California Investor Snatches Up Jiffy Lube Property in Tucson for $1.04 Million

Jiffy Lube, 7443 E Broadway Blvd., Tucson, AZ

TUCSON, ARIZONA – A California investor quickly snatched up the Jiffy Lube at 7443 East Broadway Blvd. in Tucson the day it came on the market. The investors were in Tucson to visit some other investment properties and drove by this Jiffy Lube just as Dalton Barnes’ For Sale sign was going up. They quickly had their agent in contact with Barnes and made an offer.

The asset sold for $1.038 million ($557 PSF) in this all-cash transaction that closed on March 18, 2020, just days before the coronavirus shut down.

“The took the deal 85 days to close,” Barnes told us. “But, the listing was just beginning to be advertised online, about five days after the listing agreement was signed, when the offer came to us. It was all very fast.”

Built in 1978, the building was built for Jiffy Lube and has six grade level doors for three drive-thru service bays. The seller had a clean phase I Environmental Report for the property and a new ten year lease signed with the tenant. It is an ideal property for passive income investors.

Headquartered in Houston, Texas, the first Jiffy Lube store was established in Ogden, Utah by Edwin H. Washburn as early as 1971. Today, there are about 2,000 Jiffy Lube franchises in North America, all of them independently owned by 252 operators, with about 24 million customers each year.

Dalton Barnes with Matthew Real Estate Investments in Austin, Texas represented the seller, Lone Cattle Tucson, LLC of Chicago. John Battle with Lee & Associates in Calabasas, Calif. represented the buyers, 7443 E Broadway, LLC from Granada Hills, Calif.

For more information, Barnes can be reached at 214.692.2930 and Battle can be contacted at 818.444.4908.

To learn more, see RED Comp #7655.




Six Tucson Apartment Communities Fetch $7.3 Million

TUCSON, ARIZONA – In the midst of the COVID-19 crisis, the multifamily team of Allan Mendelsberg and Conrad Martinez of Cushman & Wakefield | Picor have closed on six apartment communities with an aggregate value of $7.3 million.

The Carlton Apartments at 4363 E 2nd Street in Tucson sold for $1.625 million ($45,139 per unit) in a seller carryback. Built in 1960, the 36-unit complex was partially renovated and 100% vacant when it sold on April 6, 2020. Buyer will be completing the renovation of the all one-bedroom units with pool and covered parking as amenities.

The buyer, Sunset Capital Partners and the seller, RGC Apartments, both of Tucson were represented by Mendelsberg and Martinez of Cushman & Wakefield Picor. To learn more, see RED Comp #7726.

Lester Student Housing Apartments at 638-642 E Lester Street in Tucson sold for $1.56 million ($71,000 per unit).  Built in 2008, the Lester Student Housing consists of three-two-story buildings with six units and 22 bedrooms. Units include a hot tub and off-street parking. The property was 100% occupied when it closed on March 27, 2020.

The buyer, Lester Apartments, LLC of Oro Valley, AZ and the seller, JEMS Investments, LP of Boulder Colorado were represented by Mendelsberg and Martinez of Cushman & Wakefield Picor. To learn more, see RED Comp #7696.

Casa Larga Apartments at 6590 E Golf Links Road in Tucson sold for $1.44 million ($40,000 per unit). Built in 1979, the 2-story buildings have a total of 36-units: with a unit mix of studios and one-bedrooms. Amenities include a pool and laundry room. Units are individually metered for electricity. The property sold with one vacant unit on April 3, 2020.

The buyer, Equilibrium Garden Park II, LLC of Tucson and the seller, 1990 Bennett Trust of Oro Valley were represented by Mendelsberg and Martinez of Cushman & Wakefield Picor. To learn more, see RED Comp #7718.

Mountain Shadows Apartments at 3053 W Anklam Road in Tucson sold for $1.16 million ($116,000 per unit). Built in 1960, the 10-unit, one- and two-bedroom units were 100% occupied when it sold on March 20, 2020.

The buyer, AZDA, LLC of Tucson and the seller, Wildcate Equitiies, LLC were represented by Mendelsberg and Martinez of Cushman & Wakefield Picor. To learn more, see RED Comp #7693.

Flowing Wells Apartments at 3521 N Flowing Wells Road in Tucson sold for $960,000 ($68,571 per unit). Built in 1964, the 14-units comprise one-and two-bedrooms. Twelve of the units have fenced yards and laundry facilities with small pets allowed. Property was fully occupied when it sold on March 31, 2020.

The buyer, AZDA, LLC of Tucson and the seller, Flowing Wells Apartments, LLC of Phoenix were represented by Mendelsberg and Martinez of Cushman & Wakefield Picor. To learn more, see RED Comp #7700.

Treat Apartments at 2237-2241 N Treat Ave. in Tucson sold for $535,000 ($69,125 per unit). Built in 1945, the 8-unit complex has one- and two-bedroom units as well as a single-family residence. The units are all individually metered for electricity. Property was fully lease when it sold on March 24, 2020 and buyer plans to completely renovate the property.

The buyer, Gould Family Properties VIII, LLC and Soulages Trust, both of Tucson were represented by Mendelsberg and Martinez of Cushman & Wakefield Picor. To learn more, see RED Comp #7690.

For more information on these transactions, Allan Mendelsberg should be reached at 520.546.2721 and Conrad Martinez can be contacted at 520.546.2730.

 




Mixed-Use Retail / Office / Industrial Valencia Commerce Center Sells for $1.36 Million

TUCSON, ARIZONA — Rick Borane of Volk Company in Tucson represented local investors, Brandon and Rich Rodgers, in their acquisition of Valencia Commerce Center, a 35,8256-square-foot building on 3 acres of land at 225 & 227 E Valencia Road. The property was acquired for $1.36 million ($38 PSF).

Built in 1986, Valencia Commerce Center is a mixed-use retail, office and industrial incubator space property in two buildings.

The office / retail property had 6,958-square-feet vacant on the office/ retail side at time of sale and 4,372 -square-feet available on the industrial side. The property was 68% occupied at time of sale. The office / retail portion had five tenants: 1st Chiropractic, Javier’s Salon, The People’s Choice Video Express, Orthodontic Professionals, and Bravo Services.

The buyers purchased for investment and intend to make improvements such as adding a fenced storage yard in back and additional parking.

Max Fischer with Cushman & Wakefield has the leasing assignment for the property and can be reached at 520.465.9989.

The seller, a family trust, was represented by Michael Stilb of M.A.S. Real Estate Services.

For additional information, Borane should be contacted at 520.326.3200.

To learn more, see RED Comp #7657.