Miramonte Apartments at 770 North Dodge Blvd. in midtown Tucson was sold by Bradley Chilcote of Tucson for $1.2 million ($36,000 per unit). The 33-unit complex in four 2-story block constructed buildings (built 1966) had been extensively renovated in 2010 and 2011 by the seller.

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[mepr-show rules=”58038″]The property has a central courtyard with units wrapping around the pool and courtyard. The unit mix includes four studios, 28 one-bedroom and one two-bedroom units, all have new double-pane windows, new wood flooring, new kitchen and bathroom cabinets and countertops, light fixtures and fans, new internal doors and all new appliances. Dishwashers are included in the units and there is a common laundry room. Recent exterior improvements include new paint, landscaping signage and parking lot. The utility system is also all new within the last 7 years with new efficient domestic hot water heater installed 2011 and new HVAC system and boiler installed in 2010.

Located west of Alvernon and East 4th Street, the property is less than 2-miles east of the University of Arizona within the historic Miramonte neighborhood. The property has a walking score of 71 and a bike score of 85.

Nearby shopping and employment centers include El Con Mall with a 20 screen movie theater, Home Depot, Target and others. Recreational offerings include Reid Park about ½ mile to the south that has an 18-hole public golf course, community center, the Randolph tennis center and the Reid Park Zoo.

The buyer is a private investor, JMY Properties, LLC of California (Jason Yamada, Principal). Yamada told us this is his first investment in Tucson. He had been searching the internet for quite some time, and had narrowed his search down to Tucson for best value, before finding the right investment property. Yamada would like to find other properties of this type for investment in the area.

Chuck Corriere of Keller Williams in Tucson handled the transaction for seller and investor.

Peach Properties has been retained to handle the property management and leasing of the property.

Yamada can be reached at (310) 343-5859. Corriere should be contacted at (520) 400-9811.[/mepr-show]

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[ismember]Sale Date: 8/22/2013. 4 Studios 400 SF each, 28-1-bedrooms 500 SF each, and one 2 bedroom 1 bath is 600 SF. Total buildings: 17,190 SF on 1.09 acres. Property sold at an approximate 8% cap rate based on income at time of sale, units are master metered for utilities. Buyer put $300,000 (25%) down and financed the balance with conventional financing.  [/ismember]

GoDaddy, a privately held company, with corporate headquarters in Scottsdale, continuing to find creative ways to show entrepreneurs and small business owners that building an online presence doesn’t have to be difficult or expensive, announced that it has entered into a definitive agreement to acquire Locu, a San Francisco-based company that helps local merchants “get found” online. Started in 2011 at Massachusetts Institute of Technology, Locu is used by more than 30,000 businesses, including restaurants, spas, salons, accountants, photographers and home remodeling companies, to promote their services across Locu’s partner network. Locu reaches more than 200 million consumers per month through its partnerships with Yelp, YP.com, Foursquare, TripAdvisor and Facebook.

GoDaddy is the world’s top platform for small businesses. The acquisition advances the GoDaddy strategy to deliver effortlessly digital identities that help small businesses get more customers.

“Locu epitomizes what GoDaddy is all about – both companies are hell-bent on helping the ‘little guy’ thrive on the Internet,” said GoDaddy CEO Blake Irving. “Locu is comprised of amazing technologists who have taken the very complex problem of helping small businesses ‘get found’ wherever consumers are looking and are solving it through elegant, technology-based services. We are welcoming some of the brightest technology minds on the planet to our GoDaddy family.”

The two companies have been working closely together since May when GoDaddy integrated Locu into its easy-to-use Website Builder. With the integration, service-oriented businesses have a simple solution to automatically create, manage and update their menu and service lists in a way that gives business owners complete control of their digital identity, whether they’re using a smartphone or a desktop computer.

“We couldn’t think of a more powerful platform to accelerate Locu’s growth,” said Rene Reinsberg, CEO and co-founder at Locu. “We each have a core mission to help local businesses succeed. Our team developed deep respect for GoDaddy during our initial partnership and was impressed by the execution speed and quality, its industry-leading customer support, and the passionate, experienced new management team who puts ‘product first.’ All of this further positions GoDaddy as the ‘go-to’ provider in the small business space.”

“Over the last few months, Locu has played an incredible role in helping grow the Presence and Commerce business through our Website Builder partnership,” said Raj Mukherjee, GM of Presence and Commerce at GoDaddy. “The Locu team will play a much bigger role in helping GoDaddy’s small businesses reach their customers more effectively and at lower cost.”

Locu will continue to operate out of its San Francisco and Cambridge, Mass., offices and is actively hiring for both locations. All of Locu’s employees are joining the GoDaddy team.

GoDaddy serves more than 11 million customers worldwide, mostly small businesses. GoDaddy employs more than 3,800 people from 9 facilities around the world, including Arizona, Iowa, California, Colorado, Washington, D.C., India, Singapore, and The Netherlands. It opened two new offices in Sunnyvale, Calif., and Kirkland, Wash., this year.

Financial terms of the acquisition were not disclosed.

Established in 1992 as a privately-held company, Switchgear Solutions,Inc. (SSI) of Tucson (Robert Stevenson, President and Gary Ellerd, Vice-President) began as a circuit breaker rebuilder and switchgear maintenance company. SSI, continuing to grow, leased a 47,000 square-foot facility, in two buildings at 2525 and 2540 N Jackrabbit Avenue in Tucson several years ago where it continues to reside and was able to purchase the facility this month for $2.7 million ($58 PSF) from Petty Rentals I & II, LLC (John Petty, President).

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[mepr-show rules=”58038″]SSI has expanded its capabilities since it was founded to include a wide variety of in-shop, field services, and engineered products and services for power distribution and control equipment, including manufacturing new products, maintenance, power quality testing and disaster/emergencies services. SSI offers new and refurbished low and medium voltage circuit breakers, switchgear, Variable Frequency Drives, and controls products. Switchgear Solutions also offers aftermarket switchgear with the ability to rebuild and refurbish legacy electrical power distribution equipment.

In an electric power system, switchgear is the combination of electrical disconnect switches, fuses or circuit breakers used to control, protect and isolate electrical equipment. Switchgear is used both to de-energize equipment to allow work to be done and to clear faults downstream. This type of equipment is important because it is directly linked to the reliability of our electricity supply.

SSI manufactures and integrates electrical equipment to suit a variety of applications for any industry. Every customer has specific requirements related to their equipment and its application.

SSI partners with low and medium voltage switchgear, circuit breaker, motor control and protective relaying manufacturers and have the ability to provide custom equipment to meet every customer’s specifications. A team of engineers and technicians has the working experience to support nearly every industrial requirement imaginable.

Switchgear Solutions can be reached at (520) 622-1294.[/mepr-show]

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[ismember]Sale took place in two transactions. On 8/14/2013, SLE Properties, LLC (Ellerd & Stevenson) purchased the 41,907 sq. ft. building (built 1995) on 43,570 sq. ft. fenced lot at 2540 N Jackrabbit Ave for $2.3 million. On 8/21/2013, BLLG Properties, LLC (Ellerd) purchased the 5,000 sq. ft. metal building (built 1983) at 2525 N Jackrabbit Ave. on 15,454 sq. ft. fully fenced lot for $400,000. [/ismember]