Tucson, Ariz. – Bakehouse Bread Company (John and Nancy McKearney, founders) purchased a 22,550-square-foot industrial facility at 2520 N. Jackrabbit Ave. in Tucson at a sale price of $1.35 million ($60 PSF).

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Tim Healy and Bob DeLaney, Vice-Presidents with CBRE’s Tucson office represented Bakehouse Bread Company in the transaction. Stephen Cohen and Russ Hall, SIOR, GSCS, Industrial Specialists with Cushman & Wakefield | PICOR, represented the seller, Michael and Janet Gompper of San Diego.

“We are incredibly excited about this next phase of growth, said John McKearney, who founded Bakehouse with his wife Nancy in 1996 after relocating to Tucson from Michigan. “The Greater Tucson community, and Arizona as a whole, has been supportive of our company from day one, welcoming Bakehouse Bread Company with open arms. I think that response speaks to the quality of our product, but also says a great deal about the community’s desire to support local business, too.”

This purchase marks an expansion for the Tucson-based artisan-bread wholesaler, relocating its operations from its leased 7,875-square-foot facility located at 2550 N. Dragoon in Tucson. With the expansion of its physical footprint, Bakehouse Bread Company also has plans to expand its employee base to accommodate the growth of the company and better serve the needs of its expanding customer list.

First opened as retailer Village Bakehouse in June of 1996, the company grew rapidly. In 2001, founders John and Nancy McKearney decided to focus solely on the wholesale side of the operation, sold the retail locations, and Bakehouse Bread Company was born. The artisan-bread company now partners with many local restaurants, caterers, resorts, markets and institutions in the greater Tucson and Phoenix markets. Current notable clients include Fox Restaurant Concepts, the University of Arizona, Fry’s Food Stores and Trader Joe’s, among others.

“This transaction really is indicative of the overall state of the industrial market in Greater Tucson as the metro area continues to be in need of functional industrial space,” said CBRE’s Healy. “John and Nancy have been looking to purchase a facility over the last several years; finding the right property to fit their needs was a challenge and really a matter of timing due to the lack of quality and available product online at any given time.”

A recent study by CBRE reports that 83 percent of industrial buildings in Greater Tucson are 14 years old or older. The challenge for new tenants/users or existing tenants/users that would like to expand is finding existing space that meets their requirement as a large portion of vacant buildings are becoming functionally obsolete. As this trend continues, desirable space will be leased or purchased, vacancy will decrease, rental rates will increase and speculative development will be required.

To learn more Healy should be reached at 520.323.5119 and DeLaney at 520.323.5171. Cohen can be contacted at 520.546.2750 and Hall is at 520.546.2747.

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September Tucson Multifamily Sales By Submarkets:

NORTHEAST SUBMARKET (Median sale price: $31,917 per unit)

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Roberts Apartments, a 12-unit complex at 1220-1236 N Roberts Way in Tucson, 85712 was purchased by John & Maria Soldo of Sun City, CA from Steven & Ann Broden for $370,000 ($30,800 per unit). Property consists of six 2Br/1Bth duplexes, totaling 8,112 sq. ft. (built 1957) on 1.03 acre. Units have beamed ceilings throughout and buildings are of adobe block construction. Seller had done many improvements. All but one unit was rented at time of sale. Units are individually metered and have covered parking and separate washer & dryer hookups. Peter Canacakos of Long Realty in Tucson represented the seller and should be contacted at (520) 546-2721. Allan Mendelsberg, Investment Specialist with Cushman & Wakefield | Picor in Tucson represented the investor and can be reached at (520) 546-2721.
Login for more information. [ismember]Proforma : Year 2012. Scheduled Gross Income: $62,580. Effective Gross Income: $59,451. Total Operating expenses: $24,527. NOI: $34,924. Pre-Tax Cash Flow: $34,924. Cap Rate: 9.44%[/ismember]

A fourplex at 2531-2533 N Columbus Blvd. in Tucson, 85712 sold for $132,000 ($33,000 per unit) to Larry Paul of Tucson. The 2,828 sq. ft. building (built 1948) is on a 10,041 sq. ft. lot. Property is two-stories with one studio, one 1-bedroom, and two 2-bedroom units. Kyle Mokhtarian and Matthew Skidmore with Realty Executives Tucson Elite of Tucson represented themselves dba KMS Enterprises, LLC of Tucson in the transaction. The buyer was represented by Anthony Boatner of Keller Williams Southern Arizona in Tucson. Mokhtarian and Skidmore can be reached at (520) 275-7175. Boatner is at (520) 615-8400.

