South Dodge Business Center Industrial Building Sells for $1.3 Million to Reposition

TUCSON, Arizona – The Rosenthal Trust (Rick Rosenthal, manager) purchased the industrial building at 2002-2044 E 14th Street in Tucson for $1.3 million ($57 PSF). The 22,273-square-foot building located in the South Dodge Business Center sold as a “value-add” investment and was purchased to reposition.

The buyer was attracted to the property for its “old world charm”, with double brick construction that has served a light industrial use since 1954.

The multitenant spaces range in size from 1,655 – 4,200-suqare-foot spaces and is occupied by several well-known artists such as Dawn Brandt of Tucson Iron and Violet Kasser of Red Violet Art. The buyer had looked at and considered buying the building for several years as a potential artist gallery or even artist loft-style live / work units, and acted quickly when he heard it was on the market.

The buyer has redeveloped other local buildings as the owner of Morning Star Traders for over 45 years at 2020 E Speedway in Tucson. Morning Star Traders offers an exceptional and extensive selection of old and new Native American Indian jewelry, pottery, baskets, fetishes, Navajo textiles, and much more from the Southwest.  It has one of the finest selections of antique furniture, including pieces from Spain, South America, and New Mexico and is known for museum quality pieces.

Brandon Rodgers, SIOR, CCIM and Paul Hooker, Principals and Industrial Specialists with Cushman & Wakefield | PICOR, represented the seller, 14th Street Partners, LLC (Mic Williams, manager).

For more information, Rodgers and Hooker can be reached at 520.748.7100.

To learn more, see RED Comp #6908.




Richmond American Doubles Down at La Estancia with second acquisition in 4 months

TUCSON, Arizona – Richmond American Homes acquired an additional 90 homesites at La Estancia, a Sunbelt Holdings’ master planned community in East Central Tucson for $4.96 million ($55,125 per finished lot) or $1,225 per finished foot frontage.

La Estancia is a 565-acre residential community located along the I-10 corridor between Wilmot Road and Kolb Road, and offers residents access to the nearby Julian Wash trail system

After restocking 74 homesites at La Estancia in February with 45’ wide lots, Richmond’s  current popular offering after having sold out its first 99 homesites that it began in 2017.

Will White and John Carroll of Land Advisors Organization in Tucson handled the transaction for buyer and seller, Sunbelt Holdings.

“Demand for La Estancia is very strong,” said White. “All of our available 2019 lots were put under contract in the first half of the year, ahead of schedule. Since the community is performing so well, the goal now is to have new lots ready ASAP so we can make sure the homebuilders continue to have a seamless delivery.”

In April, Tenet Healthcare bought land for a micro-hospital site to be built at the Wilmot Road entrance of La Estancia that will provide emergency and lower acuity inpatient procedures, with an around the clock emergency center staffed by board-certified physicians. Similar facilities built by Tenet in Phoenix and Marana have a footprint and design within a 32,500-square-foot building.

The community is within close proximity to the University of Arizona Tech Center, Amazon fulfillment Center, the David-Monthan Air Force Base, Tucson International Airport and in the highly-ranked Vail School District.

“The success and momentum the community is experiencing is great but not surprising at all. La Estancia offers a huge list of attributes that are important to Tucson homebuilders and consumers right now. Location, price point, Vail School District, and proximity to major employment and retail. This master-plan is going to be very busy for the next few years” 

Will White and John 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, see RED Comp #6949.

 




Townsend Medical Collaborative spec MOB to bring up to 100K SF to PMI Campus

Townsend Medical Collaborative Rendering

TUCSON, ARIZONA — The Townsend Medical Collaborative, a 60,000 – 100,000-square-foot spec Class A medical office building (MOB) is planned for the Pima Medical Institute Campus at 2121 N Craycroft Road in Tucson. Located southwest of Grant off Craycroft, the property is adjacent to Tucson Medical Center and TMC Medical Park.

The project is slated to be the first spec MOB in a very long time in Tucson. Rick Kleiner, MBA, principal and office specialist with Cushman & Wakefield | Picor pointed out that this is the first spec MOB that he could remember in that least 20 years.

