The BRAKEmax at 6055 Wes Jenna Nicole Lane in Marana sold for $1.75 million ($320 PSF) to Colorado-based investors, JN Properties, LLC, of Vail, CO. The 5,464-square-foot building was built in 2003 on .68 acres located at Jenna Nicole Lane and Cortaro Road in Continental Ranch, near the Arizona Pavillions power center.

A second BRAKEmax at 4545 North 1^st Avenue in Tucson sold for $1.12 million ($204 PSF) to a Huntington Beach, California investment group, Oram Investments, LLC. The 5,487-square-foot building was built in 1997 on .62 acres located southwest of River Road and 1^st Avenue near the Tucson Mall.

BRAKEmax is a locally-owned business that does more than brakes… complete car care means BRAKEmax offers service on American and import cars and trucks including Fluids and Filters, shocks and struts, Air Conditioning, CV Boots and Axles, Computerized Alignment, Belts and Hoses, Cooling systems, Starters and Alternators, transmission repair, and most frequent maintenance services.

In addition to complete auto repair and maintenance, BRAKEmax also offers Auto Glass Replacement in Tucson, AZ through Max Auto Glass – the newest division of BRAKEmax.

Over the past 18 years BRAKEmax has grown to 12 locations in Pima County and remains family-owned and operated.

John Glass who specializes in net-leased property dispositions with Marcus & Millichap in San Francisco and Chris Doty with Marcus & Millichap in Phoenix represented the sellers and Doug Fielding with Marcus & Millichap Phoenix brought the buyers.

T o learn more Glass can be reached at 415.625.2114 while Doty should be contacted at 602.687.6700. Fielding can be called at 602.687.6764.

For additional information login and refer to RED Comps #2977 and #2994.

[mepr-show rules=”58038″] 6055 W Jenna Nicole Lane – Sale date 6/11/2015 had $612,500 downpayment and balanced financed with new conventional loan. Property sold with a new 20-year absolute triple net lease, with zero landlord responsibility and three 5-year lease renewal options. Rent increases by 7.5% adjusted every five years, including the option periods. Propert sold with an NOI of $115,000 and a 6.57% cap rate.

4545 N 1^st Avenue – Sale date 6/4/2015 had $435,000 down and was a 1031 exchange for buyer. Property sold with a GSI and NOI of $78,000 and a 6.96% cap rate. Seller is an owner user and will continue to lease property in a sale leaseback agreement. The net lease has zero landlord responsibilities and four 5-year renewal options with 7.5% adjustments every five years [/mepr-show]

When NLA Oro Valley, LLC, an affiliate of Nashville-based Net Lease Alliance (Patrick Cox, CEO), purchased the former Coxco Fuel station at 7201 North Oracle Road in Tucson, located at the northwest corner of Ina and Oracle for land value, it was purchased for construction of a Bedmart Store.

See Real Estate Daily News March 12, 2014 for full story.

About two months later, Bedmart was acquired by Mattress Firm and this weekend the doors opened on the new Mattress Firm store at 7201 N Oracle Road in Tucson. The 3,435-square-foot mattress store sold for $2.37 million ($690 PSF) to investors from Eureka, California in a net investment sale.

Net Lease Alliance provided 100% of the capital for the project and the loan-to-equity balance on the project.

In June last year the acquisition was completed, adding approximately 75 specialty retail stores to the Mattress Firm company-operated stores base primarily in Denver, Colorado, Phoenix, Arizona and Tucson, Arizona, for an aggregate purchase price of approximately $35 million. The purchase price was funded by cash reserves and revolver borrowings, as well as a $3.5 million seller note that is payable in quarterly installments over two years.

Mattress Firm then rebranded the Mattress King and BedMart stores into Mattress Firm stores, including this one before it was build.

Chad Tiedeman with Phoenix Commercial Advisors handled the transaction for both buyer and seller.

To learn more Tiedeman can be reached at 602.288.3472. For full details login for RED Comp #2966.

