Former Dollar General Building Sells for Conversion to Engineering Firm Office in Tucson
TUCSON, Arizona – Scorpion Technologies, LLC of Tucson (Carlos E Garcia, manager) purchased the 9,014-square-foot former Dollar General store at 155 W Valencia Road in Tucson on 1.26 acres.
The property commanded a sale price of $630,000 ($70 PSF).
Earl Hyman with Marcus & Millichap of Encino, California handled the transaction for the seller, a California Trust in Woodland Hills, Calif.
Hyman told us the property had been vacant for 60 days by Dollar General before selling.
The buyer, a local Engineering Firm intends to convert the retail building into office space. Scorpion Technologies LLC was created by Scott D. Thomas and Carlos E. Garcia, two engineering professionals who have over 30 years of experience in the area of rapid product development and innovative systems engineering solutions. Services include PWB assembly, harnessing, breakout box assembly, electrical enclosure assembly, test equipment assembly and rack and stack.
The buyer’s agent was Cassandra Mosser of Marcus & Millichap in Phoenix.
For more information, Hyman can be reached at 818.212.2770, Mosser can be contacted at 602.687.6654 and Scorpion Technologies’ phone number is 520.419.1448 or visit http://scorpioneng.com/
To learn more, see RED Comp #6004.
Madera Marketplace Outparcel Sells for $4.25 Million at Sahuarita Walmart Center
SAHUARITA, ARIZONA – WG Sahuarita Holdings, LLC an affiliate of Whirlygig Properties of Tucson (Lynn Taylor and Barry Kitay, principals) sold an outpad fully leased in the Walmart Center, 718 W Calle Arroyo Sur in Sahuarita. The buyer, Ace Properties #5, LLC of Tucson (Michael Adams, manager) was in a 1031 exchange when purchasing the property.
The outparcel commanded a sale price of $4.254 million ($250.68 PSF).
Whirlygig was developer and builder for the Madera Marketplace outparcel. The 16,970-square-feet of retail space on a 2.9 acre outparcel at Madera Marketplace was built to suit by Whirlygig for two tenants, Rubs Massage Studio. And Goodwill of Southern Arizona in 2013.
Whirlygig is the exclusive representative for Goodwill Industries of Southern Arizona and occupies 14,400-square-feet in the building. The other tenant, Rubs Massage Studio, a Tucson-based business since 2004, occupies 2,500-square-feet. This is Rubs sixth location in the Tucson region, plus two Spa Soleils, and its latest location in Chander, Arizona.
Madera Marketplace is immediately east of the full diamond interchange at Interstate 19 that connects the Sahuarita trade area with Tucson and Nogales, it is anchored by such tenants as Super Walmart, Walgreens, Wells Fargo, Bank of America and Carl’s Jr. and across the street from a new Sprouts.
For more information, Taylor can be reached at 520.546.9003. To contact Goodwill call 520. 623.5174 or Rubs at 520.887.8866.
To learn more, see RED Comp #6035.
Oregano’s Pizza Bistro Ground Lease at The Landing Sells For $1.67 Million
TUCSON, ARIZONA – The ground lease for Oregano’s Pizza Bistro at 4884 S Landing Way at the Irvington and I-19 Commercial Center, Tucson’s The Landing Shopping Center sold for $1.67 million ($53.40 PSF). The 31,275-square-foot pad sold in this transaction. Built in 2017, the 3,520-square-foot building was already owned by the buyer, Lloyd Thompson of Medford, Oregon and the lease with Oregano staying in place.
Developer of The Landing is an affiliate of Bourn Companies, Irvington Interstate Partners, LLC (Don Bourn, Manager).
Jamie Medress with Marcus & Millichap of Phoenix handled the ground lease sale for the seller.
Other new construction activity at The Landing include a new 5,500-square-foot Red Robin restaurant scheduled to open on September 3, 2018.
There will soon be two new anchors opening at The Landing; Planet Fitness and Hobby Lobby both freestanding buildings are under construction.
Brigham “Brig” Stevens, Asset Manager at Bourn Cos. told us The Landing has attracted several other tenants announced last year by Bourn Cos., including T-Mobile, Jersey Mike’s Subs, Southern Arizona Urgent Care, Long Realty, Chipotle and Taco Bell.
For more information on opportunities at The Landing, Medress should be contacted at 602.687.6700 and Stevens can be reached at 520.318.6717.
