Tucson Office Sales Total $4.29 Million

101 S Stone Ave. Tucson
101 S Stone Ave. Tucson

La Frontera Acquires Cope Behavioral Location for $1.7 Million
COPE Properties sold 101 South Stone Avenue in Tucson to Rally Point Apartments, LP of Tucson an affiliate of La Frontera Arizona (Daniel J Ranieri, CEO) for $1.7 million ($86.31 PSF). The three story, 19,696-square-foot building was built in 1935 at the southeast corner of Stone and Jackson. Seller was an owner occupant and buyer will be the same.

La Frontera Arizona, for more than 40 years, has been committed to working collaboratively with our public and private partners to solve community problems of behavioral health, housing, family and children’s services, employment, crisis intervention, and community and cultural education. See RED Comp #2753 for additional information.

6050 N Corona Rd, Tucson
6050 N Corona Rd, Tucson

Sonoran Behavioral Health Hospital Expands at 6050 N Corona Road for $1.25M
Sonoran Behavioral Health Hospital, LLC an affiliate of Acadia Healthcare Company in Franklin, TN purchased a 2,719-square-foot medical office condominium at 6050 N Corona Road for $1.25 million for expansion of its facility in the building. 6050 N Corona Road, LLC (Dr. Alexander Zwart and Dr. David Alster) was the seller. For more information see RED Comp #2761.

KW Commercial Negotiates Sale of Giaconda Office Plaza for $975K
Giaconda Office Plaza at 231-235 W Giaconda Way in Tucson sold for $975,000 ($65 PSF). This 15,000-square-foot, class B building was built in 1986 on 1.32 acres located across from La Toscana Vilage Shopping Center near the Oracle & Ina intersection. The transaction was an investment sale to Giaconda 205 Partners, LLC of Tucson (Walter Hoge, manager). The seller was M. Karam and Sons Mercantile Company of Nogales, AZ (Michael Karam, manager).

John Hamner and Gary Best, CCIM, of KW Commercial in Tucson handled the transaction. For additional information see RED Comp #2838.

Price Professional Center, 540 W Prince Rd, Tucson
Price Professional Center, 540 W Prince Rd, Tucson

Prince Professional Offices Sold to Reposition
The Prince Professional Offices at 540 West Prince Road in Tucson sold for $200,000 ($27 PSF) in a short sale. Rich Rodgers Central, Inc. of Tucson bought the 7,491-square-foot property (built 1967) mostly vacant property, with one tenant at time of sale. Property was purchased to reposition it.

Brandon Rodgers, CCIM, with Cushman & Wakefield | Picor represented the buyer. Gordon Wagner with Coldwell Banker represented the seller, Brie Dog, LLC of Tucson. For more information see RED Comp #2837.

3844 E Pima St, Tucson
3844 E Pima St, Tucson

Roy Drachman Completes Sale of Central Office
The freestanding office building at 3844 E Pima Street was purchased by Larry and Elizabeth Leber for $165,000 ($161 PSF) to owner occupy it for an Orthodontics office. The seller, Catherine Lumenello was also an owner occupant as an Acupuncturist, in the 1,027-square-foot building (bult 1937) on a .16 acre lot in Central Tucson.

Roy Drachman with Roy Drachman Realty Company in Tucson represented the seller in the transaction. For more information see RED Comp #2747.




Broadway Corridor Business, Film Creations Ready to Relocate

4349 E 5th St
Film Creations’ new location at 4349 E 5th Street, Tucson

RARE Entertainment (Rick Rose, owner) purchased the 2,949-square-foot building at 4349 East 5th Street in Tucson to relocate his business, Film Creations, Ltd, since he is currently in a building slated for demolition valong the Broadway corridor widening project.

This award winning Arizona video production company was established in 1978 and has owned and occupied its building on Broadway since moving here from Colorado in 1986. Four short years after occupying the Broadway building (1990) the City began discussion on the Broadway corridor widening. The project was approved by the voters in 2006 and is now reaching final approval by Mayor and Council this June for 2018 construction.

Rose said, “I wasn’t thrilled when I first heard, about the idea of moving, especially so soon after I had just moved in. But, I understand that Tucson needs progress, so I’m willing to do my part for the city. Twenty-five years late, I can say admittedly, I did not expect it to take this long.”

