Tucson Industrial Realty Handles Sale of Two Tucson Industrial Buildings
TUCSON, Arizona – Dave Gallaher, CCIM, of Tucson Industrial Realty has announced the closing of 4625 South 3dr Avenue in Tucson for $850,000 ($36.80 PSF) for the sellers, James and Patricia Novak to Howard Tran, the buyer.
Seller was motivated since having sold the business ACS International, formerly known as Arizona Cultured Stone, and building had been vacant since August 2018. Gebrüder Dorfner GmbH & Co. Kaolin- und KristallquarzsandWerke KG, a successful family-owned company headquartered in Hirschau, Germany, aquired Tucson-based, ACS International, on August 8, 2017.
The 23,100-square-foot property, built 1972, includes three buildings, the main 14,700-square-foot building that buyer plans to occupy for a candle manufacturing business while leasing the 8,400-square-foot building and 1,200-square-foot RV storage building.
Carl Schroeder with Realty Exedutives Tucson Elite represented the buyer in the transaction.
For more information, Gallaher should be reached at 520.294.1610 and Schroeder can be contacted at 520.877.4940.
To learn more, see RED Comp #6701.
Mister Car Wash Acquires Tucson Marketplace at the Bridges Pad for $1.4M
TUCSON, ARIZONA — Mister Car Wash purchased 1.49 aces of vacant land at Tucson Marketplace at the Bridges located at 2975 South Kino Pkwy in Tucson for $1.4 million ($21.57 PSF). Tucson-based Mister Car Wash continues to expand, now with 266 car washes it operates in 21 states. Prior to this year the company had grown through acquisitions and recently opened two new locations built and developed by and for Mister Car Wash in Iowa and Utah.
It is this new product being developed by Mister Car Wash at the Bridges on a pad to the north of Discount Tire. Mister Car Wash will be located on the northern most pad with KFC and Dutch Bro’s (in escrow) to the south near Culver’s and Discount Tire, as shown on site plan below.
Tucson Marketplace at the Bridges is ±114 acres with ±1 million square feet of proposed shops, pads, entertainment and anchors available for Sale, Ground Lease or Built-To-Suite in the dense infill section of South Tucson
The Marketplace at the Bridges feature one (1) mile of frontage along Interstate 10, two (2) Interstate 10 interchanges at the east and west ends of the project. It is part of a master planned community with KB Homes and the University of Arizona Bioscience Research Park, within 2.5 miles from the University of Arizona and two (2) miles south of downtown Tucson and three (3) miles from the Tucson International Airport.
CWPS, the buying entity for Mister Car Wash, was represented by Aaron LaPrise, Retail Specialist with Cushman & Wakefield | Picor.
The seller, Fullerton Tucson Kino Parkway, LLC, of Toronto, Ontario, Canada, was represented by Chad Russell and Randy Titzck of Land Advisors Organization in Phoenix.
For more information, LaPrise can be reached at 520.546.2770 and Russell and Titzck can be contacted at 480.483.8100.
To learn more, see RED Comp #6652.
Oregonian Investors Acquire Campbell Plaza Garden Apartments for $1.6 Million
TUCSON, ARIZONA — Built in 1976, the Campbell Plaza Apartments consist of 30 one-bedroom units in 6 single-story buildings totaling approximately 14,688-square-feet on approximately 1.12 acres.
The property at 1811 E Blacklidge Drive in Tucson recently sold for $1.6 million ($53,333 per unit) to Oregon investors, MLIII Investments, LLC and Clinton Ventures, LLC
Campbell Plaza Apartments enjoys superb curb appeal, features attractive low maintenance frame construction and desert landscaping that is aesthetically pleasing. Many of the coolers and all roofs were recently replaced. The parking surface has been resurfaced and is in excellent condition for future years. The kitchens in most units have been upgraded to achieve higher rents.
Each unit is approximately 480-square-feet equipped with low cost evaporative cooling, refrigerator, cable hookup, and semi- private courtyard patio. Select units are equipped with ceiling fans. Some of the property’ s former tenants have left the area to pursue employment opportunities and returned to the Campbell Plaza Apartments as repeat residents, evidencing the property’s appeal. Many of the current tenants have resided at the property for more than five years. Historically, the Campbell Plaza Apartment complex has been home to quiet singles and couples, nurses, social workers, cooks, chefs, retirees and graduate students.
