Three Central apartments in Tucson sold for an aggregate of $1.9 million, the 36-unit Thurber Apartments sold for $1.05 million, 12-units at 166-192 E Pastime Road sold for $620,000 and 14-units at 3521 N. Flowing Wells Road in Tucson sold for $215,000.

The 36-unit Central submarket apartment building at 557 W Thurber Rd in Tucson sold for $1.05 million ($29,000 per unit). The property was 94% occupied when JMY Properties (Jason Yamada) of Rolling Hills Estate, CA purchased the property. The 22,916-square-foot two-story building (built 1984) is located near Prince and Oracle and is within walking distances to a major commercial corridor, shopping mall, trade school, and park. The unit mix is 26 two-bedroom / one bath and 10 one-bedrooms /one bath apartments.

The seller, Thurber Apartments of Los Angeles, CA (Kevin Singer) reportedly invested over $300,000 in upgrades to the property in the past 20 months. There were no brokers reported in the sale.

SVP Holdings purchased a 12-unit apartment complex at 166-192 E. Pastime Road in Tucson from Johnston Family Properties V, LLC for $620,000 ($52,000 per unit).  Allan Mendelsberg, Investment Specialist with Cushman & Wakefield | PICOR, represented both parties in this transaction.

RS Holdings purchased a 14-unit apartment complex at 3521 N. Flowing Wells Road in Tucson from Basharat & Nighat Mahmood for $215,000. ($15,000 per unit).  Allan Mendelsberg, Investment Specialist with Cushman & Wakefield | PICOR, represented both parties in this transaction. Mendelsberg can be reached at (520) 546-2721.

Login for additional information. [mepr-show rules=”58038″]Sale Price $1,050,000. Down payment: $262,500. Building Size: 22,916 SF. Cap Rate: 10.14%. APN: 105-05-108.[/mepr-show]

An affiliate of Gladstone Development of Greenwich, CT (Rich Gladstone, principal) purchased the Michaels and Ace Hardware stores at 3749 W Ina Road in Thornydale Plaza for $4.95 million ($130 PSF). The 38,220-square-feet of retail was built in 1985 and sold fully occupied by these two anchor tenants at the center.

Located at one the busiest intersections in Northwest Tucson, these anchor spaces are on the southeast corner of Ina and Thornydale Roads. Other tenants at the intersection include Loews, Target, Office Max, Walmart, CVS, Bookman’s and Fry’s. Property is located less than 1 mile East of I-10 in Marana.

Michaels retail stores specialize in arts and crafts supplies, and are located in 49 states, Michaels products include framing, floral, wall decor, kitchenware, beads, seasonal merchandise, and other home decorations. Based out of Irving, TX, Michaels manages close to 140 stores and over 43,000 employees. Michaels stores create over $4 billion in revenue for parent companies Bain Capital and Blackstone Group.

Ace Hardware Corporation is the second largest dealer-owned cooperative in the United States. The co-op pools buying and promotions for its 5,100 local hardware, home center, and lumber stores located in all fifty of the United States as well as in 65 foreign countries and territories. Ace’s emphasis on service and modern retailing techniques has helped locally owned and operated Ace retail stores confront intense competition from such home improvement powerhouses as Home Depot and Builders Square. The co-op manufactures its own line of paints and also supplies other products under the Ace brand.

Gladstone told us the transaction was the upleg of a 1031 exchange and the company’s first venture in Arizona. “Because we like Tucson and the property had such happy long-term tenants, we decided to venture out of our normal areas of investment,” Gladstone said.

Gladstone Development Corp. (“Gladstone”) is a real estate investment company that specializes in the development, ownership and management of commercial real estate primarily in the Eastern United States. With principals that have over 70 years of combined experience in commercial real estate, Gladstone has operated in 11 states, working with a wide range of retail, multi-family, mixed-use and industrial assets, in addition to raw land.

Venture West of Tucson handles the property management of the center that includes nine separate lots.

The seller, Rain Scott Investments, an affiliate of De La Vega Corporation of Dallas, TX (Artemio  De La Vega, principal) was self-represented, as was the investor.

Gladstone can be reached at (561) 586-9930 and Del La Vega is at (214) 750-7398 for more information.

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[mepr-show rules=”58038″]Sale Date: 3/13/2014. Buyer paid all cash in a 1031 exchange. Buyer reported that property sold at a 7.5% cap rate at time of sale, with rents scheduled to increase soon after closing. The leases are true triple net leases, with tenants paying all building maintenance, taxes and insurance.[/mepr-show]

Continental Ranch Development (Greg Wexler) sold two lots in two separate transactions recently at Continental Ranch in Marana.

Lot 13 at Continental Ranch Retail will be used for construction of a new Dunkin Donuts store. The 25,819-square-foot pad sold for $400,000 ($15.49 PSF).  Dunkin Donuts broke ground this week.

Rick Borane of Volk Company in Tucson represented the buyer, CPG Cortaro Retail, LLC of Chandler, AZ (Aaron Klusman, Manager).

The second transaction was for approximately 18-acres at The Links at Continental Ranch. Continental Ranch Development sold this piece to HSL Construction of Tucson (Omar Mireles, VP) for $3.7 million. The property features golf course and freeway frontage. HSL intends to construct a 300-unit Encantada Apartment complex on this site.

We reported last April on two new Encantadas HSL was construction in Oro Valley and at Dove Mountain click here to see complete story https://realestatedaily-news.com/?p=130

Mireles told us that the Dove Mountain Encantada with 272-units was completed in January and is ready for full lease up. The Oro Valley 288-unit Encantada will have clubhouse and first building completed by April and is anticipated to be ready to start leasing in July this year.

Michael Sandahl and Wyatt Campbell of CBRE in Tucson represented the buyer and Greg Wexler also a broker with Wexler & Associates represented the seller.

Sandahl can be reached at (520) 323-5115; Campbell is at (520) 323-5173. To reach Wexler, call (520) 744-8500. Borane can be contacted at (520) 326-3200.

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[mepr-show rules=”58038″] Lot 13 sold 2/7/2014. All cash deal. APN: 221-05-283 and common area.  Block 3 sold 3/6/2014. All cash deal. APN: 221-05-212.[/mepr-show]