TUCSON, ARIZONA – Local businessmen, Ernest and Frances Santa Cruz purchased 2,042-square-feet of Auto Shop Repair space located at 5058 S 12^th Ave in Tucson.  The single-tenant, free-standing building was purchased from the Raul Encinas Castillo for $150,000 ($73 PSF).

The buyer has been a tenant in the building for quite some time prior to purchase, dba E&F Transmission and will continue to occupy it as an owner user.

Isaac Figueroa, CCIM, Managing Director with BFL Ventures, represented the seller in this transaction.

For more information, Figueroa should be reached at 520.882.4800 and to learn more, see RED Comp #7624.

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A Tucson business, Catalina Coffee LLC (Darren Mills and Brandon Kenney), dba Roadrunner Coffee, opened its first coffee shop and drive thru in 2008, at 9665 N Thornydale Rd, Ste. 110 in Marana. Roadrunner is expanding and recently purchased 0.70 acres of commercial land located at 1545-1551 W. Wetmore Rd. in Tucson, from Matthew J. and Bernadette T. Giustino for $130,000 ($2 PSF).

The buyer purchased to build a drive-thru coffee kiosk on the site located across from the Tucson Auto Mall and near the Tucson Mall,  building plans are waiting approval.

Max Fisher and Ramiro Scavo with Cushman & Wakefield | PICOR, represented the seller in the transaction and John Hamner and Julian Willetts with RE/MAX Excalibur represented the buyer.

For more information, Fisher can be reached at 520.465.9989 and Scavo is at 520.546.2764. To speak to Hamner, call 520.907.0030 or Willetts at 520.820.2231.

To learn more, see RED Comp #7615.

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Local developer, Larsen Baker, bought 6.4 acres near the Amazon Distribution Center, at 6251 South Kolb Road in Tucson for $750,000 ($2.69 PSF) from Northern Trust Bank of Phoenix.

The large commercial zoned site is at a busy intersection, at Valencia and Kolb, and within close proximity to major daytime employment hubs such as Davis-Monthan Air Force Base & U of A Science and Technology Park. It has great access to Interstate 10 & Tucson International Airport. With Valencia Road widening now complete, the site is ready for retail development and Larsen Baker is banking on the area’s growth.

Pete Villascusa and Jesser Peron with CBRE Tucson represented the seller in the transaction and Andy Seleznov and Melissa Lal represented the investors.

For more information, Villascusa and Peron can be reached at 520.323.5100 while Seleznov and Lal are at 520.296.0200.

To learn more, see RED Comp #7583.

TUCSON, ARIZONA — Four Points by Sheraton Tucson Airport Hotel sold to private investors dba Tucson Airport Resort, LLC, an affiliate of Manhattan Properties of California (David Farrell, manager) for $12.3 million ($82,000 per room). The property will continue to be managed in partnership with Commonwealth Hotels. The seller was also a private investor from Alameda, Calif.

Four Points by Sheraton, with more than 225 Four Points hotels, part of Marriott International, Inc., can be found in nearly 40 countries and territories, travelers can find the timeless style and comfort they’re looking for with genuine service and everything that matters most, all around the world. Four Points hotels can be found in big urban centers, by the airport, near the beach, and in the suburbs. Each hotel offers a familiar place with an authentic sense of the local, and friendly genuine service where guests can relax and unwind, watch local sports, and enjoy the brand’s Best Brews and BBQ™ program. Four Points is proud to participate in the industry’s award-winning loyalty program, Starwood Preferred Guest®. Members can now link accounts with Marriott Rewards®, which includes The Ritz-Carlton Rewards® at members.marriott.com for instant elite status matching and unlimited points transfer. To learn more, visit us online and stay connected to Four Points on Facebook.

Four Points by Sheraton Tucson Airport offers complimentary shuttle 24 hours a day, 7 days a week from the airport to the newly-renovated Four Points by Sheraton. Located on five lushly landscaped acres landscaped with lush greenery, manicured grounds and beautifully renovated guest rooms. The property offers 150 guest rooms including three suites, each custom designed for ultimate comfort in king or queen beds. All guest rooms feature a 37″ HD Television, refrigerator, microwave, and designer furnishings. Several complimentary amenities are also included: -High Speed Wireless Internet -Bottled water, replenished daily, and a choice of weekday newspapers. A well-equipped, open layout business center to ensure efficiency in handling business matters for travelers. At Four Points by Sheraton guests can unwind at the fitness center or relax in the pool and hot tub underneath the palm trees.

A recent renovation to the R&R Bar has given a fresh, relaxing atmosphere to the award-winning restaurant and 3,500-square-feet of versatile event space. R&R Bar and Grill offers a wide range of carefully crafted menu options prepared from scratch daily to satisfy any appetite, also available through room service daily from 6am-10am.

