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Gateway Industrial Park, LLC of California (Charles Lester) sold the 34,159 sq. ft. multi-tenant property at 3690, 3710 and 3720 South Park Avenue in Tucson for[mepr-show rules=”58038″]$1.9 million ($55.62 PSF) to investor, William Lee, LLC of Flagstaff, AZ (Robert Lee Richards).

This is the investor’s second CRE venture in Tucson. In June 2010, William Lee, LLC bought 3855 W River Road in an REO and resold it in December 2012.

Gateway Industrial Park is comprised of 3 buildings built in 1980 and offers grade-level loading (10′ X 10′) to warehouse suites with I-1 zoning (light industrial). Located just north of Ajo Way on South Park Ave, this industrial flex park has frontage on Park Ave with easy ingress and egress and close proximity to I-10 and easy access to I-19.

The complex was 80% occupied at time sale with a mixture of tenants such as Marana Healthcare, A1 Garage Door Service, Systems Commissioning & Testing, Simplex, ABM Janitorial, Tucson Physical Therapy, Gaxiola & Associates, Pueblo Research Association, Elkay Manufacturing, Master Craft, Johnny Maxx, Rac Acceptance, and Natural Candles and More.

The seller was represented by Pat Welchert and Jeff Zellet of Cushman & Wakefield / Picor Commercial Real Estate Services in Tucson. The investor was represented by Ron Zimmerman of Newmark Grubb Knight Frank who will also be the new leasing agent for the property.

Welchert can be reached at (520) 546-2748 and Zellet is at (520) 546-2739. You should contact Zimmerman at (520) 248-0427.[/mepr-show]

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Manuel German dba Galerias Magelos of Hermossillo, Mexico purchased a property across the road from The Bridges at 3640 S Campbell Avenue in Tucson for its first US location. The 10,000 sq. ft. building was purchased for[mepr-show rules=”58038″]$520,000 ($52 PSF) from Duffy Warehouses, LLC of Tucson (Gary Duffy, manager).

Galerias Magelos, a Mexican furniture store, will expand operations at the property as a showroom / warehouse. Following in the steps of its sister business, Galerias Magelos that has been in business for about 15 years in Hermosillo, the Tucson store will be its second store for furniture imports / sales and interior decorating services for clients. German has been an interior decorator for about 15 years.

The property sold leased to Olde Inke, a media and data storage depot, that will remain in place until June when its lease is up and the new owner can begin tenant improvements. The new store opening is anticipated for sometime this Fall.

Ed Henne of Long Realty in Tucson represented the seller in the transaction and Gary Best of KW Commercial and Luz Moreno of Keller Williams Southern Arizona represented the buyer.

Contact Henne at (520) 918-5989. Best and Moreno can be reached at (520) 615-8400.[/mepr-show]

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Cornerstone Hospital of Southeast Arizona, LLC of Dallas, TX (Louise Cassidy, CEO) exercised a purchase option on the building at 7220 E Rosewood St in Tucson for [mepr-show rules=”58038″]$7 million ($166 PSF) that it leased since 2005 from Medical Properties Trust of Birmingham, AL affiliate, MPT of Tucson, LLC. Cornerstone Hospital is a 34-bed long term acute care facility for patients who no longer require the services of an intensive care unit, but still need more intensive care than that offered by traditional rehabilitation, skilled nursing or sub-acute care settings.

Nexbank of Dallas, TX financed the transaction.

The seller, Medical Properties Trust (NYSE:MPW) is a REIT specialized exclusively in real estate investments of acute care facilities of all kinds with long-term triple-net leases. MPT claims to be the only healthcare REIT focusing exclusively on hospitals, acquiring and developing rehabilitation hospitals, women’s and children’s hospitals, regional and community hospitals, as well as ambulatory surgery centers and other specialized, single-discipline facilities.

MPT acquired the property in 2008 from another healthcare REIT, Health Care Property Investors, Inc. of Long Beach, CA for slightly over $7 million ($7,010,870). The purchase option with Cornerstone was conveyed to MPT in that transaction.

The CEO of Cornerstone Hospital, Louise Cassidy reported that there would not be any changes to the hospital’s normal operations.[/mepr-show]