Skin Appeal Takes Two Fort Lowell Condos for Expansion Space
TUCSON, ARIZ. — MK Tucson Properties, owner of Skin Appeal, purchased expansion space at 1700 East Fort Lowell Rd. Ste. #101 & #102 in Tucson for $723,150 ($136 PSF).
The additional 5,317-square-feet in two condominiums were constructed in 2000 in the Fort Lowell Condominiums and will allow expansion for Skin Appeal located currently in suite 108.
James P. Robertson Jr., MBA, CCIM, Associate Broker: Investment & Commercial Brokerage with Realty Executives Tucson Elite, assisted MK Tucson Properties, LLC, in their purchase.
“This property was ideal for MK Tucson Properties, LLC,” said Robertson, “allowing them to operate/manage their business out of this location and still be convenient to their clients. At $136 per square-foot, the additional 5,317-sqaure-feet was an opportunity to both parties.”
The seller’s agent, Alex Hardie with Buzz Isaacson Realty assisted in facilitating the transaction.
For additional information, Robertson should be reached at 520.331.5466 and Isaacson and Hardie can be contacted at 520.529.1300.
To learn more, see RED Comp #6622.
HSL Sells Bear Canyon Apartments to Cali Investment Portfolio for $35.6 Million
TUCSON, Arizona– HSL Properties (Omar Mireles, President) through its affiliate HSL Bear Canyon Apartments, sold Bear Canyon Apartments at 9055 East Catalina Highway in Tucson for $35.6 Million ($150,000 per unit) to M3 Multifamily Fund of Santa Barbara, CA.
The property was originally platted for condominiums in 1996 with (72) one-bedrooms, (118) two-bedrooms and (48) three-bedroom units, however had been run as an apartment complex since being built and was re-platted by HSL in 2012 as one tax code.
The property was 97% occupied at time of sale.
The 2-story, class A property with 18 buildings is located at the foot of the Santa Catalina Mountains in the eastern submarket of Tucson, within reach of the Park Place Mall, 4th Avenue and provide easy access to nine golf courses and the airport is only 30 minutes away. Floor plans feature all electric kitchens, 9-foot ceilings, large walk-in closets, full size washer and dryer and spacious living areas. In addition to these comforts, the gated community amenities include two resort-style heated pools, a 24-hour fitness center, clubhouse, barbeque areas, covered parking, wood burning fireplaces, extra storage, private enclosed patio or balcony and is a pet friendly community
Art Wadlund and Clint Wadlund of Berkadia in Tucson represented the seller in the transaction.
“The buyer owns other properties in Tucson already and wanted to expand its portfolio here,” said Clint Wadlund. “They like Tucson for their investment portfolio.”
M3 Multifamily, LLC was formed in 2008 by John Mosby and Jon Martin for the purpose of acquiring, renovating and managing existing apartment communities in the United States in order to create cash flow and profits from sale for their investors.
Since then M3 has grown steadily, and currently owns/manages apartment communities in Austin, San Antonio, Nashville, Reno, and Tucson totaling 2,312 units. A majority of these properties are managed through M3’s affiliated property management company, M3 Property Management, Inc.
For more information, Art Wadlund can be reached at 520.299.7200 while Clint Wadlund is at 520.615.1100.
To learn more, login and see RED Comp #6612.
Dunkin Donuts Investment Trades For $951 PSF in Tucson
TUCSON, ARIZONA – A California investor traded into the acquisition of the Dunkin Donuts store at 5346 East 22nd Street in Tucson for $2.1 million ($951 PSF). The 2,209-square-foot store was built in 1984 as a stand-alone building with drive-thru and completely renovated in first quarter 2016.
Located southeast of Craycroft and 22nd Street, in a high density retail area in the eastern Tucson submarket.
Matthew Ault with Kidder Matthews of Phoenix represented the seller, C&J Donuts of Tucson (Jamal Awale, director).
Ault told us Dunkin Donuts range in price from $1 – $3 million with cap rates ranging from 5.25% – 6.5% with absolute triple net leases these days.
Dunkin’ Brands Group, Inc., incorporated on November 22, 2005, is a franchisor of quick service restaurants (QSRs) serving hot and cold coffee and baked goods, as well as hard serve ice cream. The Company franchises restaurants under its Dunkin’ Donuts and Baskin-Robbins brands. The Company operates through four segments: Dunkin’ Donuts-U.S., Dunkin’ Donuts International, Baskin-Robbins International and Baskin-Robbins-U.S. The Company has over 18,000 points of distribution in approximately 60 countries across the world. As of December 31, 2016, the Company had 12,258 Dunkin’ Donuts points of distribution, of which 8,828 were in the United States and 3,430 were international, and 7,822 Baskin-Robbins points of distribution, of which 5,284 were international and 2,538 were in the United States.