The property owner, California-based Cypress West Partners, LLC, is specialized in healthcare properties across the Western United States.

PMI 75,000 SF training facility

Pima Medical Institute (PMI) Campus is already a dynamic example of a campus collaboration, anchored by a 75,000-square-foot training facility and corporate headquarter on approximately 20 acres with freestanding buildings ranging from approximately 5,300 – 100,000-square-feet.

Founded 1972 in Tucson, PMI is a local success story that has grown into eight locations in western states.

The PMI Campus has a 20,000-square-foot built-to-suit specialty medical practice that is currently in the design phase and being developed by Summit Development Partners.

An 11,716-square-foot Tucson Ear Nose & Throat office fronting Craycroft is also nearing completion.  There are two additional medical office building pads that total a potential 15,000-square-feet available for sale or build-to-suit.

The Townsend Medical Collaborative, named after the former Townsend Middle School that once stood here, was sold by Tucson Unified School District (TUSD) to Pima Medical Institute (PMI) in December 2017. See full story here.

PMI then sold excess land for build-to-suits and further campus enhancements.

The spec building is planned to begin construction with 50% pre-lease and is anticipated to break ground 4th quarter 2020. Full build out of PMI campus is 150,000-square-feet in addition to the Townend Medical Collaboratve.

Rick Kleiner of Cushman & Wakefield | Picor represents the developer in the leasing of Townsend Medical Collaborative and Tom Nieman and Kleiner also represent the owner of the two additional medical office building sites.

For more information, Kleiner and Nieman should be reached at 520.748.7100.

Site plan showing Pima Medical Institute HQ and training facility and the Townsend Medical Collaborative site.

 

 

 




Expansion-Minded Dutch Bros Going in at 22nd St & Alvernon Tucson

TUCSON, ARIZONA — Cole Valley Partners, LLC purchased 1.14 acre at the NEC 22nd Street and Alvernon Way from Kettenbach, LLC  (Michael Kettenbach, manager) for $925,000 ($18.57 PSF).

The property was a former Shell Station and sold with 2,145-square-feet of improvements. The buyer intends to raze the existing improvements and redevelop the site with a Dutch Bros coffee shop.

This will be the sixth location for expansion-minded Dutch Bros in metro Tucson. Dutch Bros management announced at the start of 2019 it wants to grow to 800 shops in five years from around 300 stores now.

Scott Soelter and Ben Craney with NAI Horizon of Tucson represented the seller and Marty Olejarczyk (Marty O) and Jesse Rozio with GPS Retail Advisors of Phoenix represented the buyer in the transaction.

For more information, Soelter can be reached at 520.204.6969, and Craney is at 520.326.4500. Marty O is reachable at 602.762.0754 and Rozio is at 480.566.8640.

To learn more, see RED Comp #6898.




Oakwood Terrace Apartments in Tucson Sells for $2.35 Million

TUCSON, Arizona – California investors, Ava Terrace Apartments, LLC, Marcus & Jodi Bannon, members) purchased Oakwood Terrace Apartments at 2740 & 2750 N. Balboa Avenue in Tucson for $2.35 million ($40,517 per unit) as a value-add investment.

Built in 1963 on 2.48 acres, Oakwood Terrace Apartments is a 58-unit complex located in the northwestern part of Tucson. The property includes (12) studios, (44) 1-bedroom units, and two 2-bedroom units. Many of the units have gone through various renovations over the past few years. The property benefits from a number of on-site amenities including a pool, large courtyard, laundry facilities and ample parking. All units have air conditioning. The whole complex is fenced in, including a sensor gate at the entrance providing security for the residents.

Located in a busy area between Oracle Rd and Stone Ave, the property is in close proximity to many retail and service opportunities

Allan Mendelsberg, Principal and Multifamily Specialist with Cushman & Wakefield | PICOR represented the seller, a Canadian group, 18Teen Jac Properties, LP in this transaction.   Joseph Chaplik with Joseph Bernard Investment Real Estate, represented the buyer.

