The Carondelet Foothills Surgery Center at 2220 W Orange Grove Road in Tucson sold to a California investor for $7.6 million ($551 PSF) The property has leased to Carondelet Foothills Surgery since 2005.

Located west of the Northwest Medical Center Campus – a prominent Southern Arizona hospital campus with 300 beds and over 500 physicians. La Cholla Blvd, north of River Road is a highly sought after medical office location and a preferred medical corridor with limited vacancy and significant barriers to entry.

Recent improvement projects along Orange Grove Rd from Oracle Road to Interstate 10 and La Cholla Blvd from Overton Rd to Magee Rd will ensure continued growth in capacity for these corridors. These are two of the busiest corridors in Northwest Tucson. The Northwest Medical Center Campus continues to grow attracting medical users.

The seller was Tucson-based AN2H2 LLC and NW Ambulatory Bldg LLC (Michael Wattis, manager). The investor was Howe Family LP and C&G Howe LLC (Cecil W Howe, manager).

Michael Sandahl and Martin Encinas with CBRE in Tucson handled the transaction.

Sandahl can be reached at 520.323.5115 and Encinas is at 520.323.5173 for more information.

To learn more see RED COMP #3482.

The Beacon Group (Steve King, CEO) has purchased 1.87 acres of land at 2870 and 2824 N Oracle Road in Tucson, as well as 331 W Laguna for $540,000 ($6.63 PSF) for expansion.

Since 1952, the Beacon Group has been providing employment related opportunities to people with disabilities. It provides training, development and access to real work for a segment of our community that traditionally bears a 70% unemployment rate, helping people go from tax-supported to tax-payers.

In 2003, Beacon Foundation and Tetra Corporation merged to become the Beacon Group, to better serve over 2,100 disabled persons a year with a variety of employment related programs, as well as the education and socialization necessary for our clients to lead meaningful, productive lives.

The new site on Oracle will be used for expansion to its training programs.

The seller, Shens, LLC of Tucson (Sahba Rohani, member) was represented by Roger Breckenridge with Long Realty and the buyer had Buzz Isaacson with CBRE’s Tucson office representing it in the transaction.

For more information, Breckenridge can be contacted at 520.577.7400 and Isaacson can be reached at 520 323.5151

To learn more see RED Comp #3436.

California Investors, Equity Advantage, Inc., in a 1031 exchange bought the value-add La Mirada Apartments at 4415 E Grant Road in Tucson for $9.41 million ($46,816 per unit) in Northeast Tucson.

The 192,440-square-feet, two-story apartment community built in 1973, comprising 201 rental units and was 75% occupied at time of sale. The unit mix is approximately 92% two-bedroom, and 8% three-bedroom units. Construction is of block, with built-up roofs. Heating and cooling is provided by individual ground-mounted HVAC units. The utility costs associated with heating and cooling are the responsibility of the tenant. The property is individually-metered for electricity, and the costs associated with usage inside the dwelling units are the responsibility of the tenant. Hot water is provided by solar powered heaters with a back-up commercial boiler. The property also contains a cell tower that does not convey with the property.

The property is situated on the north side of Grant Road, a major east-west thoroughfare of Tucson. Several schools are located within a one mile radius of the property including John B. Wright Elementary, Dodge Middle School and Catalina High School.

Tucson –based Grindstone Property Management will manage the community for the new owner.

Bill Hahn, Jeffrey Sherman and Trevor Koskovich with Colliers International in Phoenix represented the seller, 4415 East Gant Road LLV (Chris Monson) or Tucson.

Joe Chaplik of Joseph Bernard Investment Real Estate of Portland, Oregon represented the buyer.

Hahn can be reached at 602.222.5105, Sherman is at 602.222.5109, and Koskovich can be contacted at 602.222.5145. Chaplik can be connected with at 503.546.9390.

To learn more see RED Comp #3452.

In a separate transaction, the Bellevue Tower Apartments at 3710 E Bellevue Street in Central Tucson sold for $4 million ($44,444 per unit) to another California investor, Bellevue Towers Tucson, LLC in a 1031 exchange.

New to the market, Bellevue tower is a unique infill apartment property located in central Tucson just 2 miles east of the University of Arizona and north of Speedway Blvd, one of Tucson’ s main throughways. The 96,288-square-foot property is a combination of a 4 story elevator served tower, two buildings of two story garden style flats and two buildings of townhome style 2 story units. It is built with sturdy block construction and well maintained. Bellevue offers some of the largest unit sizes in the submarket and some of the largest units in Tucson with an average unit size of 1,070-square-feet. With large unit sizes and only 12 one bedroom units the property caters to families, and has many long term tenants and a relatively low tenant turnover rate.

The property sold stabilized with a 96% occupancy.

Bob Kaplan and Brandon Kramer with Marcus & Millichap in Denver represented the seller, Olympic View Properties of Washington.

The buyer was represented by Alex Garcia with Marcus & Millichap in Ontario, California.

Kaplan should be reached at 520.271.2304 and Kramer is at 605.390.1248.

To learn more see RED Comp #3416.