EAST SUBMARKET
A duplex at 4534 E Montecito Street in Tucson, 85711 sold to Kim Uyen Mai of Tucson for $76,000 ($38,000 per unit).The 1,754 sq. ft. living space (built 1951) is on a 9,120 sq. ft. lot. Units consist of a 2-bedroom and a 3-bedroom. Tony Reed and Roger Breckenridge of Long Realty in Tucson represented the seller. Nam Van of Homesmart Advantage Group in Tucson represented the investor, and can be reached at (520)505-3100. Reed and Breckenridge can be contacted at (520) 577-7400.
Login for more information. [ismember]GSI: $14,400. Expenses: $1,333. NOI: $13,067. Cap Rate: 17.19%. Rents on both units were $600 per month. Property was on the market 12 days.[/ismember]

CENTRAL SUBMARKET (Median sale price: $43,250 per unit)
A fourplex at 235 W Lester Street in Tucson, 85705 sold for $180,000 ($45,000 per unit) to Jesus E Pedrego of Tucson. The 2,896 sq. ft. building (built 1982) is on a 7,405 sq. ft. lot. Property has four 2-bedroom units that sold vacant with a pro forma cap rate of 8.65%. Property was on the market for 77 days. Jeffrey Ell of Keller Williams Southern Arizona handled the transaction for investor and seller, Johnson Family Trust of Marana. Ell can be reached (520) 615-8400 for additional information.

A triplex at 847 N 2nd Avenue in Tucson, 85705 sold for $240,000 ($80,000 per unit) to KSW Properties, LLC of Tucson (Kaukaha Watanabe, member). The 2,209 sq. ft. building (built 1937) is on a 4,300 sq. ft. lot located near the U of A. There are two 2-bedroom units and one 1-bedroom unit, each has a single garage. Property was on the market for 14 days. Marsee Wilhems of Re/MAX Majestic handled the sale. Buyer is also a licensed real estate agent with Realty Executives Tucson Elite and has property back on the market for sale. Wilhems can be reached at (520) 885-9000. Watanabe is at (520) 300-6632.

A fourplex at 256 W Kelso Street in Tucson, 85705 sold for $130,000 ($32,500 per unit) to David Swanson of San Diego, CA. The 2,131 sq. ft. living space (built 1966) on a 9,155 sq. ft. lot. Units included two 1-bedroom and two 2-bedroom. Property was on the market for 31 days. Robert Brakey of Roca Realty in Tucson represented the seller. Pedro Romero of Premier One Realty represented the investor. Brakey can be reached at (520) 241-1283. Romero should be contacted at (520) 408-1885.

Eight units were sold at 808-822 East Blacklidge in Tucson, 85719 for $245,000 ($31,000 per unit) to 808-822 E Blacklidge, LLC of Tucson (Phil Lipman, managing member). The 3,020 sq. ft. living space (built 1985) is on a 24,384 sq. ft. lot. The seller was Tucson Urban League, Inc. of Tucson (Charles Battle (chairman). Tony Reed and Roger Breckenridge of Long Realty in Tucson handled the transaction for buyer and seller.  Reed and Breckenridge should be contacted at (520) 577-7400.

A duplex at 102-104 E Delano Street in Tucson, 85705 sold for $83,000 ($41,500 per unit) to Jesse Butler of Tucson. The 1,082 sq. ft. building (built 1958) is on a 9,000 sq. ft. lot. Seller was Joel Robert Whittaker and Thalia Pavo Real Whittaker Revocable Trust of Tucson.

A duplex at 2939-2941 N Palo Verde Avenue in Tucson sold for $123,000 ($61,500 per unit) to Barry & Michele Jones of Tucson. The 1,659 sq. ft. building (built 1979) is on a 6,000 sq. ft. lot. Walter Jennings of Tucson was the seller.