For more information, Mendelsberg can be reached at 520.546.2721 and Chaplik is at 520.428.0850.

To learn more, see RED Comp #6905.




Two Owner User Units at Mesquite Corporate Center Change Hands

Mesquite Corporate Centre (photo: Bourn Companies, Developer)

TUCSON, ARIZONA — The River 5, LLC (Otto R Bohon, Jr., manager) purchased a 3,926-square-foot office condominium, Suite 208, located in Mesquite Corporate Centre, 1640 E. River Rd. in Tucson.  The class-A office condominium was purchased from the George and Jane Caughman Family Trust of California for $778,989 ($198 PSF).

The buyer, dba Catalina Investment, purchased it to owner occupy and is moving from its currently leased space at 1660 E River Road #180, also in Mesquite Corporate Centre.

Thomas J. Nieman, Principal and Office Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction.  Brenna Lacey with Volk Company represented the buyer.

The 2,313-square-feet of office space at 1660 E. River Road in Tucson vacated by Catalina Investments was then sold to KC Posse, LLC (Robert Keith Newlon, manager) for $424,000 ($183 PSF).   The single-tenant office condominium, Unit 180, was purchased from Webcor, LLC to be owner occupied by an affiliate business dba Pioneer Title.

Thomas J. Nieman, Principal and Office Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction.

For more information, Nieman should be reached at 520.546.2728 and Lacey can be contacted at 520.326.3200.

To learn more, see RED Comp #6861




Orange Grove I-10 Plaza One Lot from being “Sold Out” with these Recent Sales

MARANA, Arizona – Arizona Restoration Pros of Tucson (Paul Redman) purchased lot 9, a 24,059-square-foot lot, at Orange Grove I-10 Plaza for $140,745 ($5.85 PSF).

The buyer plans to use the site for future construct of a building to be owner occupied by Arizona Restoration Pros, a company specialized in commercial and residential property fire and water damage restoration.

The seller, Orange Grove & I-10 Industrial Partners, LLC of Tucson (Dennis Winans, member) was represented by Gordon Wagner of NAI Horizon Tucson and the buyer was self-represented.

To learn more, see RED Comp #6799

October Winds, LLC of Tucson (Jeff O’Neill, manager) bought lot 8 at Orange Grove I-10 Plaza. The 24,168-square-foot lot sold for $141,500 ($5.85 PSF).

The buyer owns the adjacent property at 6126 N Travel Center Drive doing business as Affordable Fence and Gates and purchased property for business expansion.

Ron Zimmerman with Cushman & Wakefield | Picor represented the buyer and Gordon Wagner represented the seller Orange Grove & I-10 Industrial Partners, LLC the developers of the industrial park.

Located at the southeast corner of I-10 and Orange Grove, these twenty half-acre industrial lots deliver highway visibility that makes them ideal for industrial and retail users. First platted in 2003, the project was brought to market just in time for the slow-down of the great recession and now have sold all but one remaining lot being marketed by Gordon Wagner at NAI Horizon.

For more information, Gordon Wagner can be reached at 520.326.2200 and Ron Zimmerman is at 520.546.2755.

To learn more, see RED Comp #6875.

 




Water Back in the Santa Cruz River is a Big Deal in Tucson

TUCSON, Ariz. — After two years of work, Tucson Water kicked off the Santa Cruz Heritage Project yesterday.   The river has been dry since the 1940s when excessive groundwater pumping lowered the water table and depleted the river’s source, but that’s all about to change.

Tucson Water held the official Santa Cruz River Heritage Project Release Party Monday afternoon in conjunction with the 22nd Annual El Día de San Juan Fiesta, an annual celebration of the coming monsoon rains and the feast day of St. John the Baptist, the patron saint of water and the biblical figure who baptized people in another desert river on the other side of the world.

“We are taking it from where we have been discharging it up near Marana and the Santa Cruz River, and we’re moving some of it to discharge it further down stream closer to downtown,” Public Information Officer with Tucson Water James McAdam said.

