Marcus & Millichap Arranges the Sale of Oracle Canyon, a 36-Unit Multifamily Community in Tucson, AZ

TUCSON, Ariz.Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Oracle Canyon, a 36-unit apartment community located in Tucson, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Tucson office, the asset sold for $2,825,000.

Hamid Panahi and James Crawley, investment specialists in Marcus & Millichap’s Tucson office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Panahi explained, “The seller had undergone a series of interior improvements and large asset preservation projects since acquisition. With a sample size of corresponding rent premiums as a result of interior enhancements, the asset provided a tremendous opportunity for a buyer to add value.”

Panahi and Crawley also procured the buyer, a limited liability company. “The buyer was an experienced owner/operator in Southern Arizona, but Oracle Canyon represented their first acquisition in Tucson,” Crawley stated. “The buyer had an extensive track-record of repositioning and rebranding assets. Oracle Canyon’s intrinsic value-add characteristics of condo-style quality construction, an entirely two-bedroom two-bathroom floor-plan, and weighted average unit size coupled with low-market rents and above market vacancy were what attracted the buyer to make their first purchase in Tucson.”

Oracle Canyon is located at 331 West Pastime Road just off Oracle Road in North Tucson, providing expedient access to a wealth of employment opportunities and a dense retail landscape. Completed in 1984, the property features superior quality frame and stucco construction with exclusively two-bedroom two-bathroom apartment homes. Interiors feature a well-equipped kitchen, walk-in closets, true master-bathrooms, ceiling fans, linen closets, private patio and balconies, wood-burning fireplaces, as well as individually-metered central heating and cooling. Select units feature washer and dryer units, vaulted ceilings, and ceramic tile flooring. Community amenities include a welcoming leasing office, a sparkling pool and spa, on-site laundry facility, electric gated parking entry, and serene outdoor space with lush landscaping including barbecue grills.




Land Bridge Between Sweetwater Preserve and Saguaro Park West Sells for $1.15M

TUCSON, Arizona — A land bridge  now connects the Sweetwater Preserve to the Saguaro National Park in the West Tucson Mountains. The 64 acres of land was purchased by the Trust for Public Land (TPL) from the Norman and Eleanor Willock Trust of Tucson for $1.15 million ($18,000 per acre). The property borders the Saguaro National Park West on the westside and Sweetwater Preserve on the east, with rolling topography, mature cacti, scenic peaks, all withing close proximity to central Tucson.

Tom DeSollar with Arizona First Properties represented the seller in the transaction.“The escrow was 10 months,” said DeSollar. “The neighbors are pretty jazzed about the deal and even donated some land towards the project.  The animals are happy too!”

The buyer, Trust for Public Land, established in 1972, is a national, nonprofit land conservation organization specializing in conservation real estate to protect land for people to enjoy as parks, greenways, community gardens, urban playgrounds, and wilderness.

In 2001, Tucson Mountains Association approached TPL to figure out the best way to protect the property that was in the pathway of development. In the last five years, 23 separate residential subdivisions have sprung up in the Tucson Mountains. By November 2002, TPL had signed a purchase option agreement with the landowners.

In 2004, Pima County and the Trust for Public Land (TPL) entered into an agreement to protect the 700 acres of Sweetwater Preserve in the Tucson Mountains. The property is the largest remaining tract of undeveloped land in the Tucson Mountains and home to several vanishing wildlife species including cactus pygmy owl, desert tortoise, and Gila monster.

The property was the first purchase funded through a $174 million Pima County Sonoran Desert Open Space and Habitat Protection bond measure approved by voters in May 2004.

“TPL is very pleased to have helped protect the Sweetwater property and further the County’s effort to add these 700 acres of pristine Sonoran Desert to the Tucson Mountain Park.” said TPL’s Project Manager Michael Patrick in a written statement. “We are grateful to the Pima County Board of Supervisors and the County Administrator for their leadership in the Sonoran Desert Conservation Plan  and to the Pima County voters who approved the large conservation bond fund that enabled protection of important open space and habitat lands like Sweetwater Preserve.”

The Tucson Mountain Association was instrumental in the effort to protect the Sweetwater Preserve and raised more than $30,000 from more than 185 individuals to help TPL and the County protect the property. Public purchase of the property received endorsements from more than fifty organizations, including the National Park Service, the U.S. Fish and Wildlife Service, the Arizona Sonoran Desert Museum, the Tucson Audubon Society, the Coalition for the Sonoran Desert Protection, the Southern Arizona Hiking Association, Pima Trails, and the Sonoran Institute among others.

Since 1972, The Trust for Public Land has protected more than 3.3 million acres and completed more than 5,400 park and conservation projects.

For more information, DeSollar should be reached at 520-400-2732.




Old Vail Station Office Retail & Self Storage Trades to New Investor

VAIL, AZ – The sale of the original commercial center in Vail, AZ, Old Vail Station Office and Retail Center and Vail Self Storage at 13190 E. Colossal Cave Road has been sold for $8.2 million to Occidental Capital Holdings, Inc. The 26,563-square-foot Old Vail Station was developed in 2002 and the 46,005-square-foot Vail Self Storage was added in 2016 by Old Vail Station, LLC, of Tucson, AZ. The office and retail center was 94% occupied and the self storage center was 90% occupied as of January 24, 2020 when it sold. Vail is a rapidly growing bedroom community in Southeast Tucson.

Craig Finfrock of Commercial Retail Advisors, LLC represented the seller, Old Vail Station, LLC. The buyer, Occidental Capital Holdings, Inc. represented itself in the transaction. Commercial Retail Advisors has four other buildings for sale in the shopping center.

Commercial Retail Advisors, founded in 2001, specializes in the leasing and sales of shopping centers and retailer tenant representation throughout southern Arizona. For more information, please contact Craig Finfrock of Commercial Retail Advisors at (520) 290-3200 or visit their website at www.cradvisorsllc.com.