The former Chads Steakhouse & Saloon at 3001 North Swan Road in Tucson sold in an REO sale for $350,000 ($84 PSF). The buyer was ADG Swan LLC, (Stephen Grimm, managing member) a local investment group interested in redeveloping the property for restaurant or other use.

The seller was the U.S. Small Business Administration.

The 4,158-square-foot building on 22,366-square-feet of land was constructed in 1976 and has been a landmark property in Tucson’s steakhouse community for more than two decades.

Chad’s opened in 1991 and quickly earned a following for being a cowboy’s steakhouse. But a kitchen fire in July 2012 resulted in extensive water damage to the building when a sprinkler ran for hours not connected to the alarm. The restaurant rebuilt and reopened but then closed shortly after reopening in April 2013.

Rick Borane of Volk Company in Tucson represented the investors in the purchase.

Borane said the property is a prime location located on the northwest corner of Swan Road and Fort Lowell. “Swan serves as a main gateway route to and from the Foothills of Tucson, across the street from time-honored McMahons Plaza, kitty corner to the newly renovated upscale Plaza Palomino and within walking distance of Camp Lowell and Swan which is considered one of the most desired office locations in Tucson,” said Borane.

Grimm told us he would be handling the leasing of the property through his firm, Grimm Commercial for the investment group, “We already have interest shown in the property from several new concept tenants and would be willing to work with a restaurant tenant wanting to develop a new restaurant concept at an affordable lease rate at the site.”

To learn more Grimm should be contacted at (520) 795-5200. Borane can be reached at (520) 326-3200

Gaines Investment Trust of La Jolla, Ca (Jeff Gaines, Director) sold four apartment complexes with an aggregate of 1,169-units in Tucson for $34.65 million ($29,641 per unit) to Omninet Tucson, LP an affiliate of Omninet Capital (Michael Danielpour, manager) of Beverly Hills, CA.

Verrano Park (built 1980) at 6850 East Golf Links Road with 93-units sold for $2,128,500 ($22,887 per unit). Sienna Ridge Apartments (built 1975) at 5353 E 22^nd Street with 305-units sold for $9.9 million ($32,459 per unit). Mountain Vista Apartments (built 1973) at 373 N Wilmot Road with 408-units sold for $11,929,500 ($29,239 per unit); and Summit Ridge Apartments (built 1974) at 1250 -1260 S Craycroft Road with 360-units sold for $10,692,000 ($29,700 per unit).

The seller still owns two apartment complexes in Tucson at Pavilion at Pantano Apartment Homes at 8110 E Speedway Blvd and La Hacienda Apartment Homes at 6161 E Pima Street in Tucson.

Both buyer and seller were self–represented in the bulk sale.

Alta Vista Communities Sabino-River East, LLC an affiliate of Alta Vista Communities of Tucson and Aerie Development (Roger Karber, managing member) closed on 15.1 acres at the northeast corner of Sabino Canyon and Cloud Road for $4.75 million ($7.22 PSF).

The seller Sabino Canyon Road Properties, LLC of Tucson (Bob Gugino, managing member) owned the property for 35 years and had it rezoned from SR to CR-4 on May 6^th after rezoning the west corner last July that was also purchased by Alt Vista Communities.

The zoning of this last large parcel along Sabino Canyon met with neighbor’s angst who had grown accustomed to having the open desert space.

The buyer, a local builder of luxury rental homes with a record of having his homes occupied before being finished, had the full support of the County after having reduced the number of homes to 130 (11 RAC).

This will be Alta Vista’s fifth community in 3-years.

Mike Ebert of Trident Commercial representing the builder in the rezoning process had this to say, “Most neighbors understood that SR is tentative zoning intended to be zoned something else in the future. The builder and the adjoining neighbors all gave a little to make the project work for everyone.” Reduced to 130-homes on the eastside and 53-homes on the west was a contingency for zoning.

Karber told us the plan is to have all 3-bedroom, detached units with 2-car garages on the east. The west property will still be a mix of half 2-bedrooms and 3-bedrooms, ranging in size from 965 to 1,244-square-feet. Upgrades to the luxury rental homes include modified elevations as found in Rancho Vistoso, a walled system that includes cut face block walls, as well as the Aerie signature amenities such as granite counter tops, ten foot ceilings, and stainless steel kitchens. Homes will all have private yards and include an extended covered porch in back of each home. Another upgrade to the common area will be a larger than normal community pool and spa as found in one other Aerie community of Chandler, Arizona.

Karber said, “We’re ready to break ground any time, pulling permits as we speak. We waited to start both projects together so both will be coming out of the ground at about the same time. The upgrades we’ve made to our product are appropriate for the upscale community and environment being in route to the Sabino Canyon Recreation area nearby. We are excited about the modified styles and elevations for this beautiful community.”

Mike Carlier and Jim Vincent of the Carlier Company in Tucson represented the seller and Mike Ebert of Trident Commercial Real Estate in Tucson represented the buyer.

Karber can be reached at (520) 977-5456. Carlier and Vincent are at (520) 529-3800. Ebert should be contacted at (520) 320-9311, for more information.

For additional articles on this property click here  and here.

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[mepr-show rules=”58038″]Sale date: 5/30/2014. Sale Price: $4,750,000. All cash deal. Escrow: one year. Marketing time: N/Ap[/mepr-show]