The Little Resort at the Airport also provides a ballroom that accommodates up to 200 guests, a boardroom for 12 and a beautiful outdoor courtyard for receptions. Four Points by Sheraton Tucson Airport is just minutes from downtown, the University of Arizona, and many other Tucson attractions. Explore the nearby “boneyard” at Davis-Monthan Air Force Base and other aircraft at Pima Air and Space Museum. Escape the stratosphere by looking upward at Kitt Peak National Observatory. Want something more down to earth? Check out Kartchner Caverns State Park and Mission San Xavier del Bac.

Commonwealth Hotels, LLC, founded in 1986, is a proven partner in providing hotel management services with superior financial results. The company has extensive experience managing premium branded full service and select service hotels and currently manages 43 properties with 5,300 rooms.

For more information, Commonwealth Hotels can be reached at 859.261.5522.

To learn more, see RED Comp #7509.

TUCSON, ARIZONA – Multifamily assets remain the preferred investment vehicle of commercial real estate investors. With the upside to multifamily investments soundly outpacing that of other asset types, that doesn’t appear to be changing any time soon.

With no slowdown in sight, Art and Clint Wadlund of Berkadia Real Estate Advisors in Tucson closed on $102.76 million in five multifamily transactions since the start of the new year. The aggregate amount of these transactions is 1,139 units, or $90,220 per unit.

Sales include:

City Heights Apartments at 3700 N 1^st Ave. in Tucson sold for $22 million ($80,882 per unit). The 272-unit complex in the central submarket of Tucson was renovated in Jan 2013 with studios one- and two-bedroom units. Amenities include a business center, clubhouse, pet park, fitness center, spa, and pool.

Rillito Village Apartments, LLC an affiliate of SB Pacific Group of Berkeley, California was the seller. The buyer, Catalina Apartments Tucson, LLC is a group of investors based in Marina Del Rey, California.

Arcadia Gardens Apartments at 7887 East Uhl Street in Tucson sold for $18 million ($90,000 per unit). The 200-unit complex in the eastern submarket of Tucson consists of 14 – two-story buildings and a unit mix of studios, one-, two- and three-bedroom units. Features include: high speed internet access, washer/dryers, air conditioning, heating, ceiling fans, smoke free, cable ready, storage units, wheelchair accessible, dishwasher, disposal, microwave, carpet, tile floors, views, walk-in closets, window coverings, balcony, patio and grills.

Arcadia Gardens Apartments, LLC an affiliate of Water Tower Realty of Chicago was the seller.  The buyer, Arcadia Gardens Tucson, LLC is a group of investors based in Marina Del Rey, California.

Toscana Cove Apartments at 8665 E. Speedway Blvd. in Tucson sold for $17.91 million ($77,198 per unit). The 232-unit complex is in 11 – 3-story buildings in the eastern submarket of Tucson. The unit mix consists of studios, one-, two- and four-bedroom units with on-site laundry, covered parking, heated pool, jacuzzi, recreation room, exercise center, clubhouse, barbecue areas and is pet friendly.

The sellers, Tucson Properties NV, LLC and Prospero Property Ventures, LLC investment groups are based in Beverly Hills, California. The buyers, Chateau Park Investors, LLC and Toscana Investors, LLC investment groups are based in Newport Beach, California.

Yardz on Kolb Apartments at 1345 South Kolb Road in Tucson sold for $36.7 million ($89,512 per unit). Located in the eastern submarket of Tucson, the 410-unit complex with studios, one-, and two bedrooms and townhomes with two- or three- bedroom options. Amenities include on-site maintenance, controlled access/gated, business center, fitness center, playground, laundry facilities, clubhouse, 2 swimming pools, spa/hot tub, billiards, shuffle board, monthly resident events, on major bus lines, pet friendly, dog park, BBQ/picnic area, Spanish speaking staff, and package receiving, all within walking distance to shopping and banking.

The seller is 5^th & Camelback Tucson, LLC and 22^nd & Kolb, LLC based in Scottsdale. The buyer is MIMG Clix Yardz, LLC of Franktown, Colorado

McCormick Luxury Apartment at 201 S Stone Ave. in Tucson sold for $8.15 million ($326,000 per unit). The seller was Stone Avenue Homes LLC, an affiliate of Holualoa Companies, and the buyer was AHC McCormick LLC, an affiliate of Chicago-based AHC Management. Property transferred with an assignment of rents under a Government Property Lease Excise Tax (GPLET) agreement with the City of Tucson.

For additional information Art Wadlund should be reached at 520.299.7200 and Clint Wadlund can be contacted at 520.615.1100.

To learn more, see RED Comp #7528, #7552, #7481, #7484 and #7588.