SOUTH SUBMARKET (Median sale price $26,567 per unit)
A triplex at 1221 S 11th Avenue in South Tucson, 85713 sold for $73,000 ($24,333 per unit) to Kelly Anne Melsted. The 1,516 sq. ft. building (built 1933) on a 6,970 sq. ft. lot was sold by Federal National Mortgage Association in an REO sale. The South Tucson consisted of three studio apartments. Tim Rehrmann and Alyssa Chavoya with Tierra Antigua of Tucson represented the seller. Diedra Plum with Keller Williams Southern Arizona of Tucson represented the buyer. Rehrmann and Chavoya can be reached at (520) 225-0073. Plum is at (520) 886-8282.

A triplex at 150 W Lincoln Street in Tucson, 85714 sold for $86,400 ($28,800 per unit) to Damien Choi and Jennifer Matias of Tucson. The 1,447 sq. ft. building (built 1952) is on a 6,950 sq. ft. lot. Property is two-stories with one 1-bedroom and two 2-bedroom units, individually metered with two new electric meters, separate gas and landlord pays water. The seller was self-represented, dba Deep Canyon, LLC, Gus Maughan of Cardinal Real Properties. Thomas Russo of Vista One Realty Group represented the buyer. To contact Maughan, call (520) 955-9209. Russo can be reached at (520) 413-1743.

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Frontier Towing, a locally-owned and operated business, purchased the property at 3570 S Dodge Blvd in Tucson for $500,000 ($45 PSF). The 11,200 sq. ft. building (built 1983) on 1.7 acres was purchased for expansion of the buyer’s adjacent business at 3630 S Dodge Road in Tucson. The property had been vacant for about 18 months when it was sold by James LaDuc of Tucson.

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[mepr-show rules=”58038″]The industrial property consists of a 2,200 sq. ft. office and 9,000 sq. ft. warehouse. Ceiling height is 12-16 feet with six grade level doors, zoned CI-1 with fully fenced yard.

Frontier Towing began in 1969; the current owner, Jim Mooney, purchased the business in 1993. It is a 24 hours / 7 days a week (even on Christmas) full service towing company. They operate a fleet of over 35 tow trucks and equipment ranging from light duty, medium duty and heavy duty as well as equipment transport for backhoes, wheel loaders or D9s. They transport vehicles and equipment, not only in Arizona, but all over the southwest.

The company also offers transportation and recovery service for 4×4 vehicles anyplace.

Because of Frontier’s ability to tow anything, from lower sports cars to monster trucks, semi-trucks, dump trucks, motor homes, backhoes, dozers, loaders, excavators, containers and more, they have the City of Tucson’s towing contract. Mooney claims they have towed everything from Zambonis to rhinoceroses for the City. Yes, you read that right, rhinoceroses.

When Reid Park Zoo had to move their two resident rhinoceroses into a new home at the zoo, they called on Frontier Towing. A cage weighing 6,000 pounds was specially constructed, to hold each of the 6,500 pound rhinoceros, and an attempt to restrain the rhino like in a horse trailer was made. But the rhinos, being unaccustomed to either the cage or any lack of mobility had different ideas and weren’t so thrilled about the move. So a job that was to take no more than 4 hours, ended up taking twice the time, well past the zoo’s opening hour that morning, and causing patrons to have to wait while the rhinos were been transported from one end of the zoo to the other.

When I said, hopefully you were compensated well for all the extra complications, Mooney responded, “We couldn’t charge the Zoo anything, it’s the Zoo! We couldn’t do that.” That comment seemed to summarize the owner’s attitude on the importance of giving back to the community. Whether its  transporting generators to hurricane victims on the East coast, as they did in one of the latest hurricanes. Or providing other service, such as recently donating a car to DM’s On Base Autobody for repair and to be give away to a needy military family. Community service and good business just go hand-in-hand at Frontier Towing.

Frontier Towing can be reached at (520) 748-1100, the next time you need a tow or to move anything out of the ordinary.

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[ismember]Sale date: 9/25/2013. Buyer name on affidavit: Stump Ranch, LLC, Charles, Joseph, and James Mooney, members. All cash transaction. Building has HVAC in office, evap and gas heat in warehouse. Power is 208V, 400A, 3-phase. Real Estate Taxes (2012) $13,896. Amenities: 2 awning covered work areas, 2,400 SF west bay as 16 ft clear height, 14 grade door, plus 600 SF mezzanine. [/ismember]

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