Renewed Medical Health finds new location at Swan & Sunrise

Sunrise Springs Building, 4640 E Sunrise Dr.

TUCSON, ARIZONA (July 12, 2023) – Renewed Medical Health (Svetlana Burtman, manager) purchased the 15,702-square-foot office Sunrise Springs building at 4640 E Sunrise Drive in Tucson for $3.15 million ($202 PSF). The unique, two-story multitenant building is located at the southwest corner of Sunrise and Swan, just under an acre lot.

A portion of the purchase will be owner-occupied by Renewed Medical Health while continuing to lease the remainder of the building, bringing it to 100% occupancy.

Renewed Medical Health and Beauty Wellness Center, claim to help patients live their life to the fullest. Understanding the importance of maintaining optimal hormone levels to help the body thrive. Services offered include bioidentical hormone replacement therapy, a medically supervised weight loss program, sexual health and wellness treatments, and primary care services.

The team comes with extensive experience and expertise in caring for men and women of all ages. The personalized care coupled with the latest treatment options helps their clients achieve the best health today and for years ahead.

John Yarborough and David Carroll with Romano Real Estate represented the seller, Sunrise Springs Building, LLC, a Pocono Holdings, LLC affiliate. Christos Vlachopouliotis with Luxe Real Estate Group of Scottsdale represented the buyer.

For more information, Yarborough and Carroll can be reached at 520.577.1000, and Vlachopouliotis is at 602.369.7450,

To learn more, see RED Comp #10719.

 




Marcus & Millichap Facilitates the Sale of La Petite Academy, a 6,680-SF Net-Leased Property in Tucson, Arizona

TUCSON, Ariz., July 12, 2023 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of La Petite Academy, a 6,680-square-foot net-leased property located in Tucson, Arizona. The asset sold for $1,050,000 ($157 PSF).

Spencer Berkley, Mark Ruble, and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a partnership. Ryan Sarbinoff, regional manager and Arizona broker of record, assisted in closing this transaction with four years remaining on the lease-term. The tenant, Learning Care Group, recently executed a five-year renewal.

Built in 1988, La Petite Academy is located at 8940 East Tanque Verde Road in Tucson, Arizona. Surrounded by national retailers such as Safeway, Walgreens, Goodwill, and McDonald’s, the asset is based in the growing Tucson trade area with 158,359 residents within a five-mile radius. La Petite Academy is at an easily accessible location along East Tanque Road to over 33,500 vehicles per day and within a 30-minute drive of Downtown Tucson, The University of Arizona, and Tucson International Airport. The tenant has operated at the site for 34 years and is one of the largest providers of early childhood care in the United States with over 1,050 schools across 11 brands.




Tucson’s Senior Housing Expert Sells 40-Bed Assisted Living Facility in Green Valley

Green Valley, Arizona (June 28, 2023) – Formerly BeeHive Homes of Green Valley, a licensed and operating 40-bed assisted living facility, sold for $2,768,000 ($69,200 per bed) at 3161 S. Prosperous Place in Green Valley. The seller, MM & J Healthcare Properties, LLC, c/o John Green, Manager, was the owner-operator.

Beehive Homes of Green Valley is in a particularly beautiful setting, with majestic views of the Huachuca Mountains, offering a two-20-bed home campus with excess land, where a third building can be constructed. The 15,127 square feet of combined building space was built in 2011 on 2.58 acres.

The buyer, Prosperous AZ MFT, LLC, intends to change the use to operate the facility as a Behavioral Health Inpatient Facility.

Mark Biery, JD, CCIM, with Berkshire Hathaway, specializing in assisted living facilities, represented the sellers.  The buyer had in-house Counsel.

“This was probably the most complicated deal of my career,” Biery said.  “We were in escrow for seven months, pushing the closing back constantly.

“The first challenge was confirming that a Behavioral Health Inpatient Facility worked in that zone, so we wrote a letter to Pima County Zoning, asking them for a Letter of Verification that it was an allowed use.  Fortunately, Pima County affirmed that in writing quickly.

“The next challenge was financing.  The collapse of that bank in California sent shock waves through the lending industry.  It took several months for two banks to analyze the property and the Buyer and deny to lend.  Eventually, the initial Buyer worked out a deal with a private lender, who bought the property, and is leasing to Haven Health Management for two years, after which time Haven will apply for a new loan and buy it back.

“Another massive challenge was shutting down the existing assisted living business and relocating the residents, because the Buyer will be doing something different.  The Arizona Department of Health requires that the Seller give residents 30 days’ notice before closing, and the Sellers did not want to do that until they had a guarantee that the Buyer would close;  the Buyer did not want to guarantee a closing until they knew that the buildings were vacant.

“We hit an impasse there, but we worked through it, thanks to the flexibility and creativity of Michelle Jolly, our Commercial Escrow Officer at Stewart Title.

“We also had issues with the Transaction Privilege Tax and a Letter of Good Standing with the Arizona Department of Revenue.

“Anyway, we got it done, and Green Valley will soon have a new Behavioral Health Inpatient Facility, which it needs.”

For more information, Biery can 0be reached at 520.235.2531.

To learn more, see RED Comp #10734.