But its ground-shipping unit continues to churn out strong profit — operating income was twice that of the express business. FedEx said Wednesday that it earned $489 million in the June-through-August quarter, which topped analysts’ expectations. Click here for full report.

McDonald’s Dividends Announced Wednesday
McDonald’s announced it is raising its quarterly cash dividend by 5%, bringing its fourth-quarter payout to more than $800 million. The world’s largest hamburger chain says its quarterly dividend increases to 81 cents from 77 cents, for an annual total of $3.24 per share. It will make the next payout on Dec. 16 to shareholders of record at Dec. 2. McDonald’s Corp. expects to return between $4.5 billion and $5 billion to its shareholders through dividends and stock repurchases in 2013. McDonald’s has raised its dividend every year since making its first payout in 1976. In July, the Oakbrook, Ill., company reported a 4 per cent rise in second-quarter profit but missed expectations and warned of a tough year ahead, given heightened competition and rough economic conditions around the world. Click here for full report.