To learn more, see RED Comp #6068
Southern Arizona CCIM Chapter Conversation Corner July
TUCSON, ARIZONA — The following commercial real estate transactions totaling $3.3 million created a lot of conversation at the July meeting of the Southern Arizona CCIM Chapter, in case you missed it, we’re publishing them here as part of our CCIM Conversation Corner.
Jade Bossert with Tierra Antigua represented the buyer, Erna K Kaplan and the seller, Antonio S Moreno, in the sale of Menlo Park, a 14-unit, 9,512-square-feet apartment building at 1204-1233 W Cedar Street in Tucson for $951,000 ($67,929 per unit / $100 PSF). The property is on a 33,541-square-foot lot located 4 blocks away from the new Caterpillar headquarter. Judy Kaiser with Fidelity National was the escrow agent. To learn more see RED Comp #5921.
James P Robertson, Jr., CCIM, and Omer Kreso, CCIM Candidate with Realty Executive Tucson Elite represented the seller, Caroline Duff of Tucson and the buyer, Ann Boyce of Bakersfield, California. The 8-units in 7,378-square-feet sold in an all cash transaction for $780,000 ($97,528 per unit / $106 PSF). Vicki Relich of Pioneer Title Company was the escrow agent. To learn more, see RED Comp #5930.
Craig Finfrock, CCIM, of Commercial Retail Advisors, LLC represented the buyer, Surf Thru, Inc, and Rob Tomlinson and Isaac Figueroa of Cushman & Wakefield | Picor represented the Seller, Altima Investments, LLC, in the sale and purchase of land at 6307 E Grant Road. This is the third Surf Thru site in the Tucson. The Bakersfield, CA based quick service carwash chain paid $700,000 ($14.90 PSF) for 46,986-square-feet of land. Located at the northeast corner of Grant and Wilmot Roads adjacent to Carl’s Jr. and Costco. This will be the 16th location for Surf Thru Express Car Wash, with four locations under construction. Surf Thru is expanding throughout the Southwest, including Southern California, Arizona, Nevada, New Mexico, and Texas. To learn more, see RED Comp #5816.
James P Robertson, Jr., CCIM, with Realty Executive Tucson Elite handled the sale of 4610 E Speedway Blvd. in Tucson for $308,000 all cash ($197.82 PSF). I Chief, LLC of Mesa was the seller and Chelton, LLC of Tucson the buyer. The property will be converted to food and beverage service. To learn more, see RED Comp #5978.
Brandon Rodgers, CCIM, at Cushman & Wakefield | Picor and James T Lavery, CCIM, at Realty Executives Tucson Elites handled the sale of 2.8 acres at 4980 E Canada Street in Tucson for $215.964 ($1.75 PSF). Zoned I-2, the buyer, John Dorris, purchased it for expansion and outside storage space. Judy Kaiser with Fidelity National was the escrow agent. To learn more, see RED Comp #6032.
James P Robertson, Jr., CCIM, with Realty Executive Tucson Elite sold the property at 3228 S 12th Avenue in Tucson for $175,000 ($64.41 PSF) to The Harty Family Living Trust of Phoenix. The property will be converted to a medical office clinic. Vicki Relich of Pioneer Title Company was the escrow agent. To learn more, see RED Comp #5924.
Mark Hayes of Tierra Antigua handled the sale of 1.18 acres land northwest of River Road and Oracle Road for $110,000 ($2.14 PSF) in an all cash estate sale. Bob Camino Principal, LLC (Bob Zhang, manager) was the buyer who plans to re-zoned for development of four SFR lots. Bob Zhang, with Neal Manning Real Estate in Tucson, was self-represented in the transaction. To learn more see RED Comp 6031.
Dollar General Portfolio Sells for $5.16 million; More New Stores to follow
TUCSON, ARIZONA – A three property portfolio of Dollar General stores sold for an aggregate $5.16 million and more land purchased in Amado and Red Rock for additional new stores. DCM Development of Tucson (Chris Lechner, managing member) is the developer for Dollar General and has told us stores have buyers before being completed. A secure ‘Amazon-proof’ tenant, with good cash flow, and absolute triple net long term leases terms account for this investment popularity.
Dollar General offers products that are frequently used and replenished, such as food, snacks, health and beauty aids, cleaning supplies, basic apparel, housewares and seasonal items at low everyday prices in convenient neighborhood locations.
