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The sale of Wilmot Plaza has rumors buzzing in Tucson’s real estate community these days. Since we report only facts at the Real Estate Daily News, the fact is there are many rumors and half–truths. We can confirm the following on the property at 6301-6371 East Broadway and 10 N Wilmot Road, located at the northwest corner of Broadway and Wilmot, it did sell for[mepr-show rules=”58038″] $6.2 million. The seller, two families that owned the center since 1961, Wilmot Plaza, LLC of Houston, TX finally sold it after they were approached by multiple groups.

The property is a total of 9.8 acres and according to public records, Bourn Companies on behalf of the seller rezoned 2.6 acres from R-1 to C-1 for redevelopment in 2012.

Built in 1956, the property consists of relatively large buildings grouped along the northern and eastern edges of the site, two small, free-standing vacant buildings near the Broadway/Wilmot intersection, and a small building at the northwest corner of the site. The shopping center was zoned commercial C-1, except the strip of land on the north and east property boundary.

Tucson General Plan defines the area as a regional commercial activity center that includes Park Place Mall and several shopping centers along Broadway Blvd, a high density office and residential node northwest of the intersection and the St. Joseph’s Hospital and medical office complex. The General Plan also encourages redevelopment and expansion of strip commercial development to improve traffic flow, pedestrian circulation and safety, and streetscape quality, providing primary access from an arterial street away from residential uses.

The center was 60-70% vacant when it sold to BP Wilmot Plaza, an investment group formed by Don Bourn, managing member.

Here’s where the rumors start, because we all anticipate Bourn Companies has some incredibly fabulous redevelopment plan for this property, with high profile tenant(s), that will totally transform the dynamics of this corner, as they have done in other retail centers, otherwise why buy it?

But they aren’t ready to discuss it yet, according to Bourn, “We bought the property because we liked it and we are excited by its potential.”

Paul Schloss, who is co-marketing the project with Bourn Advisory Services, LLC went on to explain, “The developer does not respond to rumor or speculation regarding specific tenants. But will do so when they have definitive information to share.”

So, there you have it. We will all have to wait until the new owner has something ready to share, and in the meantime, wish them nothing but good luck in inking a deal with one or more of the rumored tenant(s) at this prominent intersection.

Paul Schloss, formerly of CBRE in Tucson, acted as representative of seller and Alan Tanner of Bourn Advisory Services, LLC represented the buyer on the transaction. Schloss and Tanner, as co-leasing agents for the property, may be reached at (520) 977-3800 and (520) 318-6624, respectively. [/mepr-show]

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Colonia de Tucson Apartments at 1331-1335 West St. Mary’s Road in west Tucson sold for[mepr-show rules=”58038″]$2.38 million ($28,000 per unit). The seller was a private investment group out of Indiana.

Colonia de Tucson is a two-story apartment community built in 1983, comprising 84-units. The unit mix is approximately 52% one-bedroom and 48% two-bedroom units. Construction is of wood and painted stucco, with built-up roofs. Common amenities include a swimming pool, outdoor barbeques, two laundry facilities and 107 open parking spaces. Unit amenities include walk-in closets for the one-bedroom units. The property has a designated leasing office.

Colonia de Tucson is a combination of two adjacent properties, but are managed together and treated as one property. Recent exterior renovations were made to Colonia de Tucson Colonia de Tucson Apartments prior to sale. Colonia de Tucson is also convenient to public transportation, with bus service provided along St. Mary’s Road.

Several neighborhood shopping centers, parks, churches and public facilities are located within one mile of the property. The University of Arizona and Pima Community College West campus are all located within easy driving distance. St. Mary’s Hospital, a major source of employment, is one-half mile west of the property.

Natan Jacobs of the Vestis Group when asked ‘why here’ commented, “His buyer just wasn’t able to find what they wanted in the Phoenix inventory, so they moved on to Tucson and are looking for more investments in Southern Arizona.”

Bill Hahn, Trevor Koskovich and Jeffrey Sherman of Colliers International in Phoenix represented the seller. Natan Jacobs and partner, Les Litwin of the Vestis Group in Phoenix represented the buyer.

Hahn can be reached at (602) 222-5105, Koskovich is at (602) 222-5145, and Sherman at (602) 222-5109. Jacobs and Litwin should be contacted (602) 387-5330.[/mepr-show]

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[ismember]Sale date 7/10/2013. Recent renovations ATOS included: new playground, basketball court, trash cans, mailbox enclosures, fencing, paint, roofs, A/C’ s, signage, landscaping, slurry and striped parking lot, security cameras, ramadas, pool area with shading and furniture. Property sold at an 8.9% cap based on an NOI of $211,200 at time of sale, with 4-5 units vacant.   [/ismember]

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Dominium, a Minneapolis-based company, purchased Sahuarita Mission Apartments at 1091 Beta Street in Sahuarita, AZ, southwest of Tucson, for[mepr-show rules=”58038″]$2.08 million ($40,000 per unit). The seller, Sahuarita Ridge Apartments of Chandler, an affiliate of the Arizona Community Action Program, developed the affordable housing program project.

The program regulations are under Section 42 of the Internal Revenue Code that encourages developers to build affordable housing to meet the needs of the community in exchange for receiving Housing Tax Credits. Property owners must keep the units affordable for a specified number of years, with affordable rents defined and calculated based on Median Household Income figures published annually by the U.S. Department of Housing and Urban Development (HUD).

The 52-unit apartment complex offers large two- and three-bedroom floorplans, built in 2000, on 2.88 acres. Common amenities include a playground and picnic and BBQ area.

The new owner, Dominium is a developer and manager of multi-family properties nationwide, based in Minnesota. With more than 21,000 owned and/or managed units at 197 sites in 19 states. The company has received numerous awards from Affordable Housing Finance Magazine, awarded for its activity in the affordable housing industry as well as portfolio expansion.

Mark Laverty of Dominium said, “This is our first addition in the Tucson area to our portfolio, but we view it as a strong, recovering market that represents good value.” Dominium will handle the property management and leasing out of their regional office in Phoenix, and hire on-site managers and maintenance personnel. In Arizona, the company owns with this acquisition, 392-units at four properties located in Phoenix, Show Low and now Sahuarita, Arizona.

The community is close to shopping, schools and restaurants. Sahuarita Mission has a Walk Score of 52 out of 100 which means some amenities are within walking distance. The most walkable coffee shop is Starbucks. Restaurants nearby include Coach’s All American Bar & Grill, Domino’s Pizza, Dairy Queen Brazier, Arby’s, Manuel’s Restaurant, Burger King®, Papa Murphy’s Take ‘n’ Bake, and Jerry Bobs Restaurant. Nearby schools include Shepherd’s Fold Preschool and Day Care.

There were no brokers involved in the transaction, the seller and investor were self-represented in the transaction.

Laverty can be contacted at (763) 354-5632. The Community Action Program can be reached at (480) 963-4321. [/mepr-show]

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[ismember]Sale date was 7/8/2013. Buyer reported that property sold with unspecified deferred maintenance that was estimated at $100,000 to cure.  [/ismember]