Sunday, December 9, 2018

Tucson, Four Apartment Sales Totaling $34.2M Mark End of Month

Tucson apartment sales were persistent through May with over $110 million in aggregate sales represented in 2,543 units transferring in 32 transactions. Cap rates trended lower this month again and are hovering at 5% average on the thirteen 40+ unit apartments and higher at around 8% average on the...

Pet Club’s Latest Store under construction in Sahuarita

SimonCRE (Joshua Simon, principal) has broken ground on its latest Pet Club store at 2585 N Abrego Drive in Sahuarita. The one acre pad sold for $675,000 ($15 PSF) to SimonCRE of Scottsdale for construction of a 10,450-square-foot Pet Club Feed and Tack Store. The improved lot is located off...

Tucson’s Funtasticks Fun Park Sells in EPR and CNL $700M Transaction

TUCSON, Arizona -- EPR Properties, a Kansas City-based publicly traded REIT and CNL Lifestyle Properties, Inc. have completed the last tranche of the previously announced acquisitions of the Northstar California Ski Resort, 15 attraction properties (waterparks and amusement parks) and five small family entertainment centers for aggregate consideration valued...

Two BRAKEmax Investment Sales Total $2.87 Million

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...

Avilla Sabino I & II Sells for $42.3 Million, Hits Highest...

Highest per unit price recorded for non-student housing with 40+ units in the Tucson TUCSON, ARIZONA – Alta Vista Communities of Tucson, an affiliate of Aerie Development (Roger Karber, manager) sold Avilla I & Avilla II luxury communities on the southeast and southwest corners of River and Sabino Canyon Roads...

Angels Work Miracle for Imago Dei School to buy $2.1 Million...

Angel Charity for Children raised $600,000 for Imago Dei Middle School's down payment on its Downtown Tucson building TUCSON, Arizona -- Miracles do happen, as was demonstrated recently in Tucson when Imago Dei Middle School was able to purchase the building it rented in Downtown Tucson.  Located at 55 N....

Tucson’s Village at Romero Apartments Sell for $1.95 Million

TUCSON, ARIZONA – Makouska, LLC (Lance Parsons, member) sold the Village at Romero apartments at 4213 North Romero Road in Tucson for $1.95 million ($54,166 per unit). Village at Romero is a 36-unit, condo-mapped, garden-style apartment prominently situated on North Romero Road. Residents enjoy direct access to all areas of...

May Residential Lot Sales: Aggregate of $9.35 Million and 280 Lots

During the month of May, the Northwest submarket had 188 total platted lot sales, the southern submarket had 37-SFR lots and in the southeast there were 55 tentative lots, totaling 280 lots for the month. NORTHWEST SUBMARKET Meritage Homes of Arizona (Briana Rader, acquisitions) has purchased 120-platted lots at the southwest...

Zanya Mediterranean Restaurant Buys Molina’s Midway Building in Tucson to Relocate

TUCSON, Arizona -- HA Arizona Properties of Tucson (Riad Altoubal, manager) has purchased the former Molina’s Restaurant at 1138 N Belvedere Ave. in Tucson for $429,500 ($79 PSF) to be owner occupy for expansion and relocation of Zayna Mediterranean Restaurant. Zayna, a popular local spot, specializes in Lebanese and...

Berkadia Negotiates Sale of Two Apartment Communities in Tucson for $16.28...

TUCSON, Arizona – A joint venture between two Swiss real estate companies, Stoneweg US LLC and Varia US Southwest LLC, bought the Zona Village Apartments at 2855 W Anklam Road in Tucson for $10.05 million ($54,918 per unit) from SFF Investments, Ltd. of Colorado. The 183-unit apartment complex was built...

Tucson Industrial Sales Up 13.8% Year-over-Year

The Tucson industrial sector has stayed steady over the first half of the year, with just under $25.4 million in sale transactions to-date, the median sales price was $400,000 and average year built, 1981. Of these sales $10.3 million (40.41%) were in 17 transactions in the Southern submarket near...

Tucson Regional Real Estate Market Extremely Positive – Just Reloading

TUCSON, ARIZONA -- A recently published article portrayed what many in the industry felt was a rather bleak future for Tucson real estate.  While many of the challenges outlined are real, the reality is that overall trajectory of the market is extremely positive, and we have a lot to...
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