[mepr-show rules=”58038″]Sale date: 5/29/2015, Down payment: $727,000 with new conventional financing. Property closed in 65 days, at a 6.25% cap rate with a 12 year primary term and 10% rate increases with 10 year renewals. See RED Comp for full details.[/mepr-show]

NorthStar Healthcare Income, through its affiliate Watermark La Cholla Owner, LLC, acquired The Fountains at La Cholla for $69.9 million ($173,000 per unit) as part of a $640 million portfolio for 15 properties in 11 states.

The Fountains at 2001 West Rudasill Road in Tucson consists of 404-units, 241,466-square-feet in 17 buildings on 9.49 acres located in the Northwest submarket of Tucson, near Northwest Medical Center. A continuing care retirement community (CCRC), the property has various living options, including independent living, casitas’ living, assisted living and memory care.

NorthStar Healthcare Income Inc., a public, non-traded real estate investment trust (REIT) purchased 15 CCRCs from subsidiaries of Fountains Senior Living Holdings, LLC, in a deal totaling approximately $640 million.

National senior living operator, Watermark Retirement Communities Inc., will continue as the day-to-day operator of the CCRCs.

With more than 35 communities in 20 states, Watermark is the operating partner of Tucson-based acquisition, finance, design and development firm, The Freshwater Group.

The portfolio consists of six entrance-fee CCRCs and nine rental CCRCs, totaling 3,637 units. Of the total units, about 65% are rental properties and 35% are entrance fee properties, with 23 being contracted life estate units.

As part of the same portfolio, The Watermark, a Philadelphia retirement community in the Logan Square neighborhood of Philadelphia, a 420,000-square-foot building that has a mix of living options with 464-units also sold for $62.25 million, according to the Philadelphia Business Journal.

NorthStar will lease the entrance fee properties to affiliates of The Freshwater Group Inc., pursuant to a master net lease. These rental properties will be held under a RIDEA structure, with NorthStar owning 97% and Freshwater owning 3% of the joint venture. Under the joint venture agreement, NorthStar will manage and control the joint venture’s business and affairs, with Freshwater’s consent on certain major decisions.

NorthStar financed the deal with seven-year debt at a fixed interest rate of 3.92%, which is equal to approximately 64% of the portfolio’s purchase price. The parties entered into the purchase agreement in late February, and NorthStar’s $20 million deposit toward the purchase became non-refundable as of April 9, according to the Form 8-K.

Prior to this, NorthStar Healthcare Income Inc. owned a portfolio of 20 investments, including 16 equity investments with a total cost of $942.7 million and four debt investments with a principal amount of $145.9 million, as of Feb. 6, 2015. On that date, NorthStar issued a prospectus and announced an offering of up to $500 million in shares of common stock to the public at $10.20 per share in a primary offering. An additional $200 million in shares were offered at $9.69 per share.

With a focus on originating, acquiring and managing the assets of equity and debt investments in health care real estate, NorthStar Healthcare Income is a wholly-owned broker-dealer subsidiary of NorthStar Asset Management Group Inc. (NYSE: NSAM).

Another arm of NSAM, NorthStar Realty Finance Corp. (NYSE: NRF), recently acquired an $875 million portfolio of 32 independent living communities from an affiliate of Holiday Retirement.

And in one of the biggest seniors housing deals of 2014, NorthStar Realty Finance Corp. announced a $1.05 billion acquisition involving more than 8,500 beds in 43 mostly private-pay senior housing communities and 37 skilled nursing facilities. That deal was a joint venture with private investment firm Formation Capital LLC and global investment house Safanad.

Information source on the portfolio details was found in Senior Housing News. Read the full story here.

For additional information, login and reference RED Comp #2984.

[mepr-show rules=”58038″]Sale date: 6/2/2015. Public records show buyer paid $2,186,629 down on the Fountains at La Cholla. APN: 102-13-012C.[/mepr-show]