In addition to high quality private brands, Dollar General sell products from America’s most-trusted manufacturers such as Clorox, Energizer, Procter & Gamble, Hanes, Coca-Cola, Mars, Unilever, Nestle, Kimberly-Clark, Kellogg’s, General Mills, and PepsiCo.
Jay Umiya DG, LLC purchased a 9,100-square-foot Dollar General building at 7440 S. Wilmot Rd. in Tucson, from DCM Development Company, LLC for $1,900,000 ($209 PSF). Dave Hammack, Retail Specialist with Cushman & Wakefield | PICOR, represented the seller; Mark McLoone with Retail Investment Group, LLC, represented the buyer.
PS Investment, LLC purchased a 9,100-square-foot Dollar General building at 20 S. Lee St. in St. David, AZ., from DCM Development Company, LLC for $1,715,000 ($188 PSF). This is the only Dollar General store in St. David. Dave Hammack, Retail Specialist with Cushman & Wakefield | PICOR, represented the seller.
Spence Family Trust purchased a 9,100-square-foot Dollar General building at 1323 E. High St. in Sunsites / Pearce, AZ from DCM Development Company, LLC for $1,543,500 ($170 PSF). This is the only Dollar General store in Sunsites / Pearce. Dave Hammack, Retail Specialist with Cushman & Wakefield | PICOR, represented the seller; John Espinosa with Lee & Associates, represented the buyer.
DCM Development Company, LLC then purchased 1.62 acres of vacant land at 28890 S. Nogales Hwy. in Tucson, from Pierce Construction, Ltd. for $170,000 ($2.41 PSF). Dave Hammack, Retail Specialist with Cushman & Wakefield | PICOR, represented the buyer in this transaction.
Three weeks into construction on the Amado and Red Rock Dollar General stores, Hammack is marketing both properties at a 6.25% cap rate to investors.
For more information, Hammack should be contacted at 520.546.2712.
Login in for additional information and see RED Comp #6007 and #5996.
C&W Picor Sells $10.65 Million in 5 Multifamily Transactions to close out Q2
TUCSON, ARIZONA — Cushman & Wakefield | PICOR is reporting that in the first half 2018, the brokerage firm in the 10-100 unit market holds a 62% of the market share. Allan Mendelsberg, the Multifamily Specialist with Cushman & Wakefield | PICOR, handled the following transactions valued at $10.65 million for a total of 172 units at the end of the second quarter.
Campbell 33, LLC an affiliate of Pelican Management in Tucson purchased Riverside Suites, the 33-unit vacation rentals at 1725 E Limberlost Drive in Tucson for $3.65 million ($110,606 per unit). The studio, one-bedroom, two bedroom/two bathroom or three-bedroom/two and a half bath suites sold furnished. All suites have full size refrigerators and stoves and private enclosed patios. The gated, private resort-style community has amenities such as a private tennis court, a nine-hole practice putting green, state of the art fitness center and a lush courtyard with heated pool and spa. Allen Mendelsberg, Multifamily Specialist with Cushman & Wakefield | Picor represented the seller, Riverside Suites, LLC. To learn more, see RED Comp #5895.
Reeve Family Trust (Don Reeve) of Los Oso, CA purchased Riata Court Apartments, a 16-unit complex located at 2875 E. 6th St. in Tucson, from Riata Court Apartments, LLC for $2,800,000 ($175,000 per unit). The property was 95% occupied at time of sale with a unit mix of two-bedrooms and four four-bedrooms. To learn more, see RED Comp #5954.
Villa Sorrento, LLC of Los Angeles purchased Villa Sorrento Apartments, a 60-unit complex located at 334 W. Valencia Rd. in Tucson, from Packjak Properties, LP for $2,100,000 ($35,000). The property sold at a price per unit and 60% occupancy in this value-add investment. To learn more, see RED Comp #5953.
Gould Family Properties VIII, LLC (Wayne Gould, manager) purchased La Paloma Apartments, a 28-unit complex located at 3050 N. 2nd Ave. in Tucson, from 3050 N. 2nd Ave., LLC for $1,100,000 (39,286 per unit). The property was 86% occupied with a one- and two-bedroom unit mix. To learn more, see RED Comp 5982.
Wildcat 5601, LLC (Brandon Matheson, manager) purchased Annandale Apartments, a 35-unit complex located at 5601 E. 5th St. in Tucson, from JCAZ, LLC for $996,000 ($28,457 per unit). The property was 90% occupied with studios, one-, two- and three-bedroom units. To learn more, see RED Comp #5891.
