Saturday, April 20, 2019

Two Tucson Red Roof Inns Sell in $600 Million Portfolio Sale

BW RRI IV, LLC, a partnership between a Singapore investor and Westmont Hospitality has won the bidding for a Red Roof Inn portfolio which contains 89 hotels with 10,715 rooms. Their winning bid of about $600 million ($55,996 per room) beat out runner-up Blackstone, which wanted to convert the...

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...

Tucson Apartments getting ‘High Interest and Multi-Offers’

Cushman & Wakefield | Picor Multifamily Market Snapshot Q1 is reporting positive absorption and growth in all the important statistical categories for the Tucson multifamily market. Tucson apartments vacancy rates (averaging 8.5%) and average rents ($10.56 PSF) continue to see positive gains, while Tucson continues to generate significant investor...

Mattress Firm at Oracle & Ina Opens / Sells in Net...

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...

Creative Brokerage Brings HomeGoods Tucson Distribution Center

There has been much written about the new HomeGoods Tucson distribution center lately. What hasn't been told until now,  is the creative brokerage it took by a group of real estate professionals to assemble the land for the HomeGoods Tucson deal to come together.  It really started almost two...

UA Junction at Iron Horse Student Housing Sells for $19.32 million

TUCSON, Arizona -- Pierce Educations Properties (PEP) of San Diego, California (Frederick Pierce, President /CEO) has acquired The Junction at Iron Horse, a 232-bed  / 76-unit student housing community located near the University of Arizona at 504 East 9th Street in Tucson. The Junction at Iron Horse is an off-campus...

Lin’s Grand Buffet, Starbucks and Verizon coming to Tucson Marketplace

Tucson Marketplace at the Bridges anchored by Costco and Walmart between Park and Campbell at I-10, will have a new Lin’s Grand Buffet, Starbucks and Verizon there soon. Tucson Park Ave., LLC (Frank Lam, manager) purchased Pad #3, 2.48 acres, for construction of a 10,000-12,000-square-foot Lin’s Grand Buffet. The address...

Circle K Closes on Five CST Corner Stores for $5.16 Million

TUCSON, ARIZONA -- The Canadian parent company of Circle K, Couche-Tard, that owns San Antonio-based Corner Stores brand of convenience stores, closed on five Tucson locations last week for $5.16 million in a bulk sale, or an average sales price of $1,092,475. If your Corner Store hasn’t rebranded yet, it...

Highland House Sets new Record for Unit and Bed Prices

TUCSON, ARIZONA -- The Darryl Wilson Living Trust purchased Highland House Apartments, a 6,986-square-foot (12-bed) student housing complex located at 380 N. Highland Avenue in Tucson.  Located one block from the University of Arizona Campus Recreation Center and the rest of the campus. The property was purchased from PCG Tucson...

Love Divine Fellowship Church Grows into New Facilities

The Love Divine Fellowship Church sold its 2,935-square-foot building at 1922 S Farwell Avenue in Tucson for $275,000 ($94 PSF) to Potter’s Christian and Missionary Fellowship. The church building had been well maintained and comfortably seated up to 100. Within the past few years seller had installed new flooring, new...

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...

Former Luz Academy Sells for Senior Living Redevelopment

Ramsey Canyon, 4120, LLC has purchased the former Luz Academy at 2797 N. Cerrado de Beto from ROI Properties as Receiver for Luz Social Services, Inc. The former psychiatric hospital and charter school, constructed in 1999 and completely renovated in 2011 is comprised of approximately 40,000-square-feet and sits on...
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