TUCSON, AZ – Aerie Development LLC (Roger Karber, managing member) closed on its Avilla River luxury rental community at 1000 W. River Road in Tucson for $11.4 million ($150,000 per home). Aerie Development’s affiliate, BFL/PAB Construction Inc. completed construction of the 76-home community in August 2013.

The gated rental community is composed of one-, two- and three-bedroom single-story, detached homes with private walled rear yards, ten-foot ceilings, granite counter-tops, security alarms, and stainless steel appliances. It was 100% occupied when it sold.

MEB Management Services of Tucson provided professional management to the property before and after the sale.

The buyer, River Road Apartment Holdings LLC, is a California trust affiliated with the Santa Barbara-based trustee that acquired Aerie Development’s 85-home Avilla Tanque Verde community in 2013, see full story here https://bit.ly/1vCcQll

Art Wadlund of Berkadia Real Estate Advisors in Tucson negotiated the sale on behalf of the seller.

Wells Fargo Bank provided construction financing and arranged a FNMA permanent loan for buyer.

Aerie Development has successfully completed construction of 623 Avilla homes in its four communities, with 446 homes currently under construction, including Avilla San Marcos Two (145-homes, Chandler, AZ), Avilla Marana Two (118-homes, Marana, AZ), and Avilla Sabino (183-homes, Tucson, AZ).

To learn more Wadlund should be contacted at 520.529.9206.

TUCSON — InnSuites® Hospitality Trust (NYSE: IHT) through one of its subsidiaries, Tucson Hospitality Properties LLP, purchased the 3.49 acres of leased land located under its InnSuites Hotel & Suites – Catalina Foothills Tucson Best Western property for $2.5 million. The address is 6201 N Oracle Road in Tucson.

The 159-room Best Western hotel, already owned by IHT, features guest studios and suites; 45 of the 159 units are 2-room suites and ten units include an oversized therapeutic two-person Jacuzzi tub in the room. Property amenities include a heated pool and two tennis courts.

The seller was Joseph Cesare and the Hugh & Sallyann Caldwell Trust of Tucson.

InnSuites purchased the 31-years remaining of a land lease that began in 1983, while refinancing the first trust mortgage and lowering its interest rate from 8% to 4.19% resulting in monthly cash flow savings of approximately $460,000 yearly.

InnSuites Hotels is a wholly owned management company of IHT.

Cole Valley Partners (Zach Bonsell, managing partner) acquired the Sahuarita Power Center located at the I-19 and Duval Mine Rd Interchange in Sahuarita, AZ for $12,225,000 ($92 PSF).

Sahuarita Plaza Shopping Center is a 132,300-square-foot gross leasable retail power center anchored by Ross, Big Lots, PETCO, Jo-Ann Fabric and Crafts, and Ace Hardware. Big Lots and Ross occupied the former Walmart building after Walmart moved to the adjacent property, building a new Supercenter in 2005. PETCO, Ace Hardware and Jo-Ann Fabric and Crafts now occupy the former Bashas’ building. Bashas’ closed the grocery store in 2009 during the company’s bankruptcy. The shopping center is the largest center in the area which serves the communities of Sahuarita and Green Valley.

The four buildings have addresses from 18705 – 18805 South I-19 Frontage Road in Sahuarita. The center sold 83% occupied, with 22,610-square-feet available in three spaces.

Cole Valley Partners (“CVP”) is a boutique real estate investment, development and consulting firm based in San Francisco, California. The firm’s objective is to acquire, develop and operate value – add middle market commercial properties for private equity partners. With a focus on investments in the Western United States and a product-class target of retail. This is the first investment for CVP in the Tucson metro area.

Greg Furrier, Principal and Retail Specialist with Cushman & Wakefield | PICOR, along with Greg Valladao, Senior Managing Director of Cushman & Wakefield Arizona handled the transaction for investor and seller, Sun Life Assurance Company of Canada.

To learn more Furrier can be contacted at 520.546.2735