Developer Buys 9.55 Acres at 900 West Orange Grove for $1.3 Million
TUCSON, ARIZONA – Orange Tree Partners (Richard B Price, manager) bought 9.55 acres with improvements at 900 West Orange Grove Road in Tucson for $1.3 million ($3.13 PSF).
The infill property has dwellings on it originally build in 1931, a 3,133-square-foot SFR and two additional buildings in disrepair and is located in Casas Adobes west of Oracle Road on Orange Grove. It’s CR-1 zoning in Pima County allows for 1 SFR for every 36,000-square-feet but the buyer saw the potential for redevelopment for a luxury subdivision.
Rob Tomlinson of Cushman & Wakefield | Picor in Tucson represented the buyer and the seller, a private trust out of North Carolina.
For more information, Tomlinson should be reached at 520.546.2757.
To learn more, see RED Comp #5503.
B/E Aerospace Building in Tucson Sells for $13.2 Million
TUCSON, ARIZONA — Burl Holdings,LLC (Russ Bomhoff) sold the property occupied by B/E Aerospace in the Eastside Research / Commerce Center sold to an investor from Anchorage, AK for $13.2 million ($105 PSF). The Florida-based company, B/E Aerospace, bought the Tucson company Bomhoff Inc., a maker of cabinetry for business jets, in 2002. Bomhoff kept the real estate when the business sold.
The original 90,000-square-foot building at 1851 S Pantano in Tucson was built in 1985 and the tenant added 25,000-square-feet of office and 15,000-square-feet of warehouse space for 40,000-square-feet of A/C cooled office space.
The company employs nearly 900 workers in Tucson and is a major provider of airline seats to many airlines worldwide. Some significant customers include United Airlines, Delta Air Lines, Emirates Airlines, Qatar Airways, Air France, KLM, Lufthansa, Qantas, Japan Airlines, and Southwest Airlines. Customers using the company’s most popular product – Diamond Business Class Seat, include Aeroflot, Aeromexico, Air Canada, Air China, American Airlines, China Airlines, China Southern Airlines, Delta Air Lines, KLM, Qatar Airways, Thai Airways, United Airlines, Virgin Australia and Xiamen Airlines. Some of B/E Aerospace’s rivals in the airline seating industry include Acro Aircraft Seating in the UK, Zodiac Seats U.S. in Gainesville, Texas, Zodiac Seats France, STELIA Sogerma Seats in France, Geven in Italy, Recaro in Germany, Expliseat in France and Aviointeriors in Italy. The company also manufactures beverage makers, ovens, oxygen systems, lavatories and interior lighting for commercial aircraft and business jets
Rockwell Collins, a manufacturer and supplier of aviation and integrated solutions for both commercial and government applications acquired B/E Aerospace for $8.6 billion, including the assumption of debt in 2016.
In the Business Jet Seating segment, one of B/E Aerospace’s main competitors, United Technologies Corporation, announced in September its plan to acquire Rockwell Collins.
Steve Cohen and Russ Hall with Cushman & Wakefield | Picor in Tucson handled the sale of the property.
Cohen and Hall can be reached at 520.748.7100.
To learn more, see RED Comp #5539.
WestGrant Industrial / Office complex in Tucson sells for $2.3 million
TUCSON, ARIZONA – Westgrant Centre, LP of Tucson (Daniel H O’Connell) sold the WestGrant industrial / office center at 1955 West Grant Road in Tucson for $2.3 million ($56 PSF) to WestGrant Investors, LLC (Brandon Rodgers, manager).
The 40,925-square-feet of industrial flex space was constructed in 1983 on a 2.78-acre site. The 47 units are 50% built out as offices. Located southeast of Silverbell Road on Grant, the property was 95% leased when it sold in this investment sale.
Ron Zimmerman with Cushman & Wakefield | Picor represented the seller in the transactions and Brandon Rodgers, CCIM, with Cushman & Wakefield | Picor was self-represented.
For additional information and leasing, Rodgers should be reached at 520.546.2714.
To learn more, see RED Comp #5541.
