September Tucson Multifamily Sales By Submarkets:

NORTHEAST SUBMARKET (Median sale price: $31,917 per unit)

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Roberts Apartments, a 12-unit complex at 1220-1236 N Roberts Way in Tucson, 85712 was purchased by John & Maria Soldo of Sun City, CA from Steven & Ann Broden for $370,000 ($30,800 per unit). Property consists of six 2Br/1Bth duplexes, totaling 8,112 sq. ft. (built 1957) on 1.03 acre. Units have beamed ceilings throughout and buildings are of adobe block construction. Seller had done many improvements. All but one unit was rented at time of sale. Units are individually metered and have covered parking and separate washer & dryer hookups. Peter Canacakos of Long Realty in Tucson represented the seller and should be contacted at (520) 546-2721. Allan Mendelsberg, Investment Specialist with Cushman & Wakefield | Picor in Tucson represented the investor and can be reached at (520) 546-2721.
Login for more information. [ismember]Proforma : Year 2012. Scheduled Gross Income: $62,580. Effective Gross Income: $59,451. Total Operating expenses: $24,527. NOI: $34,924. Pre-Tax Cash Flow: $34,924. Cap Rate: 9.44%[/ismember]

A fourplex at 2531-2533 N Columbus Blvd. in Tucson, 85712 sold for $132,000 ($33,000 per unit) to Larry Paul of Tucson. The 2,828 sq. ft. building (built 1948) is on a 10,041 sq. ft. lot. Property is two-stories with one studio, one 1-bedroom, and two 2-bedroom units. Kyle Mokhtarian and Matthew Skidmore with Realty Executives Tucson Elite of Tucson represented themselves dba KMS Enterprises, LLC of Tucson in the transaction. The buyer was represented by Anthony Boatner of Keller Williams Southern Arizona in Tucson. Mokhtarian and Skidmore can be reached at (520) 275-7175. Boatner is at (520) 615-8400.

EAST SUBMARKET
A duplex at 4534 E Montecito Street in Tucson, 85711 sold to Kim Uyen Mai of Tucson for $76,000 ($38,000 per unit).The 1,754 sq. ft. living space (built 1951) is on a 9,120 sq. ft. lot. Units consist of a 2-bedroom and a 3-bedroom. Tony Reed and Roger Breckenridge of Long Realty in Tucson represented the seller. Nam Van of Homesmart Advantage Group in Tucson represented the investor, and can be reached at (520)505-3100. Reed and Breckenridge can be contacted at (520) 577-7400.
Login for more information. [ismember]GSI: $14,400. Expenses: $1,333. NOI: $13,067. Cap Rate: 17.19%. Rents on both units were $600 per month. Property was on the market 12 days.[/ismember]

CENTRAL SUBMARKET (Median sale price: $43,250 per unit)
A fourplex at 235 W Lester Street in Tucson, 85705 sold for $180,000 ($45,000 per unit) to Jesus E Pedrego of Tucson. The 2,896 sq. ft. building (built 1982) is on a 7,405 sq. ft. lot. Property has four 2-bedroom units that sold vacant with a pro forma cap rate of 8.65%. Property was on the market for 77 days. Jeffrey Ell of Keller Williams Southern Arizona handled the transaction for investor and seller, Johnson Family Trust of Marana. Ell can be reached (520) 615-8400 for additional information.

A triplex at 847 N 2nd Avenue in Tucson, 85705 sold for $240,000 ($80,000 per unit) to KSW Properties, LLC of Tucson (Kaukaha Watanabe, member). The 2,209 sq. ft. building (built 1937) is on a 4,300 sq. ft. lot located near the U of A. There are two 2-bedroom units and one 1-bedroom unit, each has a single garage. Property was on the market for 14 days. Marsee Wilhems of Re/MAX Majestic handled the sale. Buyer is also a licensed real estate agent with Realty Executives Tucson Elite and has property back on the market for sale. Wilhems can be reached at (520) 885-9000. Watanabe is at (520) 300-6632.

A fourplex at 256 W Kelso Street in Tucson, 85705 sold for $130,000 ($32,500 per unit) to David Swanson of San Diego, CA. The 2,131 sq. ft. living space (built 1966) on a 9,155 sq. ft. lot. Units included two 1-bedroom and two 2-bedroom. Property was on the market for 31 days. Robert Brakey of Roca Realty in Tucson represented the seller. Pedro Romero of Premier One Realty represented the investor. Brakey can be reached at (520) 241-1283. Romero should be contacted at (520) 408-1885.

