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Manuel German dba Galerias Magelos of Hermossillo, Mexico purchased a property across the road from The Bridges at 3640 S Campbell Avenue in Tucson for its first US location. The 10,000 sq. ft. building was purchased for[mepr-show rules=”58038″]$520,000 ($52 PSF) from Duffy Warehouses, LLC of Tucson (Gary Duffy, manager).

Galerias Magelos, a Mexican furniture store, will expand operations at the property as a showroom / warehouse. Following in the steps of its sister business, Galerias Magelos that has been in business for about 15 years in Hermosillo, the Tucson store will be its second store for furniture imports / sales and interior decorating services for clients. German has been an interior decorator for about 15 years.

The property sold leased to Olde Inke, a media and data storage depot, that will remain in place until June when its lease is up and the new owner can begin tenant improvements. The new store opening is anticipated for sometime this Fall.

Ed Henne of Long Realty in Tucson represented the seller in the transaction and Gary Best of KW Commercial and Luz Moreno of Keller Williams Southern Arizona represented the buyer.

Contact Henne at (520) 918-5989. Best and Moreno can be reached at (520) 615-8400.[/mepr-show]

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Cornerstone Hospital of Southeast Arizona, LLC of Dallas, TX (Louise Cassidy, CEO) exercised a purchase option on the building at 7220 E Rosewood St in Tucson for [mepr-show rules=”58038″]$7 million ($166 PSF) that it leased since 2005 from Medical Properties Trust of Birmingham, AL affiliate, MPT of Tucson, LLC. Cornerstone Hospital is a 34-bed long term acute care facility for patients who no longer require the services of an intensive care unit, but still need more intensive care than that offered by traditional rehabilitation, skilled nursing or sub-acute care settings.

Nexbank of Dallas, TX financed the transaction.

The seller, Medical Properties Trust (NYSE:MPW) is a REIT specialized exclusively in real estate investments of acute care facilities of all kinds with long-term triple-net leases. MPT claims to be the only healthcare REIT focusing exclusively on hospitals, acquiring and developing rehabilitation hospitals, women’s and children’s hospitals, regional and community hospitals, as well as ambulatory surgery centers and other specialized, single-discipline facilities.

MPT acquired the property in 2008 from another healthcare REIT, Health Care Property Investors, Inc. of Long Beach, CA for slightly over $7 million ($7,010,870). The purchase option with Cornerstone was conveyed to MPT in that transaction.

The CEO of Cornerstone Hospital, Louise Cassidy reported that there would not be any changes to the hospital’s normal operations.[/mepr-show]

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Compass Bank of Birmingham, AL sold a 1.6 acre parcel at the southwest corner of Valencia and Valley Indian Agency Roads in Midvale to Broadway Realty and Trust of Tucson (Joseph Cesare) for $959,000 ($13.50 PSF). The parcel, zoned C-1, was excess property owned by Compass purchased for a bank branch site, before the pull-back in bank expansion took place. Broadway Realty and Trust subsequently transferred the property to Midvale Development Company, LLC formed by Cesare with other investors to hold for development. The corner is platted for retail use and shopping center but it is unknown at this time what will be constructed there.

Eat Sports, LLC of Tucson (Danny Roth) sold one acre of C-3 zoned land to Blue Iguana, LLC of Tucson (David Dabdoub) at 3452  N Dodge Blvd in Tucson for $279,000 ($6.40 PSF). The property was formerly an auto repair garage that was razed by the seller for a commercial recreational center project that was cancelled by the economic meltdown. The buyer and seller were both self-represented in the transaction.

Great Western Bank of Lincoln, NE sold 15 acres of raw land at 4625 W Ajo Hwy in Pima County to ADG Ajo, LLC (Stephen Grimm, manager) for $425,000 (65¢ PSF). The property was rezoned to CB-1 in 2007 with plans for retail or multi-family uses at different times. This transaction was an REO sale and will be held for investment by the buyer. Steve Grimm is manager and designated broker at Grimm Commercial, LLC in Tucson represented the investor. Jerry Hawkins and Mike Chapman of CBRE in Tucson represented the seller.

BP SWC 22nd and Harrison, LLC (Don Bourn, manager) bought 1.2 acres at 9484 E 22nd Street in Tucson, at the southwest corner of 22nd St and Harrison, from Wells Fargo Bank of Phoenixfor $475,000 ($8.90 PSF). The property, also referred to as Block A in Harrison Terrace, was purchased by World Savings Bank of Oakland,CA in 2004 for $985,000 for a bank site. Wells Fargo acquired World Savings in 2006 and is selling excess sites. The parcel zoned C-1 is within Harrison Terrace, a developed 74-home residential subdivision that was built by KB Homes. The property was purchased for development of an 8,000 sq. ft. retail center that is under construction and expected to be ready for Mattress Firm and Five Guys to begin TIs by June for Fall openings. Paul Schloss and Jayme Fabe of CBRE in Tucson handled the transaction.

Farid Mahmoodi dba Super Shuttle purchased the 18,295 sq. ft. at902 S 6th Avenuefor $145,000 ($7.93 PSF) from Federico Martinez. The former used car lot dba Moe’s Auto Sales in Barrio Santa Rosa is fully paved, zoned C-3, and has a small 143 sq. ft. building that will be owner occupied by Super Shuttle.  Moe’s moved out abut one year ago to a location on Oracle Road.

To contact Cesare at Broadway Realty & Trust call (520) 747-5700. Roth, an agent with Keller Williams can be reached at (520) 490-4000. Grimm is at (520) 795-5200.  Contact Bourn at  (520) 323-1005. Hawkins, Chapman, Schloss and Fabe at CBRE can be contacted at (520) 323-5100.

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