Annandale Apartments was on a leasehold of the 1.4 acres of land and Wildcat 5601 also purchased the land lease for an additional $700,000 ($11.44 PSF) in a separate transaction that closed the same day. Mittman Properties, LLC (Charles Jackson, manager) was the seller. To learn more, see RED Comp #5892.
For more information Allan Mendelsberg can be reached at 520.546.2721.
Hensley Beverage Building Tucson Sells for $13.3 Million
TUCSON, ARIZONA – California Investor, 6455 Box Springs Blvd., LLC purchased a 161,212-square-foot industrial building at 705 E. Ajo Way in Tucson, from Golden Eagle Distributors, Inc. for $13.3 million ($82.50 PSF). The property was fully occupied by Hensley Beverage Company at time of sale.
The investor was in a 1031 exchange and purchased for a net lease investment.
Golden Eagle Distributors, an Anheuser-Busch InBev wholesaler based in Tucson was sold to Hensley Beverage, also an Anheuser-Busch InBev wholesaler in March 2016. A sale of its 9 million case beer and non-alcoholic beverage operation to its larger competitor, Phoenix-based Hensley Beverage included the lease of 705 E Ajo Way in Tucson owned by Golden Eagle Distributors.
Hensley sells approximately 20 million cases of beer and non-alcoholic beverages throughout Arizona. The combination of the two companies means nearly all Anheuser-Busch InBev products — about 30 million cases — sold in Arizona are controlled by a single distributor.
Stephen D. Cohen and Michael Hammond, SIOR, Industrial Specialists with Cushman & Wakefield | PICOR, represented the seller; Art Day with CBRE, represented the buyer.
For more information, Steve Cohen should be reached at 520.546.2750.
To learn more, login and see RED Comp #5893.
Freddy’s Frozen Custard and Steakburgers at Marana Marketplace Sells
Marana, Arizona – CBRE has completed the sale of a single-tenant, 3,243-square-foot Freddy’s Frozen Custard and Steakburgers located in Marana Marketplace at 3725 West Orange Grove Road in Marana, Arizona. The Property commanded a sale price of $2.378 million ($733 PSF)
Joseph R. Compagno with CBRE’s Phoenix office represented the Seller, Arizona-based BLT Marana Properties, LLC. Steven Fontes, CCIM, with Mission Property Advisors represented the buyer, California-based Hyrosen Properties Inc. c/o Inland Pacific Advisors.
“We are seeing an increased flight of buyers and 1031 exchange investors coming from California to invest in Arizona. This is due to a variety of reasons, including improved investment returns, lower taxes, political reasons and portfolio diversification,” said CBRE’s Compagno.
Freddy’s Frozen Custard & Steakburgers is a fast-casual restaurant franchise, known for premium, lean, ground beef steakburgers and dessert treats, prepared with freshly-churned chocolate or vanilla frozen custard. Freddy’s has over 300 restaurants operating nationwide, with plans to open more than 40 new restaurants nationwide in 2018.
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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 look forward to in the months and years ahead.
Story of Supply – dominating the market for 2018-2019
There is strength to the local market on many fronts. Median new home price is in record territory, sales and permits continue to improve every year, economic news is strong with continual job announcements that are starting to show tangible results in new home sales and population growth. Tucson (production) homebuilding is on pace to show a nice improvement over its previous year. If the second half of the year resembles the first, this would put the new home permit level at an (approximately 150%) increase since the market bottomed out in 2011.
Supply, however – or the lack thereof – remains the main theme. MLS listings are down 10% from a year ago, resales are up, SFR permits to date are at 1855, lot acquisitions are at 751, community counts continue to dwindle, direct costs for construction of new homes continues to be high, horizontal construction costs have seen a sharp increase over a year ago, and labor on all sides is hard to come by and getting more expensive.
The lack of lot acquisitions remains a concern as homebuilders are tracking acquisitions at only 40% of what they are absorbing through based on permits. The upside? Last year this produced a monster second half of lot buying activity, and that likely will be the case this year as well. Unfortunately, even with any second-half buying surges, this constrained inventory has led to the obvious result: rising prices. Home prices have risen swiftly and, without an injection of inventory, prices will continue to rise over the next couple of years.
