Valencia Hills Apartments LLC of Reno, NV (Ernest Tschannen) transferred the 112-units at Valencia Hills Apartment, formerly known as Valencia Hills Apartments at 3550 W Valencia, Tucson 85746 to a National Safe Harbor in Tempe as part of a 1031 reverse exchange back on March 4.On August 27, the reverse exchange was completed with Bridgeview Partners of Tempe, AZ taking possession of the property for $2.8 million, or $25,000 per unit.  The property has been rebranded to Tierra Hills Apartments since the transfer.

The 67,256 square-foot property consists of six, 2-story, garden style apartment buildings situated on a 3.4-acre lot.

The property had 15 years of continuous ownership and the new owner, Bridgeview Partners is an affiliate of Mabry Management Company, Inc. of Torrance, CA. Bridgeview assumed the existing financing for property.

Danny Lee and Neil Sherman of Sperry Van Ness of Phoenix handled the transaction representing both the buyer and seller.

“The property is just three miles east of Casino Del Sol, a major attraction offering a full resort, spa and casino,” Sherman said. “The buyer already had a presence in the Tucson market, and was looking to add to those holdings.”

Northstar Management of Tucson is the leasing and property manager for the property.

Northstar can be reached at (520) 885-8590. Lee and Sherman should be contacted at (480) 425-5500.

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[ismember]Sale date: 8/272013. APN 137-19-003J. Document #20132390409. The buyer paid $1,274,650 down and financed the balance with FHA and Centerline Mortgage Capital. Prior document was #20130630822 on 3/4/2013 that show $794,590 as downpayment and loan assumption. [/ismember]

The retail sub-sector is showing some real signs of life. For investors, it could finally be time to bet on that beleaguered strip mall. After getting trounced during The Great Recession, the retail real estate space spent much of the last two years floundering with the retail sub-sector seeming to have been left behind. However, things are finally turning around for the market as evidenced by these three deals.

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[mepr-show rules=”58038″]A Wienerschnitzel property at 3460 N Oracle Rd in Tucson sold to Sam Third, LLC of Tucson (Steven Mar, managing member) for $330,000 all-cash. The 600 square foot building was built for Wienschnitzel in 1967. The seller was an individual from San Marino, CA. The transaction was handled principal-to-principal without broker representation.

Wienerschnitzel is an American fast food chain founded in 1961 (as “Der Wienerschnitzel”) that specializes in hot dogs. Wienerschnitzel locations are found in California, Texas, Arizona, Colorado, Illinois, Louisiana, New Mexico, Nevada, Utah, and Washington state. There is also a store in Guam.

The Eegee’s property at 3806 E Grant Road in Tucson sold for $792,363 to an investment group out of Jenkintown, PA. The 2,423 square foot building (built 1990) is one of 23 locations for the Tucson restaurant chain that specialize in, among other things, signature frozen fruit drinks.

A strip retail center at 5760-5764 E Broadway Blvd. in Tucson sold for $429,000 ($66 PSF). The buyer was IST Investments, LLC of Tucson (Abdulla Yilmaz, member) and the seller Harose Realty Investment Company of Tucson (Theodore Direnfeld, President). The retail center sold with two tenants, Stuart Cooper Jewelers and Dee’s Shoes. The center had 1,500 square feet vacant from a downsizing by the jewelry store. The property is located across the street from the retail center being razed for a new Longhorn Steakhouse.

Financing was handled by Wells Fargo.

Gary Best and John Hamner of Keller Williams of Southern Arizona in Tucson handled the sale and are also leasing the available space. Best and Hamner can be reached at (520) 615-8400.

Sale date on 3460 N Oracle Road was 8/22/2013. APN: 106-03-132C. $330,000 all cash. Seller was Todd Nathan Weber of San Marino, CA.

Sale date on 3806 E Grant Rd was 89/2013. APN: 122-16-3570 & 3580. Buyer paid all cash. The seller was CNL APF Partners, LP of Scottsdale, AZ.

Sale date on 5760-5764 E Broadway Blvd was 7/31/2013. APN: 128-03-003A. Buyer put $177,075 down and financed the balance conventionally.
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Excellent transportation is critical to the success of our region. People want transportation options that allow them to travel safely, efficiently and comfortably, and reach the destinations that are important to them. Equally, efficient transportation is essential for goods and services to flow and our economy to thrive

Imagine Greater Tucson with Pima Association of Governments (PAG) would like to get YOUR feedback for PAG’s upcoming Regional Transportation Plan Update. This short, interactive survey is designed to help explore future transportation priorities. What things are most important to you? The purpose is to look at transportation possibilities and options regionally, not to address site-specific projects. The information collected will influence future regional transportation decisions and plans, specifically the upcoming Regional Transportation Plan Update that identifies future major transportation projects for our region.

The survey should take no more than 10 minutes and will be accessible through September 22.

Click here to access the survey or visit https://www.igtsurvey.org/.