Thursday, June 27, 2019

Northland Enhances SW Portfolio with $50.55M purchase of Villas at San...

Forecasted population growth projected to complement firm’s long-term investment strategy Tucson, Arizona – Northland Investment Corporation, one of the top privately held multifamily owner and operators in the country, announced its acquisition of Villas at San Dorado, 10730 N Oracle Rd, in the Tucson, Arizona suburb of Oro Valley. Northland...

IPA Sells Valley View Multifamily Asset in Tucson for $24.75 Million

TUCSON, Ariz. – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the sale of Valley View Apartments, a 304-unit multifamily asset in the Catalina Foothills area of northern Tucson, Arizona. The $24.75 million sales price equates to $81,414 per unit. “Valley View represents an excellent...

Oracle Road Retail Sells for $2 Million and Leaseback

TUCSON, Arizona – Oxford Realty Investments III of Tucson (Doug March, manager), a group of local investors, purchased the retail shops at 7366 N Oracle Road in Tucson for $2 million ($200 PSF).  The three-tenant retail center was sold by AM Oracle Building, LLC (Alan Miklosky, manager) the owner...

Tucson Retail Property Sales up by 12.36% Y-O-Y at mid-year

Although Tucson retail property sales slowed in second quarter compared to first quarter of the year, Tucson retail sales volume is up by 12.36% over 2014 at mid-year, with approximately $189 million in sales. The following retail sales previously unreported are from the first half of 2015 and total an...

Two Owner User Units at Mesquite Corporate Center Change Hands

TUCSON, ARIZONA -- The River 5, LLC (Otto R Bohon, Jr., manager) purchased a 3,926-square-foot office condominium, Suite 208, located in Mesquite Corporate Centre, 1640 E. River Rd. in Tucson.  The class-A office condominium was purchased from the George and Jane Caughman Family Trust of California for $778,989 ($198...

Twelve Plaza Campana Condo Units Sell at Auction for $2.34 Million

TUCSON, Arizona – Twelve office condominiums in four buildings at Plaza Campana sold in an REO auction sale for $2,336,250 ($83 PSF). The 12 condos totaling 28,068-square-feet were built in 2002 and sold in bulk at auction through Ten-X.com for US Bank, NA., the lender. The buyer, a local investment...

Long Realty Negotiates $3.5 Million in Four Tucson Multifamily Properties

TUCSON, Arizona -- High demand in the Tucson multifamily market saw cap rates tick up slightly this quarter by 2.57%; from a Q1 average of 8.55% to a Q2 average-to-date of 8.77% based on all multifamily property sales. There doesn’t seem to be any slowdown in sight as sales...

Time is Ripe for NW Tucson Medical Office Expansion

Taking advantage of low interest rates and costs, spurred by a rising economy and looking to the future, physicians in Northwest Tucson are finding it an ideal time for medical office expansion. Tucson Endocrine Associates (Dr. Alexander Zwart and Dr. David Alster) purchased the 4,190-square-foot medical building at 5910 N La...

Richmond and DR Horton Acquire SFR-Lots in Tucson

Richmond American (Rick Morris, Land Acquisition) purchased 50 platted and engineered lots at Mountain Vail Estates for $1.501 million ($30,000 per lot). This is the first half of approximately 94 lots being re-platted by the seller, MC 140 LLC, an affiliate of Diamond Ventures. Buyer will develop the lots for...

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...

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...

Classic Delicious Seoul Korean Kitchen Buys Second Location in Tucson

TUCSON, Arizona -- Seoul Kitchen Corporation of Tucson (Yeon Suk Choi, manager) bought the former Third Base Bar at 6255 E Golf Links Road in Tucson for $300,000 (85.59 PSF) from Robert T. Kramber. Seoul Kitchen Korean BBQ’s first restaurant in Tucson opened in October 2009 at 4951 E Grant...
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