BrakeMAX Sold in Net Sale for $1.6 Million

2240 North Silverbell Road
BrakeMAX, 2240 N Silverbell Rd, Marana

Castro Valley, California based Pasquini V & D Living Trust (Dennis Pasquini, trustee) paid $1.6 million ($293 PSF) for the BrakeMAX located at 2240 N Silverbell Rd in Marana. The seller was BrakeMAX #5, LLC. (Ray Pisciotta, president).

The 5,464-square-feet BrakeMAX was built in 2001 and sits on 0.7 acres. BrakeMAX executed a new 20-year lease on the property with absolute triple net terms and rent increases of 7.5% every five years.

BrakeMAX Car Centers was founded in 1997. Over the past 18 years BrakeMAX has grown to 12 locations in Pima County. All locations are AAA certified requiring quality standards in state of the art equipment, certified technicians and facilities. The company remains family-owned to this day.

The single tenant property is located on North Silverbell Road in Marana, AZ in the Northwest submarket of Tucson. The property offers direct frontage on this major arterial boasting traffic counts in excess of 19,000 vehicles per day. Retailers in the area consists of Chase Bank, McDonald’s, Walgreen’s, Jiffy Lube, Circle K, Arby’s, Ace Hardware, Wells Fargo, Subway and a Safeway anchored shopping center among others. In close proximity to the South, additional retailers include Panda Express, Peter Piper Pizza, Taco Bell, Dairy Queen, AutoZone, O’Reilly Auto Parts and Sally Beauty.

The property benefits from a high concentration of residential housing in the surrounding area in conjunction to a variety of retail.

John Glass and Chris Doty with Marcus & Millichap in Phoenix handled the transaction.

For additional information Glass can be reached at 415.625.2114 and Doty is at 602.687.6700.

To learn more, see RED Comp # 3730

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Tucson Ortho Institute to Construct New Office Building in Oro Valley

Innovation Corp CenterPeople living and working in and near Oro Valley will soon have more convenient access to physicians of Tucson Orthopedic Institute (TOI), the largest orthopedic care center in Tucson, with a reputation for top-quality general orthopedic care and surgical needs.

The practice will include five physicians of Tucson Ortho that purchased a 57,498-square-foot lot in Innovation Corporate Center in Oro Valley for $689,976 ($12 PSF). Doctors Jeffrey Baron, Gerard Jeong, William Pickett, Eric Anctil and John Maltry are all physicians at Tucson Orthopedic Institute in other offices currently.

The plan is to break ground in 4th quarter 2016 on the new 10,270-square-foot office building.

Innovation Corporate Center, is strategically located north of the Oro Valley Marketplace and Northwest Medical Center, in the heart of Oro Valley. A Venture West development, the Center offers 100,000-square-feet of professional medical office sites, in building sizes from 1,500-square-feet to 40,000-square-feet.

David Montijo with CBRE in Tucson represented the seller, VWI / Vistoso Development, an affiliate of Venture West  (Jordan Simon). Dean Cotlow of Cotlow Company of Tucson represented the buyers.

For additional information, Montijo can be reached at 520.323.5136 and Cotlow should be called at 520.881.8180.

To learn more, see RED Comp #3754.

Innovation Corporate Center

Holualoa Sells Mission Creek Apartments in Tucson for $8.5 Million

1451 West Ajo Way, Tucson, AZ
1451 West Ajo Way, Tucson, AZ

An affiliate of Holualoa Companies sold the Mission Creek Apartments at 1451 West Ajo Way in the southern submarket of Tucson for $8.5 million ($42,500 per unit / $73.44 PSF). This well maintained complex has 200-units in thirteen 2-story buildings with approximately 115,700 rentable-square-feet and one- and two-bedroom units in four different floor plans.

Built in 1987, each unit at Mission Creek is equipped with air conditioning, dishwashers, disposals, walk-in closets, and mini-blinds. Cable television and a security system is optional for each unit. Select units are equipped with ceiling fans, vertical blinds, vaulted ceilings, and either a private balcony or patio. Community amenities include a clubhouse with kitchen, fitness center, two swimming pools, a spa, racquetball court, playground, a laundry facility, and barbecue areas.

Located on Ajo Way, just west of Interstate 19 in southwest Tucson. Ajo is a major east/west corridor in southern Tucson, and Interstate 19, located less than one mile east of Mission Creek offers a direct link to Mexico, 90 miles to the south. Interstate 19 forms a junction with Interstate 10, just over one-mile north of Ajo Way. Interstate 10 provides access for many employers to the east and west, as well as direct access to Phoenix to the north.

The buyer is a private investor from Denver, Colorado Hung N Tran, who had representation from Berkadia Real Estate Advisors in Denver.

Art and Clint Wadlund of Berkadia Real Estate Advisors in Tucson represented the seller in the transaction.

For more information, contact Art Wadlund at 520.299.7200 or Clint Wadlund at 520.529.9206.

Login to learn more, also see RED Comp #3764.