Eight units were sold at 808-822 East Blacklidge in Tucson, 85719 for $245,000 ($31,000 per unit) to 808-822 E Blacklidge, LLC of Tucson (Phil Lipman, managing member). The 3,020 sq. ft. living space (built 1985) is on a 24,384 sq. ft. lot. The seller was Tucson Urban League, Inc. of Tucson (Charles Battle (chairman). Tony Reed and Roger Breckenridge of Long Realty in Tucson handled the transaction for buyer and seller.  Reed and Breckenridge should be contacted at (520) 577-7400.

A duplex at 102-104 E Delano Street in Tucson, 85705 sold for $83,000 ($41,500 per unit) to Jesse Butler of Tucson. The 1,082 sq. ft. building (built 1958) is on a 9,000 sq. ft. lot. Seller was Joel Robert Whittaker and Thalia Pavo Real Whittaker Revocable Trust of Tucson.

A duplex at 2939-2941 N Palo Verde Avenue in Tucson sold for $123,000 ($61,500 per unit) to Barry & Michele Jones of Tucson. The 1,659 sq. ft. building (built 1979) is on a 6,000 sq. ft. lot. Walter Jennings of Tucson was the seller.

SOUTH SUBMARKET (Median sale price $26,567 per unit)
A triplex at 1221 S 11th Avenue in South Tucson, 85713 sold for $73,000 ($24,333 per unit) to Kelly Anne Melsted. The 1,516 sq. ft. building (built 1933) on a 6,970 sq. ft. lot was sold by Federal National Mortgage Association in an REO sale. The South Tucson consisted of three studio apartments. Tim Rehrmann and Alyssa Chavoya with Tierra Antigua of Tucson represented the seller. Diedra Plum with Keller Williams Southern Arizona of Tucson represented the buyer. Rehrmann and Chavoya can be reached at (520) 225-0073. Plum is at (520) 886-8282.

A triplex at 150 W Lincoln Street in Tucson, 85714 sold for $86,400 ($28,800 per unit) to Damien Choi and Jennifer Matias of Tucson. The 1,447 sq. ft. building (built 1952) is on a 6,950 sq. ft. lot. Property is two-stories with one 1-bedroom and two 2-bedroom units, individually metered with two new electric meters, separate gas and landlord pays water. The seller was self-represented, dba Deep Canyon, LLC, Gus Maughan of Cardinal Real Properties. Thomas Russo of Vista One Realty Group represented the buyer. To contact Maughan, call (520) 955-9209. Russo can be reached at (520) 413-1743.

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Gramercy Property Trust Inc. of New York (NYSE:GPT), a real estate investment trust, has closed on the acquisition of an approximately 220,000 square foot food-grade cold storage and distribution facility located at 3701 S Avenue 3 ½ East in Yuma, Arizona. The sale price reported was $17.85 million ($81 PSF).

Yuma County boasts the longest growing season in the country and is where 90% of the nation’s leafy vegetables are grown from November through March. The building is 100% leased through September 2033 to Eastbound Farms, the leading organic food company in North America.

Built in 2001, the property had expansions added in 2004 and 2006, with 43 dock-high doors with levelers, locks, shelters and seals. Clear height is 32’-40’, and 26’ in production areas. The current 220,000 square-feet is expandable to 270,000 square-feet on 37.42 acres. With 186,405 square-feet capable of 34 degrees F or higher. There is 11,657 square-feet office/employee area with walkable utility service area with production scale positions, production wash line and refrigeration production area. Raw receiving pressure coolers, raw product cooler, and refrigerated shipping docks.

Property sold in a sale leaseback agreement with year 1 net operating income of approximately $1.4 million (8.0% initial cap rate, 9.25% GAAP cap rate) with fixed annual rent escalations throughout the lease term. The facility was acquired all-cash.

Gramercy Property Trust Inc. is a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing industrial and office properties net leased to high quality tenants in major markets throughout the United States. The Company also operates an asset management business that manages for third-parties, including our joint venture partners, commercial real estate assets throughout the United States primarily leased to financial institutions and affiliated users.

Visit the Company’s website at www.gptreit.com or contact Investor Relations at (212) 297-1000

The following chart shows new home permits month-by-month for Southern Arizona.  Q1 2013 totaled 644 new home permits (+22%) from previous 2012 quarter, Q2 2013 – 564 news home permits issued (-14%) and Q3 2013 – 530 permits issued in the area a (-6%) drop in third quarter.

Southern Arizona new home permits were a 49% increase year over year in Marana, and a 20% increase in Oro Valley. Pima County new home permits were a 19% increase over 2012. Sahuarita and Southern Pinal County were both slightly lower than the previous year -2% and -8% respectively. With Tucson showing the largest decrease year-over-year, a -26% change in new home construction permits for Tucson.

(Source: The Rose Law Group of Phoenix)