Tucson Retail Sales – Hi Falutin & Window World Sold

Hi Falutin, 6780 N Oracle Rd, Tucson, AZ

TUCSON, Arizona — Oakmark Properties of Scottsdale purchased the property at 6780 N Oracle Road in Tucson from Thomas and Ines Leonard  of Tubac for $850,000 ($258 PSF).  The investor is an experienced restaurant investor that owns approximately 25 leased properties.

The property is leased to the popular Hi Falutin Rapid Fire Western Grill Restaurant and sold at a high cap rate.

Glen Fotre of Triple Net Investment in Tucson handled the transaction and can be reached for more information at 520.403.7717.

To learn more, login and see RED Comp #4461.

[mepr-show rules=”58038″]This sale closed on 1/4/2017. Sellers are elderly and was about to be foreclosed on when property sold. Fotre sold the property within 60 days at a 9.4% cap rate.[/mepr-show]

 

4912 E 22nd St., Tucson, AZ

Window World Gets New Home

Window World of Tucson, LLC, purchased the retail building at 4912 East 22nd Street, Tucson for $399,000 ($94 PSF) to owner occupy it and plans to relocate from its Broadway location.

The property consists of an approximately 4,261-square-foot building on 27,202 square feet of land, built in 1973. It was formerly occupied by E-Konomy Pool that moved its new Speedway location.

Frank Arrotta of Tucson Realty & Trust Co. represented the buyer. Gary Best, CCIM, and John Hammer of Keller Williams in Tucson represented the seller, DeCook Properties LLC, in the transaction.

For more information, Arrotta can be contacted at 520.577.7000 and Hamner at 520.907.0030. Best can be reached at 520.444.0799.

To learn more, login and see RED Comp #4462.

[mepr-show rules=”58038″]Property closed 1/3/2017. APN #131-01-031 zoned C-2[/mepr-show]



Two Tucson Industrial Investment Sell for Over $4.2 Million

2301 S Friebus Ave., Tucson, AZ

TUCSON, Arizona — Cushman & Wakefield | PICOR Industrial Specialist, Brandon Rodgers, general partner in two buying entities recently purchased two industrial investment properties.

Friebus Investors, LLC purchased a 45,750-square foot industrial building located at 2301/2341 S. Friebus Ave. in Tucson, from Oak Properties for $1.75 million ($38.25 PSF).

Built in 1984, the property was 89% occupied at time of sale and not on the market when it sold.

Tenants include: Heating & Cooling Supply, Caring Transitions of Southern Arizona, Masterlink Communications, Paragon Instruments, and Eiger Sportsware.

2002-2010 N Forbes Blvd., Tucson, AZ

In a second transaction, Forbes Investors, LLC purchased two industrial buildings located at 2002-2010 N. Forbes Blvd. in Tucson.   Comprised of 41,252-square-feet (built 1974), the property is located in the Broadbent Industrial Center and sold from Tucson North Forbes Ventures LLC, Red Bird Investments LLC and Scheer Investments LLC for $2.5 ($59.85 PSF).

Ron Zimmerman Industrial Specialist at Cushman & Wakefield | PICOR represented the sellers and Brandon Rodgers represented the buyer.

The property is a stabilized investment that sold 97% occupied with 4,000 SF was available at time of sale.

Tenants include national and local businesses:  Optisource, Amerita Labs, Comfort Systems, Classy Closeys, Burns Pest Control and Lecroy Milligan.

Rodgers is handling the leasing of both properties.

For more information, Rodgers should be reached at 520.546.2714 and Zimmerman can be contacted at 520.546.2755.

To learn more, login and see RED Comp #4481 and RED Comp #4522.

[mepr-show rules=”58038″] 2002-2010 N Forbes Blvd sold on 1/17/2017 for a precise sale price of $2,469,000 at an 8.8% stabilized cap rate.

2301-2341 S Friebus Ave sold on 1/30/2017 for $1,750,000 at an 8.3% cap rate.[/mepr-show]

 



HSL Buys The Enclave at the Foothills for $21.8 Million for Tucson Multifamily Property

The Enclave at the Foothills, 7300 N Mona Lisa Rd., Tucson, AZ

TUCSON, Arizona — Berkadia completed the recent sale of The Enclave at the Foothills, a 300-unit multifamily property in Tucson, Arizona. Representing the seller, Senior Managing Director Art Wadlund and Associate Director Clint Wadlund of the Tucson office completed the $21.8 million sale ($72,666 per unit).

The deal closed on February 1 and represents the highest sale price and unit price this year for multifamily transactions in the metro Tucson market. This high sale is followed by the Peaks at Redington that was also handled by the Wadlunds at Berkadia.

Both located in Arizona, the seller was Scottsdale-based PEM Investments, and the buyer was HSL Properties, Inc. in Tucson.

“HSL was former owner of The Enclave, and is the current owner of the adjacent property, Catalina Canyon. This familiarity with the asset and location was a large factor in the buyer’s decision to purchase,” said Arthur Wadlund.

Built in 1986, The Enclave at the Foothills is located at 7300 N. Mona Lisa Road, affording convenient access to West Ina Road and North La Cholla Boulevard. The one-, two- and three-bedroom floor plans feature a full-size washer and dryer in units. Select units also include a fireplace and walk-in closets. Residents can enjoy community amenities, such as two swimming pools, a fitness center, a clubhouse, a spa and tennis courts. Top employers in the area include the Foothills Mall, Omni Tucson National Resort, Northwest Medical Center and Afni.

Contact Art Wadlund at 520.299.7200 and Clint Wadlund at 520.615.1100 for more information.

To learn more, see RED Comp #4519.