Thus far in 2018, homebuilders have closed on only 751 lots in ALL the Tucson Metro area. As we have mentioned before, “shovel ready” lots are extremely hard to come by, and most of the attempted deals outside of this “ready now” category have many challenges to get them across the finish line and are (generally) not getting done.
The master plans now have builders that have purchased and performed well and have new blocks ready to go just in time. These builders have a huge advantage as they have created relationships with these owners and make the process easy to reload. The active homebuilders in these projects have the convenience of a large runway of land available to them and are buying lots and getting them developed in time. Homebuilders that are not in these projects may have a difficult time getting positions as future blocks usually get ordered before they hit the market.
And, while this ‘reloading process’ might be easier for some, it is not without challenges. Most notably, these are the rising costs on the direct and on the lot construction sides. There are several larger deals in the works and it will be extremely important for the market to have these closed and under construction. The consequence of not getting more lots under development will be continued fighting over limited supply and rising home prices in all areas.
The areas getting the most attention from the homebuilders continue to be the Northwest and the Southeast submarkets. These areas are not only where the majority of the new escrows are occurring; these two areas of Pima County have been the source of almost 80% of the homebuilder transactions in the past few years.
The projects that are doing well continue to be the master planned communities in these areas. Gladden Farms, Dove Mountain, La Estancia, and Rancho Vistoso all benefit by having multiple homebuilders driving traffic and offering different product.
An interesting shift that we have seen in 2018 are homebuilders targeting small lots and affordability versus the move-up opportunities we saw them go after in the past few years. This target is universal, be it our existing Tucson builders or the new ones looking to enter the market. Also, as new home pricing continues to rise, be on the lookout for builders pushing farther out of the metro area to find the affordability in land/lot pricing that they require.
Pricing is driven by economics and all factors currently point to land prices rising over the next 2-3 years. The supply of shovel ready lots is at an all-time low, and the demand for more lots to maintain a multiyear pipeline in a continually improving market is strong. The costs to improve the lots continues to rise and with most of the region’s developers managing lot construction and guaranteeing the finished lot price, the lot prices will have to rise to warrant a strong enough land residual for them to consider selling.
As we look into the crystal ball, the answer is clear. The time to lock up these lots is now at current pricing as prices will be forced nowhere but up for some time in Tucson.
Tucson’s housing market continues to improve year over year. The market has pricing power and sales and permits are increasing at the same time. Tucson also continues to have very positive job news which is strengthening the market, and we believe that you would be hard-pressed to find a component of the Tucson market that is not advancing.
I have a lot of clients ask us “when do we return to normal numbers?”, and our answer is that “this is the new normal market”. Supply will be our biggest hurdle for the next 24 months as it continues to be out of sync with demand. Unfortunately, this year did not produce enough first half lot acquisitions to ease the problem into 2019. It looks like Tucson’s residential land game will continue to be played reactively, which will force decisions by the area’s homebuilders and pricing by the area’s developers.
The best lot deals for the builders over the next 24-months appear to be in front of them right now as labor, infrastructure, and overall entitled lot supply is extremely constrained and will force prices up. The solution is to get ahead of these issues by targeting land positions now and to work closely with the main developers to arrive at prices and structures that will work.
As we have been stating for the last few years, this lot shortage is real and now we have other factors at play constricting it further. In summary, Tucson’s housing market is up almost 150U% from the bottom of the market. The question then becomes, “when are we going to make enough room to really benefit from all the good news?”
Will White has lead the Tucson LAO office for 16 years, providing strategic direction for the sale and marketing of residential land to production homebuilders and lot developers and speculative investors throughout Pima County. Specializing in land activity in the town of Marana, Will has helped make Land Advisors Organization the top-volume brokerage firm in Tucson. He works closely with homebuilders, assembling a record of success selling and marketing the region’s top master planned communities. He is known for his role in high-profile, high-price land deals, and has negotiated the sale of more than 5,000 finished/platted lots in the Tucson metro area in the past 36 months. His long-term relationships with many key players in Pima County enables Will to effectively represent public and private homebuilders and large financial institutions. He is a member of the Urban Land Institute, DM50 (a support group for Davis-Monthan Air Force Base), the Southern Arizona Homebuilders Association and the Metropolitan Pima Alliance. Will consistently earns the CoStar Power Broker recognition in the Tucson market, which is based on transaction volume and dollar value. Will participates in numerous speaking engagements and real estate/economic panels. A graduate of the University of Arizona with a bachelor’s degree in regional development, Will earned an Arizona real estate license in 1997.