The nearby University of Arizona serves as a focal point of the community, offering a full calendar of performances and events, from collegiate sports to world-class performing arts. The University of Arizona is the largest employer in the greater Tucson area, with approximately 14,000 jobs and a payroll in the range of $560 million.
John Buette of Buette DeRousse Commercial Real Estate Properties represented himself as Campbell Plaza Apartments, the seller. Joe Chaplik of Joseph Bernard Investment Real Estate represented the Oregon investors.
For more information, Buette should be contacted at 520.797.4406 and Chaplik can be reached at 480.305.5600.
To learn more, see RED Comps #6552.
Saguaros Viejos West 44 SFR Lots Sell for $2.84 Million in Oro Valley
ORO VALLEY, Arizona – Pulte Home Company purchased the Saguaros Viejos West subdivision in Oro Valley for $2.838 million ($64,500 per lot). The 44 lots were platted only for 12,000-square-foot lots in this new subdivision located northwest of Naranja and La Cholla Blvd. in Oro Valley.
Saguaros Viejos West is phase one and will be a gated community sitting on 56 acres. The lots on phase one will have an average lot size of 30,000 square feet, much larger than phase two’s average lot size of 7,180 square feet. Phase two(east), also gated, will sit on 85 acres, and when complete will feature 179 new homes. Both portions of the development will have a maximum height allowance of 18 feet, or two stories. The development will also include plenty of open space that will be complimented with bicycling/walking trails, ramadas, fitness stations, pet stations, benches and many other outdoor features. A portion of land at the northwest corner of La Cholla and Naranja Drive will also be set aside for future commercial development.
Some conditions laid out by the Town Council for the development include preservation of 8 Saguaros that are 24 feet in height with two or more arms, which will not be moved and must be built around. Any smaller saguaros on the property are likely to be transplanted, as well. Improvements to Glover Road will also be made to account for the additional traffic the development will bring. These improvements will include road widening, painted median, bike lanes and a shared use path on the south side of the road, extending all the way to La Cholla Blvd.
Greg Wexler with Wexler and Associates of Tucson handled the transaction for the sellers, Chia-Jung Chang and Yang-Wen Lin.
This is Pulte’s second acquisition in Oro Valley since the start of the year. Pulte Home Company is also platting an additional 45 acres in Oro Valley at Rancho Vistoso. The land drew a sale price of $4.9 million ($108,888 per acre).
For additional information, Wexler should be reached at 520.977.8500.
To learn more, see RED Comp #6597.
Grimm Commercial Bringing RoadHouse Cinemas to Northwest Tucson
TUCSON, ARIZONA – An investment group of seven LLCs managed by Steve Grimm of Grimm Commercial has acquired the Fiesta Plaza at the northwest corner of Oracle and River Road in Tucson for $5.3 Million and is planning to bring RoadHouse Cinemas to the site.
The acquisition followed the sale of a ground lease in Marana with a leased fee interest to Village Inn at 5955 W Arizona Pavilions Drive for $2.6 million and was the downleg in the 1031 exchange.
The Fiesta Plaza purchase includes the Red Lobster Restaurant and First Watch Restaurant in addition to three vacant pads. The U-like Buffet was not included.
The plan is to now bring the popular Roadhouse Cinemas to the back pad, Grimm told us. Roadhouse Cinemas has locations at Crossroads Festivals Shopping Center at Grant Road and Swan in Tucson, and two others in Scottsdale and Colorodao Springs.
Open 365 days a year, RoadHouse Cinemas offers an inviting movie and dining experience, with an extraordinary restaurant menu created by an award-winning chef and restaurateur, an impressively creative full bar featuring high quality wines and craft beers, and overwhelmingly comfortable recliners, all to be enjoyed while experiencing state-of-the-art digital projection and 7.1 Dolby Digital Surround Sound!
For additional information Grimm should be reached at 520.323.9752.
To learn more, see RED Comps #6634 and #6641.
Volk Co. Agents Close $8 Million in Sales this Month
TUCSON, Arizona — Volk Company started the year off strong with eight closings in a thirty-day period, totaling almost $8 million, and including four restaurant sales.