C&W Picor Team Handles Four Multifamily Transactions totaling $3.84M
TUCSON, ARIZONA — The Multifamily team of Allan Mendelsberg and Daniel Leibsohn, with Cushman & Wakefield | PICOR handled the following multifamily transactions with an aggregate of $3.84 million and 103-units in four closings over a 3-week period recently.
Palo Verde by Bakerson, LLC purchased Palo Verde Apartments, a 52-unit complex located at 3493 E. Lind Rd. in Tucson from DLGS Jak Properties, LP for $1.56 million ($30,000 per unit). The property was almost 90% occupied. Allan Mendelsberg and Daniel Leibsohn with Cushman & Wakefield | PICOR handled this transaction.
Francis Xavier Deziel purchased 7th Avenue Apartments, a 12-unit complex located at 930 N. 7th Ave. in Tucson from Albert B. & Carolyn A. Lecocq for $800,000 ($66,666 unit). Property was 100% occupied. Allan Mendelsberg and Daniel Leibsohn with Cushman & Wakefield | PICOR handled this transaction.
William Jason Colwell purchased Tumbleweed Apartments, a 14-unit complex located at 1220 N Venice Avenue and 1221 N Roberts Way in Tucson from Andrew Pongratz for $630,000 ($45,000 per unit). Property was 93% occupied. Allan Mendelsberg and Daniel Leibsohn with Cushman & Wakefield | PICOR represented the seller and Kathy Baldauf with Re/Max represented the investor.
James Brody from San Diego purchased Palo Verde View Apartments, a 25-unit complex located at 2438 N Palo Verde Ave. in Tucson from 2438 N Palo Verde Ave LLC, an affiliate of SVP Holdings for $846,000 ($33,840 per unit). Property was 100% occupied. Allan Mendelsberg and Daniel Leibsohn with Cushman & Wakefield | PICOR represented the seller and Cody Evans with Southcoast Commercial represented the investor.
For more information, Mendelsberg should be reached at 520.546.2721 and Leibsohn is at 520.546.2740.
To learn more, login and see RED Comps #5497, #5508, #5560 and #5558.
Arby’s Restaurant to join Las Plazas at Old Vail
Vail, Arizona — OVP Development Company, LLC (Bob Davis and Bill Divito) sold lot 5 at Las Plazas at Old Vail for $550,000 to Irish RB’s Properties LLC of Dallas, TX. The buyer plans to build an Arby’s restaurant with a drive-thru at the site.
Las Plazas at Old Vail is located at the northwest corner of Houghton and Old Vail roads and includes other major restaurants such as Native Grill, Taco Bell, Freddy’s Steakburgers, and Baggin’s, among others.
The seller was represented by Nancy McClure of CBRE in Tucson. Terry L Conley, CCIM, MCR, president of The Location Connection in Cassville, GA represented the buyer.
For additional information, McClure should be contacted at 520.323.5100 while Conley can be reached at 310.376.9797
To learn more see RED Comp #5567.
NW Allied Physicians Building Sells for Investment at $2.9 Million
MARANA, ARIZONA – A subsidiary of Diamond Ventures in Tucson (Bill Kelly, CFO) sold the building occupied by Northwest Allied Physicians at 7890 N Cortaro Road in Marana for $2.875 million ($368 PSF).
The 7,805-square-foot build-to-suit was built by the seller in 2017 and is fully occupied by Northwest Allied Physicians Cortaro.
Northwest Allied Physicians specialize in family medicine, gynecology, gynecologic surgery, internal medicine, cardiothoracic surgery, women’s imaging, orthopedics, gastroenterology, endocrinology, and more.
With offices located conveniently throughout the northwest Tucson area, the physicians of Northwest Allied Physicians are at the center of the range of services offered by Northwest Healthcare Network and can coordinate care with Outpatient Imaging, The Women’s Center, The Wound Care Center at Northwest, Outpatient Therapy, Inpatient Rehab, and Oro Valley’s Sleep Center.
Jaime Medress with Marcus & Millichap of Phoenix represented the Diamond Ventures and Humason Properties of Reno, NV (Robert Humason, Jr., manager) was represented by Todd Blonsley with Marcus & Millichap of Reno.
For additional information, Medress can be reached at 602.687.6778 and Blonsley is at 775.348.5220.
To learn more, see RED Comp #5519.
