This article has been archived, please login for access or subscribe now by going to the subscribe tab at the top of page.

Clarion Partners, LLC, a leading real estate investment manager from Los Angeles, has acquired the Retreat at Tucson, a newly-constructed, 183-unit / 774-bed student housing community located at 1000 East 22nd Street in Tucson, in close proximity to the University of Arizona’s main campus. The acquisition was made on behalf of one of Clarion’s separate account clients for[mepr-show rules=”58038″] $61.9 million ($79,974 per bed) from the Retreat at Tucson, LLC of Athens, GA.

U of A, with more than 40,000 students at all levels has designs to continue its enrollment growth in the near term. The university is undersupplied in terms of on-campus housing, with only 17% of the total student population living in residence halls; the school has no current plans to construct additional on-campus housing. Approximately 30% of its undergraduates are from out of state, indicating an affluent student population.

Retreat at Tucson is a “cottage-style” community, a configuration that is very appealing to students and their families; it is currently the only cottage-style community at the University of Arizona. Importantly, all bedrooms are single occupancy with queen sized beds and feature private bathrooms. Community amenities include a resort-style pool, a clubhouse, a fitness center, a computer lab, study rooms and a golf simulator. The property’s location, 1.5 miles south of the U of A’s main campus, will be served by a shuttle bus that will transport residents to and from campus. In addition, two bike paths to campus are accessible from the site. The 774-bed project was completed in August, 2013 and is currently 99.6% leased.

“Nearly 80% of the U of A’s students live in off-campus housing,” observed Dean Rostovsky, a Director at Clarion Partners. “Retreat at Tucson experienced strong demand during its initial lease-up and was fully pre-leased by January, 2013, a time at which the broader market was only half leased. Retreat at Tucson represents an attractive value proposition to students and their families as evidenced by its strong current occupancy and renewal leasing momentum for next school year.”

Peter Katz with Institutional Property Advisors of Phoenix handled the transaction for the seller and can be reached at (602) 687-6700.[/mepr-show]

Login for additional information.

[ismember]Sale date: 10/25/2013. All cash transaction. Public records showed $8,622,254 in personal property in the form of furniture, equipment and intangible leases assets transferred in the transaction. [/ismember]

This article has been archived, please login for access or subscribe now by going to the subscribe tab at the top of page.

An affiliate of The DESCO Group, DAZ5-Grant Road, LLC, sold 16 office condominiums at 5977 E Grant Road in Tucson for[mepr-show rules=”58038″] $2.06 million ($251 PSF). The 8,220 square-foot building (built 2008) called Grant Road Professional Plaza was 84% occupied at time of sale by two tenants, An Elegant Smile Dentistry and Ideal Physical Therapy.

The remainder of the property was in shell condition, having never been occupied. Located on Grant Road (53,000 PAG 2015 Estimates) Grant Road is a major east-west arterial road which merges into Wilmot Road, a major north-south arterial Road. The city of Tucson is currently performing 5 miles of improvements to Grant Road from Oracle to Swan (1.5 Miles from the Property).

DESCO Southwest (DSW) is a wholly owned subsidiary of The DESCO Group headquartered in St. Louis, Missouri, and opened a development office in Tucson in 2001 The DESCO Group and its parent, Schnuck Markets, Inc., is listed in the top 100 privately owned companies in the U.S. with annual revenues in excess of $2 Billion Dollars.

The investor was Double Z Grant Medical, LLC (Manuel Zazueta Echavarri, managing manager) of Tucson.

James Hardman with DESCO Southwest in Tucson handled this transaction for both buyer and seller.

In a separate transaction, Hardman represented the buyer, DeBenedetti and Company, PLLC of Tucson (Mark DeBenedetti, managing member) on the purchase of 2504 E Elm Street in Tucson for $415,000 ($86 PSF). The buyer is a CPA firm that will owner occupy the 4,835 square-foot building (built 1976) on a 24,400 square-foot lot.

The seller, 2504 E Elm, LLC (Jay B Appleby) of Tucson had owned the property since 1999 and was represented in the transaction by Tom Neiman, Principal and Office Specialist with Cushman & Wakefield | Picor in Tucson.

Hardman should be contacted at (520) 297-8929 and Neiman is can be reached at (520) 546-2728.[/mepr-show]

Login for additional information.

[ismember]5977 E Grant Rd, sale date: 10/16/2013. Escrow time was 45 days due diligence and a 30 day close. Buyer paid all cash. APNs: 11016-316 thru 331 for the sixteen office condos.

2504 E Elm St., sale date: 10/1/2013. Seller did a carryback to buyer with undisclosed terms. APN: 123-01-009A.[/ismember]

This article has been archived, please login for access or subscribe now by going to the subscribe tab at the top of page.

The office building at 5820 S Nogales Hwy in Tucson sold for[mepr-show rules=”58038″] $265,000 ($56 PSF) to Aguiles, LLC, (Narciso Holguin) a mobile home parts dealer. The seller was Charles and Margaret Yessian of the 4,761 square-foot building in two building in 1969 and 2007. The buyer purchased to owner occupy a small portion and to lease the remainder. There were no brokers reported in the transaction.

The Law Offices of Sidney Wolinsky, an immigration attorney at 290 N Meyer Avenue in Tucson sold for $291,000 ($125 PSF). The seller was 290 North Meyer, LLC of Tucson (Roger C Wolf,

manager) and the buyer was Palacio Ruelas, LLC of Tucson (Todd Hale, manager). The 2,328 square-foot office (built 1953) on a 4,452 square-foot lot, has been occupied by the law office since 1974 and sold occupied as a triple net investment.

Holguin can be reached at (520) 807-5995. Wolf can be contacted at 520-617-0249. Hale is at (520) 629-4433. Wolinsky is at (520) 622-5832.[/mepr-show]

Login for additional information.
[ismember] 5820 S Nogales, Hwy: sale date 9/9/2013. Buyer put $40,000 down and seller financed the balance. APN:138-10-023A

290 N Meyer Ave: sale date 9/30/2013. no down payment. Seller was an attorney at the firm prior to sale. APN: 117-10-099.[/ismember]