Local Investor Converting Multifamily Portfolio to Retail
Tucson, Arizona – Local investors, Man Tran and Hao T. Nguyen, purchased the retail property located at 8250 East Broadway Boulevard in Tucson from Trinum Properties, LLC of Los-Angeles, California (Shawn Rita Abrahams, manager). The property commanded a sale price of $320,000 ($97 PSF).
The multi-tenant four-unit building consists of an approximately 3,306-square-foot building on approximately 7,500-square-feet of land. It was fully leased at time of sale with two tenants, Retro Hair Studio and Mesquite Community Church, each occupying half of building.
Retro Hair Studio describes itself as a blue-collar salon that caters to the working class, offering quality work at a guilt free, affordable price.
The Nguyens have been converting their portfolio from multifamily to retail investments were attracted to the property for its tenants.
Frank Arrotta of Tucson Realty & Trust Co. represented both the seller and the investor in the transaction.
“Cap rates are higher on these smaller ‘mom & pop’ centers, running in the high 8% – 9% caps,” Arotta said. “The higher end net leased properties are getting around a 6% cap rate for investors. This property was on the market for awhile before we were able to match it with the right buyer.”
For more information, Arotta should be reached at 520.577.7000.
To learn more, see RED Comp #5963.
Berkadia Brokers $122 Million in Tucson Apartment Sales
TUCSON, ARIZONA – Berkadia’s Art and Clint Wadlund of Tucson represented Gleiberman Investments, Inc. of San Diego (Mark Gleiberman, president) in the sale of two Northwest Tucson apartment communities for $37.43 million and represented Holualoa Properties in an additional three communities totaling $64.5 million.
ComCapp Elevation, LLC a Texas REIT purchased the following Tucson Portfolio:
Stoneybrook Apartments at 4225 North First Ave. in Tucson, a 411-unit complex, sold for $27 million ($65,693 per unit);
La Jolla de Tucson at 444 West Orange Grove in Tucson, a 223-unit complex, sold for $15.9 million ($71,300 per unit); and
Quail Ridge Apartments at 4500 East Sunrise Dr., a 253-unit complex, sold for $21.6 million ($85,375 per unit).
HSL Properties of Tucson (Omar Mireles, president) purchased the following Tucson Portfolio:
Casa Lindas Apartments at 699 West Magee Road in Oro Valley, a 144-unit complex, sold for $17.65 million ($122,569 per unit); and
Springhill Apartments at 8030 E Lakeside Parkway in Tucson, a 224-unit complex, sold for $19.775 million ($88,281 per unit).
“We were pleased to be able to purchase the two northwest Tucson properties,” Omar Mireles said. “We had looked at them when the MG Properties and Gleiberman Investments had purchased them in a portfolio along with three other properties that they are also selling.”
All of the properties were at or around 95% occupancy at time of sale. All closings were completed the same day, on June 28th.
Art and Clint Wadlund with Berkadia in Tucson and Rick Holway and Mark Forrester of Berkadia in Phoenix brokered both portfolios for the sellers. The investors were self-represented.
For additional information, Wadlund should be reached at 520.299.7200.
To learn more, see RED Comps #5956, #5957, #5950, #5951 and #5952.
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 by way of Interstate-10 while being located across the street from award-winning, Homer Davis Elementary School.
Built in 1980, Village at Romero is two-stories and 30,000-square-feet in five buildings of wood frame construction with pitched roofs and individually metered for electricity.
The property consists of all two-bedroom / one-bath units and include electric stoves, dishwashers, garbage disposals, frost-free refrigerators, individual water heaters, two-tone paint, and tile floors in downstairs units and laminate flooring upstairs. The property was 100% occupied at time of sale.
Common amenities include laundry facilities, sparkling pool, outdoor seating and barbeque. There is a separate rental office located in the center of the property for easy accessibility to tenants. Village at Romero produces an aesthetically pleasing environment with newly painted buildings, exterior lighting, updated irrigation landscaping and recently resurfaced pool deck and parking lot.
In addition, the evaporative coolers and roofs have been replaced within the past five years.
Lance Parsons with ABI Multifamily was principal and acted as broker in the transaction. The buyer, MATCCH Holdings, LLC of Tucson (Deborah Mayfield, manager) was self-represented.
Son Management has been contracted by the buyer to manage and lease the property.
For additional information, Parsons should be reached at 520.265.1945.