DR Horton Joins Richmond American at Santa Cruz Meadows in Sahuarita
SAHUARITA, ARIZONA — DR Horton, Inc. purchased 10 finished lots under a rolling option agreement for 93-lots from Tucson Land, LLC at Santa Cruz Meadows in Sahuarita. The price was $51,000 per lot for the 7,000-square-foot lots.
DR Horton is the second builder at Santa Cruz Meadows along with Richmond American that has been building there for close to a year with 22 lots taken down on an agreement to purchase 49 lots at Santa Cruz Meadows.
Richmond American has taken down 22 lots of its 49-lot rolling option at Santa Cruz Meadows.
Tucson Land was represented by Randy Emerson of GRE Partners and DR Horton was represented by Dan Feig of Chapman Lindsey Commercial Real Estate.
For additional information, Emerson can be reached at 520.396.4812 and Feig should be contacted at 520.747.4000.
To learn more, see RED Comp #5510 and RED Comp #5455.
Tucson Multitenant Office Complex on Swan Road Sells for $700,000
TUCSON, ARIZONA — The multitenant office building at 800 N Swan Road in Tucson sold to Lerdal 800, LLC (Swain Chapman of Chapman Management, managing member) for $700,000 ($70 PSF). The seller was a Canadian investment group from Ontario.
The 10,000-square-foot professional class B, office complex was built in 1982 on 1.13 acres and was 85% occupied at time of sale.
“It’s a very nice garden office property, perfect for small professional users,” Chapman commented. “Office suites range from 450 to 800-square-feet, geared for the small professional user.”
Tenants include The League of Women Voters, Acupuncturists, Psychologists and other professional uses in three single story buildings placed in a U-Shape with common courtyard.
For more information, Chapman can be reached at 520.622.5544.
To learn more, see RED Comp #5500.
Five Palms Restaurant in Catalina Foothills Sells for Redevelopment
TUCSON, Arizona — The former Five Palms Steak & Seafood in the Catalina Foothills at 3500 E Sunrise Dr., Tucson sold for $1.9 million ($148 PSF) for redevelopment. The 12,800-square-foot restaurant was originally built for Café Terra Cotta restaurant that moved from St. Phillip’s Square.
Located on Sunrise east of La Encantada Mall, Five Palms opened in late 2012. Over the years, the business evolved to include culinary concepts like Oliva Mediterranean Restaurant, Dovino Wine and Cigars, and the Five Palms Fine Bar.
One of Tucson’s priciest fine-dining restaurants, where the least expensive steak on the menu would set you back $39 — the same price as the pate de foie gras appetizer.
Five Palms closed in September 10, 2017.
The buyers, Gateway 1048, LLC and WCCP Sunrise, LLC of Torrance, Calif. purchased the property for redevelopment into office use. The 12,800-square-foot, two-story building responds to a growing interest in office space along the Sunrise corridor.
Nancy McClure and Buzz Isaacson with CBRE in Tucson represented the seller, Landmark Assets of Scottsdale and Phil Skillings with NAI Horizon in Tucson handled the transaction, as a principal, for the investors.
For more information, McClure should be reached at 520.323.5117 and Isaacson can be reached at 520.323.5151. Skillings can be contacted at 520.326.2200 ext. 4002.
To learn more, see RED Comp #5520.
Tucson’s Sierra Del Sol Senior Living Sells for $12.32 Million
TUCSON, ARIZOA — Sierra Del Sol Senior Living at 8151 E Speedway Blvd. in Tucson, Arizona, sold for $12.32 million ($87,980 per bed) to KRE Tiger Sierra del Sol, LLC of New York, NY. The facility is licensed for a 140-bed capacity Memory Care and Assisted Living community. There were 94 assisted living apartments with first and second story views, as well as 36 single story memory care apartments, at the time of sale.
From assisted living to dementia and Alzheimers, the facility caters to the challenges of memory loss for not only residents, but their families, with licensed nurses on-site, in addition to professional care associates.
It sits on 4.68 acres in a beautiful location in Tucson, with residents from all over the region, including Green Valley, Sahuarita, Vail, Nogales, Sierra Vista, and Benson.