The Santa Cruz River Heritage Project will introduce a ribbon of flowing water to the Santa Cruz River south of downtown; offering bike riders, joggers, walkers, and equestrians along the downtown section of The Loop trail improved river conditions and flowing water to admire.

The project adds up to 2.8 million gallons of recycled water daily (3,150 acre feet a year) to the Santa Cruz River at a point south of downtown near the heart of the city. This added water will bring perennial flow to this portion of the river, fostering abundant native vegetation and wildlife along with new recreational and economic opportunities.

Re-use of treated wastewater is one of Tucson’s most significant water conservation tools. This treated wastewater is referred to as reclaimed water, and represents about 10 percent of our water resources. Currently about half of Tucson’s reclaimed water is not used by customers and is discharged into the Santa Cruz River further downstream, near the city’s northwestern edge. The location of this discharge causes Tucson Water to lose physical and legal control of this valuable resource.

The Heritage project uses existing infrastructure to bring recycled water to this location for in-channel aquifer recharge and riparian habitat expansion in the Santa Cruz River. A 980-foot pipeline, called an outfall, will bring water from the reclaimed system down into the river channel where it will create a perennial flow; a narrow stream of water within the larger river channel. This purified reclaimed water re-enters our water system as groundwater recharge and percolates through the ground to enter the aquifer. Once in the aquifer this water is stored for later use, preserving the future resiliency of our local water system and supply.

For additional information, contact the Public Information and Conservation Office at 520.791.4331 or pico@tucsonaz.gov.




Scottsdale Investor Acquires End Cap at Harrison Plaza in Tucson

2530-2532 S Harrison Rd., Tucson, AZ

Tucson, Arizona – Majestyk Tucson, LLC (Michael Bennian, manager) of Scottsdale purchased the property located at 2530-2532 S. Harrison Road and 9425 E. Golf Links Road, Tucson, Arizona for $375,000 ($117 PSF).  

The approximately 3,200-square-feet of retail space in Harrison Plaza was built in 1997 and is the end cap at the northwest corner of Harrison Road and Golf Links in the center anchored by Big Lots. Each of the stores at this center are individually owned.

The transaction was an investment sale that sold full leased to two tenants, Hair Spraz Salon is in 800-square-feet and Cozy Corner Diner in the remaining 2,400-square-feet. Both will continue to occupy the spaces.

Paul Ash Management handles the property management.

Frank Arrotta of Tucson Realty & Trust Co. represented the seller, Trinum Properties, LLC of Los Angeles, California (Shawn Rita Abrahams, manager).

For more information, Arrotta can be reached at 520.577.7000.

To learn more, see RED Comp #6885.




Quail Park of Oro Valley Sells for $36.5 Million

ORO Valley, Arizona – The newly constructed Quail Park of Oro Valley was sold to a New Jersey Investment Group PGIM Real Estate (Luke Gabay, vice president) for $36.5 million ($361,386 per unit) for the 101-units at 9005 N Oracle Road n Oro Valley.

Located between Hardy and Calle Concordia on Oracle Road, the 83,059-square-foot Quail Park at Oro Valley’s design features a flat roof, mixture of stucco and brick with intricate parapets, that reflects the historical territorial architecture in Oro Valley. The two-story senior community has an “H” plan configuration with central common areas tailored to assisted living and memory care residents.

The unit mix consists of (38) Studios of 440-square-feet each, (43) one-bedroom units of 600-square-feet each, and (20) two-bedroom units of 875-square-feet.

Residents enjoy a wide variety of amenities, including: bistro, movie theater/ chapel, grand parlor complete with billiards, poker and ping pong, fitness center, full service salon, 2 outdoor courtyards, washer & dryer in every Independent and Assisted Living apartment, walk-in showers with built-in shower benches and pet therapy. All Memory Care Private Suites include a private bath.

The property was constructed by CA Ventures of Chicago (Tom Scott, CEO) in 2018.

To learn more see RED Comp #6876.




