University City Church, a relatively new church,  purchased the historic 34,163-square-foot church at 604 N. 6th Avenue in Tucson, Arizona, from Crosslife Ministries for $1,900,000 ($56 PSF). The buyer had occupied the church for one- year prior to purchase and exercised a lease option negotiated when it leased. The historic building cornerstone was laid in 1925 and the property was reportedly well-maintained at time of sale for the vintage.

University City Church has four pastors: Andy Tracey, Mark Wellman, Matt Uldrich and Sylar Cook.

About two years ago it was suggested to Pastor Andy that he consider planting a church at the old First Baptist Church on 6th Ave. that had recently come on the market for sale.

“I did not think much of it at the time, as I was not convinced that I was a church planter and was very comfortable leading the college/career ministry at Catalina Foothills Church,” siad Pastor Andy Tracey. “Four months ago, when I was at a conference in Atlanta, I had an experience through which I felt that God might be asking me to plant a church at this specific location. When I returned home from the conference there was a message waiting for me from someone  who attends our church. He let me know that this church building was for sale and asked if I had considered planting a church there. Since then it has been suggested by two other people, at random, that I consider a church plant near the University and it seems God may be opening this door and providing much of what it would take to make this church plant a reality. ”

“To help confirm what I thought God might be stirring in us, I asked a close friend, mentor, and pastor, Mark Wellman, to join us as we went to look at the church. We wanted the wisdom from someone trusted, and because of our years of experience together, Mark was an obvious choice,” said Pastor Andy Tracey.

University Church has been in the news quite a bit lately, first for a fire that took place in the church back in November, 2013 and had to relocate to a temporary location at 1900 N Country Club Rd in Tucson.  The Church also blocked a medical marijuana dispensary planned within 1,000 feet of the historic church, when the city had failed to enforce its own ordinance restricting where nuisance properties can locate.

The Church has grown to about 400 parishoners over the past year.

Rob Tomlinson, Retail Specialist and Paul Hooker, Industrial Specialist with Cushman & Wakefield | PICOR, co-represented the seller in this transaction. Buyer was self-represented.

For more information, contact Tomlinson at (520) 546-2757 or Hooker at (520) 546-2704.

Desert Pines Properties, an affiliate of HSL Properties of Tucson (Omar Mireles) sold the Brookwood Apartment Homes at 201 S Kolb Rd in Tucson for $11.5 million ($42,300 per unit) to Summit Brookwood I, LLC and Pacific Brookwood, LLC, affiliates of Summit Equity Investments (Michael Thom) of Los Angeles, CA.

The 272-unit Class B apartment complex is in the East Tucson submarket with a unit mix of 65% one-bedrooms and 35% two-bedroom units. Built in 1973, the two-story garden-style complex is an aggregate of 201,274-square-feet located on just under 10 acres. The community amenities include a clubhouse, billiards table, heated swimming pool, spa, three laundry facilities and volleyball court.

Summit Equity Investments. is a real estate firm actively involved in the acquisition of prime multi-family real estate in California, Arizona and throughout the United States. Summit was formed in 2009 by Ryan Lynch, Joseph Rosen and Michael Thom, an experienced team with a successful history of multi-family investments.
Summit specializes in the acquisition and rehabilitation of under-managed or distressed “Class B” multifamily assets throughout the US. Founded in 2009, Summit has acquired and successfully executed a turnaround strategy at seven properties with over 2500 units. We intend to continue to strategically pursue value-add acquisition opportunities in strong secondary markets.

In addition to Brookwood, Summit also bought two other multi-family communities in Tucson, Raintree Apartments at 6450 E Golf Links Rd, with 364-units, was purchased in March 2013 and Palomino Crossing at 750 E Irvington, with 240-units, was purchased in December 2012.

Art Wadlund of Hendricks-Berkadia in Tucson handled the transaction for seller and investor.

For more information visit www.summitei.com. Summit can be reached at (310) 598-7070. Wadlund should be called at (520) 299-7200.

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[mepr-show rules=”58038″]Sale date: 1/21/2014. Down Payment was $3,244,000. APN: 134-19-044A.  Income reported is annulaized from Oct 2012 – Dec. 2013: GPI $1,999,680, Rental loss: ($164.020) Total Income: $1,507,175 and total miscellaneous income of $164,020 equals total collected income of $1,671,195. Total Operating expenses: $802,568 plus $300 per unit reserves is $884,168 total expenses. Property sold with an NOI of $787,027 or a 6.84% cap rate.  Unit mix is (96) 1 Bed / 1 bath @ 566 SF at market rent of $525; (80) 1 bed/ 1 bath @ 738 SF at market rent of $575; (64) 2 bed/ 1-1/3 bath @ 973 SF at market rent of $725; (32) 2 bed / 2 bath @ 973 SF at market rent of $745.  [/mepr-show]

DCM Development Company (Chris Lechner, manager) an affiliate of Lechner Construction of Tucson has purchased 63,597-square-feet of land at 9950 South Nogales Highway in Tucson. The purchaser plans to build a retail store for Dollar General. The purchase price was $320,000 ($5.PSF).

Other DCM built Dollar General locations in Tucson include: 945 E 22nd Street (built 2011), 5697 S Alvernon Way (built 2010), 5663 S 12th Avenue (built 2011), and 155 W Valencia Road (built 2007), 1742 W Ruthrauff Road (built 2013) and 1765 W Prince Rd (built 2013).

Dollar General Corporation of Goodlettsville, TN (NYSE:DG) published its intention to continue a consistent record of positive job growth. Driven by the addition of new stores and comparable-store-sales growth of 4.4%, Dollar General’s revenue stood at $4.4 billion, an increase of 10.5% over last year.

“Dollar General’s continued growth reflects our customers’ increasing satisfaction with our everyday low prices and convenience,” said Rick Dreiling, Dollar General’s chairman and CEO. “Further, 2013 marked another growth milestone to open the organization’s 11,000th store before the year’s end when we will begin our 75th anniversary in 2014.”

In order to generate a high caliber candidate pool, Dollar General also participates in proactive hiring initiatives such as Paychecks for Patriots that demonstrate the company’s commitment to an employee base including veterans. The Paychecks for Patriots program helps resolve the challenges of unemployment facing veterans by equipping the military community with the resources to better access available job opportunities at committed companies.

“Dollar General is a thriving organization looking to attract new employees that embody our mission of ‘Serving Others,’ which complements the company’s efforts to promote from within. We are excited to welcome new talent with a passion for the retail business,” said Bob Ravener, executive vice president and chief people officer.

Dollar General’s commitment to employee development will also continue in 2013 by using training as an instrumental tool in the company’s overall success. Recently, Training magazine recognized the company among its Training Top 125 for the second consecutive year.

Dave Hammack of Volk Company represented the purchaser. The seller was K Q Covenant Investments, LLC.

For additional information on Dollar General contact the Media Relations Department at (615) 855-5210. Lechner can be reached at (520) 888-1212. Hammack is at (520) 326-3200.

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[mepr-show rules=”58038″]Sale date: 1/27/2014. $5,000 down new financing for balance. Zoning CB-1, County. APN 303-12-106F.[/mepr-show]