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On Feb. 14 2013, investor E & S Irving, LLC (Edmund & Suzanne K Irving) paid $[mepr-show rules=”58038″]575,000 ($185.19 per foot) for the KFC restaurant at 1905 West Grant Rd, Tucson 85745 for this 3,105 sq. ft. building (built 2004) on .84 acres. The seller was Jack L Shettlesworth of Tucson.

The property was fully leased as a KFC restaurant to Stewart Brothers Properties, LLC of Oregon, the franchisee / operator. Stewart Bros. Properties, LLC is a privately held company, founded in 2007, that primarily operates in the Restaurants and Other Eating Places industry; it owns and operates 17 Kentucky Fried Chicken restaurants in various states. The company has leased the property since September 9, 2009, and has 7 years remaining on a 10 year triple net lease term and (1) 5-year renewal option; property sold with a 7.01% cap rate at closing and rent increases based upon Consumer Price Index.

Jerry Hawkins, 1st Vice President and Shannon Murphy, Associate Broker, both of CBRE of Tucson represented the seller and David Lee of David Lee Real Estate represented the investor.

For KFC franchisee information, contact (541) 273-4639. Jack Shettlesworth, the seller, is at (520) 747-2521. Todd Stewart, Principal, Stewart Brothers Properties, LLC can be reached at (541) 273-4639. Contact Jerry Hawkins at (520) 323-5109 and Shannon Murphy of CBRE at (520) 323-5105. For Edmund Irving contact his broker, David Lee at (520) 795-3199.

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On Feb 11, 2013 Canadian owned, Acana Capital Corp. (CNSX:APB), Eugene Beukman, CEO, through a wholly owned subsidiary, Acana Capital USA, Inc., completed its acquisition of 100 per cent of the shares in two LLCs controlled by a shareholder of the Company, Lakhwindar Janda of the Janda Group, LLC and in so doing, acquired the following real estate projects:

An office / warehouse building at 5575 S Houghton Rd in Tucson, AZ for the purchase price of $2.3 million (USD) or about $74 per square-foot. Purchase delivered to the vendor as a $1.3 million (USD) convertible debenture and a $1 million promissory note. The convertible debenture bears interest at 4% per annum, due in 5-years, and is convertible to preferred shares of the Company. The promissory note is due on demand and bears an interest rate of 3% per annum.

The 31,042 sq. ft building, constructed in 1997, is located on 3.09 acres and sold vacant; accordingly the vendor reduced its price from a $3 million asking price to market value. The building is currently divided into 5,341 sq. ft fully air conditioned office space and 25,701 sq. ft. manufacturing / warehouse space, formerly occupied by Global Solar Energy and Medusa Machinery. The company anticipates leasing the building and has it marketed exclusively by Peter Douglas of Picor Commercial Real Estate a Cushman Wakefield Company of Tucson.

The second property acquired was more than 74 acres of farm land in Courtland, CA for $400,000 (USD) paid in cash. Acana had previously been in negotiations to acquire the California land but the transaction did not complete. The vendor reduced its price by $100,000 (USD) and accordingly Acana Capital USA completed the transaction at this reduced rate.

Acana Capital Corp. portfolio, with ownership interests in Canada, California and now Arizona, is valued at approximately $6 million in real property.

Acana Capital Corp. was formed June, 2007 in British Columbia, Canada. The company’s principal activity is the acquisition and development of real properties. The Company’s head office, registered office and record office are all located at Suite 200 – 8338 120th Street, Surrey, BC, V3W 3N4 Eugene Beukman and Lakhwinda Janda can be reached at (604) 592-6881. Peter Douglas of Picor is at (520) 546-2711.

Two Apt deals at year end sold for a combined total of $1.13 million. The Casa Verde Apartments and the Crestview Apartments in Tucson closed one day apart.

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The Casa Verde Apartments at 2602 N 14^th Avenue in Tucson sold for $600,000 ($26,000 per unit) to a Californian investment group, Maximum Management Corporation of Beverly Hills, CA (Rick Sparks).  The property is situated in Central Tucson on the northeast corner of Jacinto Street and 14th Avenue, just west of Oracle Road, a major thoroughfare in north Tucson.

The two-story apartment community built in 1963, comprises 23 rental units. The unit mix consists of all one-bedroom units at approximately 567 square feet each. All units are rented unfurnished. Construction is of block with pitched roofs. The property is individually-metered for electricity with the costs of heating and cooling falling under the responsibility of the residents. Cooling is provided by evaporative coolers in 11 units, and the rest are provided by individual air conditioning units.

Outdoor amenities are limited to open parking spaces for residents. There are approximately 40 parking spaces. There is also a laundry facility on-site and secured gated access to the property. Landscaping at Casa Verde Apartments is minimal, allowing for mitigated operating expenses for the ownership.

The building at Casa Verde Apartments is constructed on two sites comprising approximately 0.72 acres, at a density of 31.94 units per acre. The building provides 13,041 rentable square feet.

The property was 96% occupied at time of sale.

The seller Creative Commercial Investments of Glendale, AZ and the investor were represented by Trevor Koskovich, Bill Hahn and Jeff Sherman of Colliers International in Phoenix.

In a separate transaction one day later, Crestview Apartments at 4350 E Fairmount St. in Tucson sold to Gum Shree, LLC (Rosemary Koberlein) of Tucson for $530,000 ($40,800 per unit). The 13-unit apartment complex was constructed in 1963 and consists of 10,010-square-feet on a 36,000-square-foot lot.

The property is situated in Northeast Tucson on the southeast of the corner Columbus Blvd and Fairmount Street, just west of Swan Road.

Tony Reed of Long Realty in Tucson represented the seller, Fiesta Properties of Tucson and Roger Breckenridge also with Long Realty in Tucson represented the investor.

The Koskovich, Hahn and Sherman team can be reached at (602) 222-5000. Reed should be contacted at (520) 918-5189, Breckenridge can be called at (520) 918-5813.

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[mepr-show rules=”58038″] Sale date of Casa Verde Apartments: 12/26/2013. This was the buyers upleg in a 1031 exchange from a California property. The buyer paid $316,777 down. Market time was approximately 100 days. Property sold at an 8.5% cap rate. APN: 107-09-011A.

Sale date of Crestview Apartments: 12/27/2013. All cash transaction. Unit mix: 6 one bedrooms, 6 two bedrooms and one studio. Property sold at an 8% cap rate. APN 122-12-061.[/mepr-show]