Favorable Multifamily Market Trends Continue in Tucson

317 N Vine Avenue, Tucson, AZ

Picor Handles $3.47 Million in Multifamily Sales Tucson

TUCSON, Arizona — Allan Mendelsberg with Cushman & Wakefield | Picor closed on an aggregate of 48-units for $3.465 million ($61,625 per unit) in Tucson recently in four transactions.

California-based, Brad Land Investors, LLC and The Martin and Stacey Cohan Trust bought an 8-unit student housing building at 317 N Vine Avenue in Tucson. The property is located next to the UA Campus and sold for $1 million ($125,000 per unit). All were two-bedrooms except one, a one-bedroom.  The seller was Bruce and Michelle Minkus of Tucson. Allan Mendelsberg, Principal and Multifamily Specialist with Cushman & Wakefield | PICOR, represented both parties in this transaction.

To learn more, see RED Comp #6817.

3525 E. Flower Street, Tucson, AZ

Marc Henry and Gaynelle Henry purchased a 12-unit apartment building located at 3525 E. Flower Street in Tucson.  The multifamily property was purchased from Rincon Flower Properties, LLC for $875,000 ($72,916 per unit).  Allan Mendelsberg, Principal, and Logan Nagel and Zach Stone, Multifamily Specialists with Cushman & Wakefield | PICOR, represented the seller in this transaction.  Alexandre Bensahel, with Marcus & Millichap Real Estate Investment Services, Los Angeles, represented the buyer.

To learn more, see RED Comp #6873.

KV Ironwood, LLC purchased Olive Street Apartments from KMS Enterprises, LLC for $640,000 ($40,000 per unit).  The16-unit, multifamily property is located at 201 E. Olive St. & 5261 S. Nogales Highway in Tucson.   Allan Mendelsberg, Principal and Multifamily Specialist with Cushman & Wakefield | PICOR, represented both parties in this transaction.

To learn more, see RED Comp #6801.

Gary and Vicktoria Weessies purchased three buildings at Roger Road Apartments from Brandon B. Matheson.  The multiple property transaction included three, 4-unit buildings located in Tucson:  220 W. Roger Rd. ($316,670), 234 W. Roger Rd. ($316,665), and 238 W. Roger Rd. ($316,665) or a total of $950,000  ($79,166 per unit).  Allan Mendelsberg, Principal, Logan Nagel and Zach Stone, Multifamily Specialists, with Cushman & Wakefield | PICOR, represented the seller in this transaction. Laura Grijalva with Grijalva Realty Corp., represented the buyer. 

To learn more, see RED Comp #6837.

For more information, Mendelsberg can be reached at 520.546.2721.




Culver’s and Dutch Bros to Open at Shops on Valencia in Midvale Park of Tucson

TUCSON, Arizona – Kyle Kolsrud, a Culver’s franchisee, closed on a 41,387-square-foot lot at the Shops on Valencia for $1.3 million ($31.40 PSF). This will be the third Culver’s operated by Kolsrud in metro Tucson and to be located at Valencia and Headley in the Midvale Park area.

The seller was Christifulli Companies of Phoenix (Nick Christifulli, member) was represented by Larry Cesare of Broadway Realty & Trust in Tucson.

Culver’s will join a newly finished build-to-suit Dutch Bros that will be opening ‘in two weeks’ here.  This will be the fifth location for expansion-minded Dutch Bro’s in metro Tucson expecting to see more openings soon. Dutch Bros management has announced at the start of 2019 it wants to grow to 800 shops in five years from around 300 stores now.

The Dutch Bros built-to-suit was handled by Marty Olejarczyk (Marty O.) and Jesse Rozio of GPS Retail Advisors in Phoenix and being marketed as a net leased investment sale.

In addition to these confirmed tenants, the center’s broker, Larry Cesare at Broadway Realty & Trust is pre-leasing a 10,000-square-foot building for two tenants that have shown interest in approximately half of the building each.

Kurt Kalocin with SRS Real Estate Partners of Phoenix represented Culver’s in the transaction.

For additional information, Cesare can be reached at 520.584.5804 and Kalocin should be contacted at 602.682.6078.  For more information on the Dutch Bros contact Rozio at 480.603.6892.

To learn more, see RED Comp #6751.