Truly Nolen (Truly) of Tucson has purchased The Springs at William Centre located at 432 – 442 South Williams Blvd in Tucson for $2.55 million ($92 PSF). The property consists of three buildings with an aggregate 27,646-square-feet (built 1987 & 1989) on 3.88 acres. Included with the sale was also three finished pads.

And yes, there really is a Truly Nolen we discovered. His actual birth name is Truly David Nolen. In 1955, following his father’s footsteps from Florida, Truly opened his first pest control company in Tucson, Arizona, license #1-A was issued by the state for all pest control categories. During the next 59 years, the business has expanded and today Truly Nolen has more than 80 corporate branch offices in Arizona, California, Florida, Nevada, New Mexico, Texas and Utah and grosses over $100 million in revenue in the US. The company also has independently owned and operated franchises in an ever-growing number of states and territories including Kentucky, Georgia, New Jersey, Canada, and Puerto Rico, totaling 58 countries.

Truly’s training for technicians and administration has been taking place in Phoenix at a location owned by the company. But, with the purchase of The Springs at William Centre, the Tucson-based company plans to bring its training back from Phoenix.  The property was about 75% vacant at time of sale, so Truly will occupy 434 S Williams Blvd while constructing an additional 10,000-square-foot building next door and letting the leases run out in the remainder of the buildings.

“Eventually, the four building will become a Truly campus, complete with mall area and pavilions for the several hundred of technicians and administrative students who will pass through each year,” Bob Hartley, Vice-President at Truly Nolen told us. “It a five-year projection before being fully completed.”

The Marriot Courtyard at Williams Centre next door and restaurants anxiously await the opening of the Truly campus.

Lloyd Construction is handling all aspects of the new construction.

Mark Irvin, CCIM, and Janine Irvin, CCIM, of Mark Irvin Commercial Real Estate Services in Tucson represented the seller, Gregory and Susan Melanson Trust of La Quinta, CA. Greg Boccarda, CCIM, of Boccardo Realty represented Truly Nolen in the transaction.

The Irvins can be reached at (520) 620-1833 while Boccarda should be contacted at (520) 955-0777 for more information.

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[mepr-show rules=”58038″]Sale date: 11/26/2013. APNs: 128-10-069A & 069B. Tenants that sold with property were Bankers Life Insurance with 2 years remaining on lease, CPS on month-to-month, and Photon Engineering. All were told they could stay until longest lease termination.[/mepr-show]

Progressive Casualty Insurance has plans to build a 14,000 square-foot service center in Tucson south of the southeast corner of 22^nd Street and Alvernon Way. The company purchased the 3.64 acres of vacant land recently for $1.04 million ($6.56 PSF).

Progressive currently has 63 such service centers across the country and will probably have several more opened before this one in Tucson opens at the end of August 2014, we were told by Jeff Sibel, PR Director at Progressive. “The service centers are designed to add convenience for Progressive customers after an accident. Clients drop their cars off for repair and pick up a replacement vehicle all at the same time and place,” said Sibel.

The current Progressive employees and center at 5255 E Williams Circle in Tucson will be relocated to the new service center when it opens.

The seller was Evergreen-22^nd & Alvernon, an affiliate of Evergreen Devco of Phoenix. Greg Furrier, Principal, and Rob Tomlinson, Retail Specialists with Cushman & Wakefield | PICOR, represented both parties in this transaction.

Tomlinson can be reached at (520) 546.2757, and Furrier is at (520) 546.2735 for more information.

Stone Leaf Villas, a 60-unit apartment complex at 334 West Valencia in Tucson commanded a sale price of $1.25 million ($20,833 per unit). Purchased by 334 Valencia Tucson, LLC (Kerry Seidenglanz) of San Diego, Stone Leaf’s unit mix consists of 2- and 3-bedroom units, with the majority being 3-bedrooms in 53,768 square-in nine buildings (built 1961) on 3.6 acres.

Located in Southwest Tucsod, amenities of the garden–style apartment include a playground, controlled access, laundry facility, ADA access, 24-hour maintenance, a basketball court, on-site management, swimming pool, volleyball court, and pet friendly property. Apartment amenities include air conditioning, patio or balcony, water sewer trash included in rent, carpeted and tiled floors, widow covering, extra storage and walk-in closets  The property was at 84% occupancy at time of sale.

Allan Mendelsberg, Investment Specialist with Cushman & Wakefield | Picor represented the investor and the seller, The Gould Family Properties VIII, LLC (Wayne Gould) of Charlotte, NC.

[mepr-show rules=”58038″]Sale date: 12/31/2013. All cash. Broker reported property sold on a price per unit basis with deferred maintenance estimated to be about $300,000[/mepr-show]

SVP Holdings of New York (Sunny Patel) recently closed on Bellevue Apartments, a 20-unit apartment complex at 3414 E Bellevue in Tucson for $642,000 ($32,100 per unit). Located in Central Tucson, the property is west of Palo Verde on Bellevue Street in Tucson.

Built in 1955, the 11,766 square-feet is in seven buildings and consists of all one-bedroom units on .75 acre. It had undergone interior and exterior renovation in the past 18 months and sold with many capital improvements, including ne air conditioning units

The property as historically high occupancy and sold 80% occupied at time of sale. Private financing was assumed by the investor in the transaction.

Allen Mendelsberg, Investment Specialist with Cushman & Wakefield | Picor represented both investor and the seller, 1519, LLC of Tucson (R. Kupinski).

Mendelsberg should be reached at 520.546.2721 for more information.

[mepr-show rules=”58038″]Sale date: 12/31/2013.  Buyer put $139,220 down and financwed the balance with private lender at 6.5% interest for a 5-year term.Based on seller’s trailing 12 –months, property sold at an approximate 10% cap rate.[/mepr-show]