“The best way to describe it is feeling like you are being held hostage, through all the uncertainty of the past 20+ years,” Rose said, while maintaining his sense of humor. “I have to remain optimistic that the City will honor their word with no more delays and move forward; besides, I can’t afford to carry two buildings for more than a few months.”

Rose doesn’t yet have a buyout offer from the City for his property on Broadway, in fact the City has told him that they can’t begin to negotiate a sale price until after the decision is taken by Mayor and Council in June. So he remains uncertain, yet optimistic of the outcome.

Film Creations, Ltd. is a full-service digital video production company, a local success story, with clients all over the globe. It is also Southern Arizona’s oldest and most experienced company for video production. They specialize in corporate videos, promotional videos and commercials, political and government, educational and training videos, documentaries, fundraiser and event videos as well as creative video editing.

Over the years, the company has partnered with Fortune 500 companies, government agencies, start-ups, non-profits, PR and advertising agencies to deliver visually stunning videos and unforgettable messages that make their clients stand out. They are also a leading, local resource for producers all over the world in providing production management and support. With a proven track record of delivering exceptional results on time and on budget for clients, they’ve emerged as a leading creative boutique in the Southwest.

Pat Welchert, SIOR, Industrial Specialist with Cushman & Wakefield | Picor represented the seller, Dupont Properties LLC of Tucson (William & Elizabeth Ross) and Mark Irvin, CCIM, SIOR, with Mark Irvin Commercial Real Estate Services represented the buyer in the transaction.

For more information on Film Creations and to see samples of their productions visit: https://www.filmcreations.com/recent-work/

To learn more about this transaction Welchert should be contacted at 520.546.2748 and Irvin can be reached at 520.620.1833.

For more information on this transaction, login and see RED Comp #2769.

[mepr-show rules=”58038″]Sale date: 3/31/2015. Sale Price: $440,000 ($149 PSF). Buyer paid $65,000 down and a seller carry back on the balance.[/mepr-show]




March Tucson Housing Permits approach 200 – up 27% Y-O-Y

lots salesThere’s not much to not like in the March Tucson housing permits report. All the present fundamentals are showing positive signs for a housing industry that has been waiting and hoping for recovery. According to Ginger Kneup of Bright Future Real Estate Research, and publisher of The Southern Arizona Housing Market Letter, March was a very good month, and supports a recovery in sight.

Recovery, as demonstrated by volume of new home permits, was up by 27% year-over- year and up 32% month-over-month from February (148 permits) to March (195 permits). Almost 200 permits were pulled in the month of March, less than we saw in December, but if you recall there were extraordinary conditions in December caused by the City of Tucson taking a break from collecting impact fees, and builders behaving accordingly.

New home permits Q1 2015
Tucson metro area New home permits for past four months (courtesy of Bright Future)

New home closings improved by 32%, from 124 in February it was up from 112 the month before, and a healthy 152 closings recorded in March.

We reported a few days ago on the Tucson median sales price reaching its highest level since 2009, but it’s worth repeating, this according Roger Yohem, Communication Director at Tucson Association of Realtors. See Real Estate Daily News April 14, 2015 for full story.

Sales volume is up by 17.3% year-over-year in March,  which matches a 12.7% increase in unit sales, or $266.1 million, based on data collected by TAR.

The important thing that home builders are watching is the narrowing of the price gap between new and resale homes. In March, the new home median price was $245, 355 compared to $177,000 for resale homes (foreclosures excluded), that’s a 4.7% improvement over last year at this time.

Kneup writes in her newsletter, “As demand returns and home buyers’ appetite increases, there is room in the market for success across all price ranges. The transaction level data from March supports this idea and resulted in a reasonable new home median of $245,355…. “Reasonable” in the context of current interest rates…and affordability.”

On the resale side, Kneup reports that foreclosure homes represented 14.5% of total sales in March, the lowest number of monthly foreclosures since 2008, underpinning these pricing gains are taking hold in the resale market.

Whether of not these improvements can sustain themselves is the key to a real recovery across the board, however for the time being, it’s looking good!

To learn more go to www.orangereports.com Kneup can also be reached at 520.360.7933 or by email at ginger@orangereports.com.