For more information, Ault can be reached at 602.513.5128.
To learn more, login and see RED Comp #6509.
Doc. #2019-0100489. Sale date: 1/10/2019. Property sold at a 5.75% cap rate.
Cushman & Wakefield closes 43 Tucson Apartment Units for $2.28 Million
TUCSON, ARIZ. — AZDA, LLC investors from Miami Beach, Fla. purchased Alvernon Apartments, a 24-unit apartment complex located at 2053-2099 N. Alvernon Way in Tucson, from KMS Enterprises, LLC for $937,500 ($39,062 per unit) as a value add investment.
Alvernon Apartments is a centrally-located apartment complex built in 1965 just south of Grant Road. It features 24 spacious one-bedroom units all 550-square-feet. The apartments feature wide open floor plans with updated kitchen amenities in many of the units, large bedrooms that include built-in desks and large closets; tile throughout on almost all units. The complex provides off-street parking, as well as on-site laundry facilities.
In a separate transaction, AZDA, LLC also purchased Speedway Apartments, a 15-unit apartment complex located at 6924-6940 E. Speedway Blvd. in Tucson, from KMS Enterprises, LLC for $937,500 ($62,500 per unit) also a value add sale.
Speedway Apartments is an attractive apartment complex built in 1962 located on Speedway Boulevard, just west of Kolb. It features (7) one-bedroom units, (7) two-bedroom units and one large single family residence. The landscaped complex features a large outdoor courtyard and community pool as well as a fountain. There are storage units for each residence and a covered carport. Most units feature tile flooring in common areas. Over 2018, Speedway Apartments underwent about $14,000 of capital improvement projects with various units receiving upgrades to their HVAC systems.
Allan Mendelsberg, Multifamily Specialist with Cushman & Wakefield | PICOR, handled both of these transactions.
California investors, John L. and Mary E. Stone purchased a 4-plex located at 5566 E. Glenn St. in Tucson, from The Lake Investment Group, LLC for $405,000 ($101,250 per unit).
Allan Mendelsberg with Cushman & Wakefield | PICOR represented the buyer; Tony Reed with Long Realty Company, represented the seller.
For more information, Mendelsberg should be reached at 520.546.2721 and Reed is at 520.403.2150.
To learn more, see RED Comps #6592, #6595 and #6604.
Retail Pad at Viewpointe at Vistoso Trails Sold
ORO VALLEY, ARIZ. — Vast Commercial Real Estate Solutions (VAST), a full-service commercial real estate and investment brokerage firm, brokered the sale of commercial land located at the hard southeast corner of Rancho Vistoso Blvd and Moore Road in Oro Valley, AZ 85755. Located in the heart of the Rancho Vistoso master planned community, the 1.49 acre lot sold for $450,000 ($6.92 PSF).
The parcel has a pre-approved conceptual plan for 14,000-square-feet of commercial retail space, with utilities available at the property line and sold for investment.
Jon O’Shea, Rob Fischrup, and Eric Lamb of VAST represented the Seller, Mattamy Homes. The Buyer, KI Ventures, was represented by Jenna Loving of Russ Lyon Sotheby’s International Realty.
For additional information O’Shea, Fischrup and Lamb can be contacted at 520.624.9400 and Loving should be reached at 520.742.1335.
To learn more, login and see RED Comp #6502.
EZ 8 Self-Storage Sells for $2.15 Million
TUCSON, ARIZONA — Bill Alter is pleased to announce the sale of EZ 8 Self Storage located at 702 W. Silverlake Road in Tucson, Arizona.
The sale closed on February 28, 2019 for more than $2,150,000, which represents a price per square foot of about $60 and a cap rate of about 6%. The property was constructed in 1982 and consisted of 350 individual units, more than 90% of which were occupied at the time of sale.
The property will be managed by CubeSmart for the new owner.
The property was sold by one out-of-state investor, E-Z 8 Self Storage of Las Vegas to another out-of-state investor, MHC 51, LLC of Brooklyn, NY. This was Bill Alter’s 164th self-storage sale.
Top of Swan Fetching Top Prices for Office Condos in Tucson
TUCSON, ARIZONA – Two Class A office condominiums recently sold at Top of Swan offices at the northeast corner of Swan and Skyline Drive in Tucson. The 37,469-square-foot project was built in 2015 and offers office condos for sale and for lease with an option to buy.