Brenna Lacey and Kevin Volk of Volk Company represented the seller, Steamroller Pad LLC, in the $2,660,000 net leased investment sale of the Starbucks on the southwest corner of Valencia and Indian Agency Roads. The 3,000 square foot drive-thru restaurant is part of the Valencia Marketplace Shopping Center, anchored by a 100,000 square foot Fry’s. The buyer, FLM, LLC, was represented by Jim and Craig Kovaleski, formerly with Cushman and Wakefield, now with CBRE. To learn more, see RED Comp #6633.
Rick Borane and Brenna Lacey of Volk Company handled the $1,100,000 sale of the Allstate Vehicles property at 5341 E. Speedway. The 6,106 square foot building sits on 59,516 square feet of land and will continue to be used as an automotive sales facility. The seller was Allstate Speedway LLC and the buyer was R&R Real Estate LLC. To learn more, see RED Comp #6587.
Brenna Lacey of Volk Company handled the $1,050,000 sale of the former Applebee’s at 4625 E. Grant Road. The buyer, Sage Tucson, LLC, plans to redevelop the property with a Dutch Bros drive thru restaurant and 5,069 square feet of high visibility retail, restaurant and office space. Brenna Lacey is handling the leasing. The seller was Thomas and King Real Estate, LLC. To learn more, see RED Comp #6653.
Jeramy Price of Volk Company represented the seller, Quananhdai LLC, in the $750,000 sale of the Kentucky Fried Chicken drive-thru restaurant at 5010 S. Campbell Avenue. The building is 2,526 square feet and sits on 28,970 square feet of land. The buyer, Oneten REI Main LLC, was represented by Sean Lieb of SRS Real Estate Partners. Price formerly represented the Quananhdai LLC in its acquisition of the property. To learn more, see RED Comp #6558.
Terry Dahlstrom of Volk Company represented the seller, Wright-Oracle L.L.C., in the $702,500 sale of a 2,736 square foot building on 14,400 square feet of land at 5841 N. 67th Avenue in Glendale, Arizona. The buyer was represented by Milly Sells AZ.
Rick Borane of Volk Company represented the buyer, Meridiano Investments III, LLC, in the $615,000 acquisition of a 10,010 square foot industrial building on 15,645 square feet of land at 3529 E. Golf Links. The seller was represented by Ron Zimmerman of Picor/Cushman and Wakefield. To learn more, see RED Comp #6591.
Terry Dahlstrom of Volk Company represented the buyer, Dahlstrom 6782 Tanque Verde LLC, in the $592,262 acquisition of the Kentucky Fried Chicken restaurant property at 6872 E. Tanque Verde Road. The 2,100 square foot drive-thru building sits on 18,000 square feet of land. The seller was represented by NAI Horizon. To learn more, see RED Comp #6570
Terry Dahlstrom of Volk Company represented the seller, Valdrex LLC, in the $360,000 sale of a 2,400 square foot 7/11 convenience market on the northeast corner of Cardinal and Drexel Roads. The building sits on approximately 19,000 square feet of land, and the buyer was Fadhl Nagi Obeid Aldhali. To learn more, see RED Comp #6572.
For additional information, Volk Company agents can be reached at 520.326.3200.
Starbucks at Valencia Marketplace Fetches $2.66 Million
TUCSON, Arizona – A California investor from Alamo, CA, FLM LLC, traded into the acquisition of a Starbucks outpad at 1765 West Valencia Road in Tucson for $2.66 million ($850 PSF).
Brenna Lacey and Kevin Volk of Volk Company represented the seller, Steamroller Pad LLC (Richard Volk, manager) in the net leased investment sale at the southwest corner of Valencia and Indian Agency Roads.
The 3,130-square-foot drive-thru restaurant was built in 2017 and is part of the Valencia Marketplace Shopping Center, anchored by a 100,000-square-foot Fry’s.
The buyer was represented by Jim and Craig Kovaleski, formerly with Cushman and Wakefield, now with CBRE. This was its first investment in Tucson.
To learn more, Lacey and Volk should be reached at 520.326.3200 and the Kovaleski’s can be contacted at 408.453.7400.
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.