Located in Tuscon’s northeast submarket, the property is set on beautifully landscaped grounds, featuring lush courtyards, lovely gardens, walking trails, and relaxing gazebos. Sierra Del Sol is on the edge of beautiful Saguaro National Park East.
Common areas include a grand dining room, cozy living room complete with fireplace, a separate private dining room for intimate family gatherings, library, activity room, pool lounge, movie theater, TV room and outdoor patios. There is also a wide variety of daily activities, from Sit N’ Get Fit program, to games, music, crafts, socials and more.
Conveniently located close to shopping, banking, dining, parks, and golf, Sierra Del Sol is just minutes from St. Joseph’s Hospital and Tucson Medical Center, as well as many other fine medical facilities in the surrounding area.
The seller was Welltower, Inc. (Thomas DeRosa, CEO) of Toledo, Ohio.
There were not brokers in involved in the transaction.
For more information, login and see RED Comp #5516.
International Sonoran Desert Alliance Continues Assemblage of Ajo Plaza
Ajo, Arizona — Ajo Plaza was purchased by the International Sonoran Desert Alliance (Aaron Cooper, CEO) in 2008 and is in the midst of a multi-year process of restoration and revitalization. Recently, the International Sonoran Desert Alliance was able to expand its purchase with additional land and buildings totaling $1.013 million.
The heart of the community, the graceful plaza, was built in 1917 under the direction of John Greenway’s wife Isabella. The Spanish Colonial Revival style town square features a center park surrounded by retail shops, a post office and restaurants accented with two mission-style churches. The Catholic Church was built in 1924 and the Federated Church in 1926. The plaza with its beautiful center park is truly Ajo’s town center—a place for festivals and celebrations, morning walks, and meeting friends for coffee.
The Ajo Train Depot anchors the town plaza and was designed as the point of arrival from which to view historic downtown Ajo. Built in 1915, the Ajo Depot served the Tucson, Cornelia, Gila Bend railway. It now houses the Ajo District Chamber of Commerce Visitor Center and Gift Shop.
High-grade native copper made Ajo the first copper mine in Arizona and Ajo boomed in 1911. The Tucson, Cornelia and Gila Bend Railroad was built from Gila Bend to serve the mining industry and was in service from 1916 to 1985. In 1921, Phelps Dodge, the nation’s largest copper company, bought New Cornelia and the mine became the New Cornelia Branch of Phelps Dodge, managed by Michael Curley. For several decades more than 1,000 employees worked for Phelps Dodge in the open pit mine. In 1983 union-affiliated mine employees went on strike. The mine continued with non-union labor for a short while before stopping production in 1985
Today, there is 85,000-square-feet of building renovation and restoration in progress in Ajo Plaza. Businesses currently occupying the plaza include the Chamber of Commerce, Public Library, Post Office, AZ DES, and several non-profit groups and art galleries.
COPE Invests $1.9 Million in Marana Land for Future Construction
MARANA, ARIZONA — COPE Properties, LLC a subsidiary of COPE Community Services, Inc. (COPE) of Tucson purchased 18.57 acres of raw land at 8705 N Silverbell Road in Marana for $1.9 million ($2.35 PSF).
COPE bought the acreage with two possible options being explored. One option is for a charter school and the other is to construct affordable housing on the site. The property has a wash that splits the property and accounts for some construction challenges.
COPE Community Services, Inc. is a private, nonprofit healthcare organization. COPE offers comprehensive programs, specialty services, resources, and support to address general mental health and substance abuse issues, serious mental illness, physical healthcare, and wellness concerns. COPE utilizes an integrated healthcare approach that takes into consideration the body, mind, and spirit connection. COPE receives funding from SAMHSA, HUD, Cenpatico Integrated Care (includes AHCCCS and ADHS/DBHS funding) and various commercial insurance plans.
Pat Welchert of Alpha Commercial Real Estate Service, LLC in Tucson represented the seller, DAZ7-Sombrero Peak, LLC an affiliate to The DESCO Group, Inc. of St. Louis, MO.
Jason Hisey with Ray Schneider Company in Tucson represented the buyer.
For more information, Hisey can be contacted at 520.331.3533 and Welchert should be reached at 520.360.9394.