The Tucson landmark, Caffin’s Diner (James & Barbara Chaffin) at 902 East Broadway, Tucson AZ sold for $850,000 ($216 PSF) to WD Tucson RE, LLC dba Welcome Diner of Phoenix (Michael Babcock and Sloane McFarland, co-owners).

The Chaffin family had owned the diner, located at the gateway to downtown Tucson, since 2000, serving breakfast and lunch. They built a reputation for oversized portions of pancakes and omelettes that covered a plate, and smothered burritos big enough to feed two.

But on Dec. 15, it stopped serving both when the 15-year-old family-owned restaurant closed.

The new owners closed on the property a month later are expected to open their eatery after completing some extensive renovations over a 2-3 month period.

The building was built in 1964 and has been home to several restaurants since, including Sambo’s in the 1970s and early ’80s.

The Welcome Diner started its early life as the Hi–Way Diner on the Route 66 roadside of Winslow, Arizona. In 1979 Phoenician Robert Young moved the Hi-Way Diner to its current location of 10th Street and Roosevelt.

Never opened, it was renovated by artist and entrepreneur Sloane McFarland in 2002 and opened as the Welcome Diner the next year. In 2013 Michael Babcock and Jenn Robinson joined the Welcome team as partners, Chef and Controller respectively, bringing with them a soulful Southern edge to the Farm to Table American Fare for which the Diner is known.

The duo — also behind popular Valley spot Welcome Chicken + Donuts , specializing in Korean-style fried chicken and artisan doughnuts.

As far as the menu at the new Tucson Welcome, the restaurant will lean more toward Welcome Diner than Welcome Chicken + Donuts. That means Tucson residents can soon look forward to the modern Southern fare residents have come to love at the downtown Phoenix diner, and Babcock says he’ll expand on the menu at the new restaurant. Look for “inventive small plates,” the chef says, adding that he’s looking forward to having access to a full kitchen (unlike the tight quarters inside the nine-seat eatery at 924 East Roosevelt Street in Phoenix).

Welcome has already applied for a liquor license.

Roy Drachman with Roy Drachman Realty Company in Tucson handled the transaction for the seller and the buyer was self-represented.

For more information, Drachman should be reached at 520.748.8400.

To learn more, see RED Comp #3597.

Two North Central Tucson apartment complexes sold for a total of $7.76 million to out of state investors.

Investors from Washington State, Blacklidge Terrace Apartments – Tucson, LLC of Sammamish, WA (Marco Lizardi, manager) purchased the Blacklidge Terrace Apartments for $4.5 million ($21,635 per unit). The property was 91% occupied at time of sale.

Blacklidge Terrace located at 201 W Blacklidge Drive in North Central Tucson is just minutes south of the Tucson Mall and minutes north of vibrant and ever-improving downtown Tucson. Developed in 1983 by GH Development Company, the property consists of 208 units that deliver comfortable interior appointments through a selection of smart-sized studio, one-, two-, and three-bedroom apartment homes with a weighted average unit size of 531-square-feet. Apartment interiors feature kitchens equipped with a frost-free refrigerator and an electric range. Select units also include walk-in closets, linen closets, and ceiling fans.

Community amenities comprise of two swimming pools and two spas, outdoor spaces featuring picnic areas with barbecue grills, two children’s playgrounds, three basketball courts, and four laundry facilities.

Hamid Panahi with Marcus & Millichap of Tucson handled negotiations for the buyer and the seller, Woodbridge Apartments LLC & Twinbridge Apartments LP (Michael MacElhenny, manager) of Santa Barbara, CA.

To learn more Panahi can be reached at 602.687.6700 or 520.202.2900. See also RED Comp #2428 for additional information.

In a separate transaction, Woodland Village Apartments was sold to Tucson Equity Partners, LLC of San Diego, CA for $3.26 million ($23,286 per unit) on Auction.com. The new owner has since renamed the complex Juniper Canyon located at 3055 N Flowing Wells Rd in North Central Tucson. The property was 90% occupied at time of sale.

The 140-unit complex consists of 77% one-bedrooms and 23% two-bedroom units. Community amenities include a fitness center, club house, ramada area with BBQ grills, a sand volleyball court, swimming pool and spa, laundry facility with new machines, and an on-site rental office. Units features include garbage disposal, stainless steel kitchen sink, everyday electric appliances, air conditioning and ceiling fans.

The seller was Woodland Wells, LLC (Ebrahim Jebreel, manager) of Los Angeles, CA.

Login to see RED Comp #2394 for additional information.

[mepr-show rules=”58038″] Sale Date: 1/21/2015. Down payment was $1,125,000. The 208-unit complex is located at 201 W Blacklidge Drive in North Central Tucson and was 91% occupied when it sold, with (112) studios, (48) one-bedrooms, (46) two-bedrooms/one bath and (2) three-bedrooms/one bath units. Property sold at a 7.02% cap rate.

Woodland Village Sale Date: 1/6/2015. Down payment: $592,000. Property was 90% occupied and sold with deferred maintenance, no cost to cure was given. Unit mix is (40) 1/1 at 404 SF rented at $410 per month, (68) 1/1 at 580 SF rented at $460 per month and (32) 2/2 725 SF rented at $590 per month. [/mepr-show]