KOA Properties, LLC an affiliate of Executive Healthcare (Doug Little, manager) occupied 734-square-feet as a tenant before purchasing the space it was in as well as adjoining condo totaling 2,262-square-feet for $690,000 ($305 PSF) at 6450 N Swan Road.
BB2SB, LLC an affiliate of Elite Medical Experts (Burton Bentley, manager) was occupying 3,792-square-feet at 6440 N Swan Road Ste 100 and purchased it for $1,075,032 ($283.50 PSF).
Jeff Casper with CBRE in Tucson is handling the leasing and future sales of the property. These first two were already in the works when Casper was contracted for the owner, Swan / Skyline Plaza, LLC of Tucson (Andrew Courtney, Director).
Casper told us that with the condos currently in escrow closing, building #3 will be completely closed out, leaving approximately 13,500-square-feet remaining at Top of Swan for sale or for lease.
For more information, Casper should be reached at 520.323.5181.
To learn more, see RED Comp #6585 and #6444.
Last State of the City “Moving Tucson Forward” Delivered by Tucson Mayor Jonathan Rothschild
TUCSON, ARIZONA — Mayor Jonathan Rothschild delivered his annual State of the City address hosted by the Tucson Metro Chamber at the Tucson Convention Center to a packed audience at this sold out event Friday. The popular Mayor has announced that he will not seek his third four-year term, so this was Mayor Rothschild’s last State of the City speech, entitled “Moving Tucson Forward”.
“I want Tucson to be a city where our children want to stay, and can stay,” said Mayor Rothschild. “Want to stay because of the community and its quality of life. Can stay because there are good jobs here. If I’ve helped get us closer to that goal, then I’ve done my part.”
Mayor Rothschild is a native Tucsonan. His grandmother came to Tucson in 1942 and opened Valley Fair, a used furniture store on South 6th Avenue. His father attended Tucson High School and the University of Arizona.
A graduate of Canyon del Oro High School, Kenyon College and the University of New Mexico Law School, Mayor Rothschild served as a law clerk for United States District Court Judge Alfredo Marquez. He then joined the law firm of Mesch, Clark & Rothschild, where he served as managing partner from 2001 to 2011. In addition to his own law practice helping businesses and individuals, he was responsible for the day-to-day management of a 21-attorney firm.
Mayor Rothschild has a long history of extensive service with local non-profit, as a leader and a worker. He has served in various capacities, including board president of Casa de los Niños, Handmaker Jewish Services for the Aging, and Temple Emanu-El.
Mayor Rothschild also served on the boards of the Tucson Medical Center Foundation, Jewish Family & Children’s Service, Friends of the University Libraries, University of Arizona and the Community Foundation of Southern Arizona. He was a member of the Tucson Parks & Recreation Commission and chair of the Jewish Community Relations Council.
Other past responsibilities include: James E. Rogers College of Law, Adjunct Professor University of Arizona; Committee on Examinations, State Bar of Arizona Chair; Operation Deep Freeze, Project Coordinator; Pima County Sheriff’s Department, SMART Project Member; Pima County Democratic Party Treasurer.
Mayor Rothschild was first elected in 2011, re-elected in 2015. In his first race he defeated Write-in Republican contender Rick Grinnell and Green Party candidate Mary DeCamp. He ran unopposed in his 2nd bid.
Four Democrats, two Republicans, and two Independents to date are listed on the City of Tucson Election Department’s page as having filed to run for this office. Primary election deadline for nomination signatures, as well as signatures for the General is May 29, 2019.
Also up this year, are Council seats in Ward 1, 2 and 4 in the City of Tucson.
Richmond Restocks 74 Lots at La Estancia Tucson
TUCSON, ARIZONA – Richmond American Homes has acquired an additional 74-lots at La Estancia for $4.023 million ($54,360 per finished lot). The 45’ wide lots are the next phase of current offering with Richmond that is priced at $1,208 per finished lot frontage.
Richmond is finishing its first 99-lots that started in 2017, and this is the second phase of an option agreement with Sunbelt Holding, the developer of La Estancia.
La Estancia, a 556-acre master planned community, offers master-planned living in this prime southeast submarket. Centrally located just off of I-10 and Wilmot Road and nearby some of Tucson’s most prominent employment centers including Raytheon Missile Systems, Davis Monthan Air Force Base, U of A Tech Park and the Tucson International Airport. Residents benefit from community amenities including a sparkling pool, splash pad, shaded ramadas and play equipment, ready for use.
