Monday, March 25, 2019

North First Medical Plaza Central Tucson Sells for $1.95 Million

TUCSON Arizona -- North First Medical Plaza a multitenant complex, located at 4701-4747 North 1st Avenue in Tucson sold for $1.95 million ($75 PSF). The seller, Wetmore Land Corporation of Tucson (Gerald & Phyllis Altschuler) was the developer and builder of the 18 office condominiums that it self-managed and...

The Peaks at Redington Apartments in Tucson Sell for $14.5 Million

TUCSON, Arizona – A Scottsdale-based company recently purchased the Peaks at Redington, a multifamily property in Tucson, Arizona. Senior Managing Art Wadlund and Associate Director Clint Wadlund completed the $14.5 million ($48,173 per unit) sale, which closed on January 19. Berkadia represented the seller, PEM Investments, based in Scottsdale, Arizona....

Colliers Sells Two Tucson Multifamily Communities for $13+ Million

"Multifamily buyers beginning to move their money from the Phoenix market to Tucson, capitalizing on higher cap rates and lower per unit acquisition costs" Tucson, Arizona --  Colliers International in Greater Phoenix has negotiated the sale of two Tucson apartment complexes in transactions totaling $13+ million.  The properties were...

Raising Cane’s in Tucson Sells for $4.15 Million

Cushman & Wakefield Negotiates Sale of National Chicken Restaurant Chain TUCSON, Arizona – Cushman & Wakefield sold the Raising Cane’s chicken restaurant, located at 6352 E. Broadway Boulevard in Tucson for $4.15 million ($1,148 PSF) to Leal 2002 Family Trust of California. This was a record low CAP rate for...

New Anchored-Center The Crossing at Sahuarita Site Sells for $3.5M

TUCSON, Arizona -- Brenna Lacey of Volk Company represented La Jolla Verde Land Holdings, LLC in the sale of 17.7 acres of land at the southeast corner of Old Nogales Highway and Abrego Drive in Sahuarita, Arizona to FAE Holdings 461354R, LLC. The purchase price was $3.5 million ($4.54...

Tango Commercial Represents Cook Tucson in Midtown Transaction

TUCSON, Ariz. – Tom Hunt and Bob Davis, partners in Tango Commercial Real Estate, represented Cook Tucson LLC (Corinne Tso, manager) in the acquisition of the 3,200-square-foot building located at 1702 N. Stone Avenue in Tucson for $190,000 ($59 PSF). The property was purchased for conversion to a commissary and...

Tucson Multifamily Deals Surge in First Days of 2017

TUCSON, Arizona -- Multifamily property sales surged to $21 Million in sales volume in the first 10-days of 2017. Marcus & Millichap sales accounted for $13.6 million in the following two transactions, with four properties and 371-units: HSL Casa Loma of Tucson (Omar Mireles, manager) sold Casa Loma Apartments for...

ABI Multifamily Brokers Apartment Sale in Hotspot Central Tucson

TUCSON, Arizona – ABI Multifamily, a brokerage and advisory services firm that focuses exclusively on apartment investment transactions, announced the $1.5 million sale ($46,875 per unit / $53.38 PSF) of the 32-Unit Villa Delano Apartments at 123 W Delano Street in Tucson. The property, originally built in 1980, sits on...

Romano Completes Sale of Colonia Verde Retail Shops for $2.93 Million

TUCSON, Arizona -- Phoenix investors, The Bynum Family Trust, traded into the purchase of Colonia Verde at 7245 E Tanque Verde Road in the Eastern submarket of Tucson.  The 9,216-square-foot retail center sold fully occupied with five tenants. The property commanded a sale price of $2.925 million ($317 PSF). Built...

Chapman Lindsey: Q1 Residential Lot Sales Report

By: Aaron Mendenhall and Dan Feig, Chapman Lindsey Commercial Real Estate Services New home sales are up in 2016. Per SAHBA, monthly net sales from their 12 member builders so far in 2016 has each been higher than any month in 2015 with the exception of January’s 173 net sales...

Taylor Morrison / Pulte JV Pays $100M for 410 Acres State...

SCOTTSDALE, AZ -- Taylor Morrison Home Corporation (NYSE: TMHC) and Pulte Homes (NYSE: PHM) have announced a joint venture to acquire approximately 410 acres of land in North Phoenix from the Arizona State Land Department and develop it into a new master plan community. Development of the site is slated...

COT Amendment Approval for Possible Fry’s Marketplace at Houghton & 22nd...

The Mayor and Tucson City Council voted this week 6:1, with Councilman Steve Kozachik the sole dissenting vote, to approve an amendment to the Houghton East Neighborhood Plan that could allow for the development of a 124,000-square-foot Fry’s Marketplace at Houghton & 22nd on a 16-acre site at the...
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