Will White and John Carroll of Land Advisors Organization in Tucson handled the transaction for buyer and seller.
“La Estancia has started the year strong once again,” said White. “The project is known as one of the Tucson market’s best performers and in 2019 will go from 2 to 3 homebuilders up and running. We expect to see even stronger sales and home pricing out of this project this year. From the inventory standpoint, we only have a couple blocks available this year for 2020 community openings and we expect those to be picked up by homebuilders in the next few months. At the price point and location, this project continues to check all the boxes that homebuilders are looking for.”
White and Carroll also handle all the marketing at La Estancia for Sunbelt Holdings.
For more information, White and Carroll should be reached at 520.514.7454.
To learn more, login and see RED Comp #6594.
Lennar Closes on 195-Lot Prelim Plat for $6.7 Million in Marana
MARANA, ARIZONA — In one of the largest number of lots sold in a single transaction for the past year in metro Tucson, Lennar Arizona closed on 195 pre-platted lots at Preserve Twin Peaks located at Twin Peaks and Camino De Manana for $6.7 million ($34,359 per lot). The property consists of (129) 55’x120’ and (66) 70’x130’ lots on 100 acres.
Primary and secondary access to Preserve Twin Peaks will be from Camino de Manana.
“This is a major purchase by Lennar in a great location and the purchase is another show of market strength again for Tucson. 2019 is off to a fast start and the better locations continue to be picked up at a faster pace”
“The Twin Peaks corridor has been sought after for many years and all the infrastructure components have started to come together to make it a reality.”
Will White and John Carrol with Land Advisors Organization (LAO) in Tucson represented both the seller, ABIGER Marana, LLC and T&J Kahn Family, LP, as well as the buyer in the transaction.
White and Carroll should be reached at LAO, 520.514.7454.
To learn more, see RED Comp #6577.
Two Leased KFC Restaurants in Tucson Sell for $1.34 Million
TUCSON, ARIZONA – The KFC leased property at 6872 E. Tanque Verde Rd in Tucson was sold to a local investor, Dahlstrom 9872 Tanque Verde, LLC (Terry Dahlstrom, manager) for $592,262 ($326.50 PSF). The 1,814-square-foot building was built in 1992 with drive thru on a 15,246-square-foot lot near Country Club Estates, close to Grant and Kolb intersection, and the newly extended Sabino Canyon Road.
The seller was an individual investor from Derry, PA, was represented by Ben Craney and Gordon Wagner of NAI Horizon and the buyer was represented by Terry Dahlstrom of the Volk Company.
A second KFC leased property sold at 5010 S Campbell Ave. in Tucson to Tempe-based OneTen REI Main, LLC for $750,000 ($282 PSF). This 2,656-square-foot building with drive thru was built in 1998 on a 28,314-square-foot lot at Campbell, south of Irvington.
Jeramy Price with Volk Company represented the seller, QuanAnhdal, LLC of Tucson (Quan Le, member).
For additional information, Craney and Wagner can be reached at NAI Horizon in Tucson, 520 326 2200. Dahlstrom and Price should be contacted at Volk Company in Tucson, 520.326.3200.
To learn more, see RED Comp #6558 and #6570.
MedImpact Buys Independence Plaza for Expansion at Williams Centre for $2.9 Million
TUCSON, ARIZONA — Independence Plaza, situated in the William’s Centre, a master planned office, retail and apartment development at 350 South Williams Blvd in Tucson sold for $2.925 million ($131 PSF) by MedImpact Healthcare Systems of San Diego for expansion.
Located in the heart of Tucson’s dynamic East Central Office Submarket area. Williams Centre is recognized as Tucson’s premier office development at the southwest corner of Broadway Blvd. and Craycroft Road. The 22,276-square-foot, two-story office building was developed in 2000 for either single or multi-tenant uses. The building allows an owner-user to occupy the entire building. There were three tenants in the building on month-to-month leases that were relocated prior to MedImpact closing to occupy the whole building.
Buzz Isaacson of Buzz Isaacson Realty represented the buyer.
“MedImpact will be a single occupant planning to consolidate with its subsidiary Scripps Safe, already in Tucson,” said Isaacson. “To build out the redactive space into a modern office use intended to attract employees is precisely what the building needs. MedImpact will make a great addition to Williams Centre near Texas Instruments and other technology companies.”
The seller, Vantage West Credit Union, was represented by Mark and Janine Irvin, CCIMs, of Mark Irvin Real Estate Services in Tucson.
For additional information, the Irvins should be reached at 520.620.1833 and Isaacson can be contacted at 520.529.1300.