TUCSON, ARIZONA – Healthcare Realty Trust of Nashville, TN sold a medical office portfolio totaling 67,745-square-feet across four buildings in Tucson, Arizona for $13 million ($192 PSF) to a joint venture between Texas-based Pisula Development Company and Harrison Street of Chicago.

Pisula Development Company (PDC) and its affiliates form a full service, commercial real estate group located in The Woodlands, Texas.  Together they provide property, asset and facilities management services for just over 2.3 million square feet of commercial real estate.  PDC has broken ground on or acquired over 64 projects over the past 16 years.

Harrison Street is a leading alternative investment management firm focused on the Education, Healthcare and Storage sectors.  The firm has created a series of differentiated investment strategies across multiple risk/return platforms.  Headquartered in Chicago, the firm employs a 140-person team with approximately $18.3 billion in assets under management.

The portfolio comprises Magee Medical Plaza at 551 W Magee Road, Riverstone Medical Plaza at 4892 N Stone Avenue, St. Mary’s Medical Plaza at 1704 W Anklam Road and Green Valley Medical Plaza at 1055 La Canada Drive.  All the properties are located in highly trafficked medical and retail corridors in the Tucson MSA.  Two of the properties are fully leased to Carondelet Health Network and are critical locations in their outpatient care delivery network.  Additionally, St. Mary’s Medical Plaza is situated on the campus of the award-winning 349-bed Carondelet St. Mary’s Hospital.  The portfolio is 95.5 percent leased overall and is anchored by Carondelet Health Network, one of Southern Arizona’s largest health systems.

The Holliday Fenoglio Fowler, L.P. (HFF) team represented the seller and procured the buyer.

The HFF investment advisory team representing the seller comprises members of HFF’s national medical office capital markets team, including managing director Evan Kovac, directors Andrew Milne and Anthony Frogameni, senior associate Trent Jemmett, and senior director Ben Appel and associate Matt DiCesare.  Senior director John Chun, also a part of the national medical office capital markets team, provided debt advisory for the transaction.

Director Ben Geelan provided local market expertise in conjunction with the larger team.

For more information, Geelan should be reached at 602.648.8700.

To learn more, see RED Comps #6716, #6717, #6718 and #6719 .

TUCSON, ARION — Labrador Capital, LLC (Robert Assenmacher, manager) purchased a 10,120-square-foot office building located in Camp Lowell Corporate Center, 4544 E. Camp Lowell Dr. (Building. K) in Tucson, from RLP Building, LLC (Rick Gregson, member) for $2.37 million ($234 PSF).

The two-story Class “A” office building is the signature property at Camp Lowell Corporate Center as it is situated at the entryway into the development. The property is situated in the robust East Central Office Sub-Market area which is considered one of the most desired office and/or medical locations in Tucson. This corporate headquarters styled building was fully leased with the main tenant occupying over 90% of the building since it was first built specifically for them in 2004.

The other tenant has been in the building for many years and is on a short-term lease should the anchor tenant need space to grow. This arrangement has been in place for many years.

The building was recently painted, carpeted and had all of the HVAC units replaced. It has been well maintained by the tenants. All of these recent upgrades were paid by the tenants in late 2018.

The investment sale occurred April 26, 2019

Brandon Rodgers, SIOR, CCIM, Principal and Industrial Specialist with Cushman & Wakefield | PICOR, represented the buyer in this transaction.  Mark Irvin, SIOR, CCIM with Mark Irvin Commercial Real Estate Services, LLC, represented the seller.

For more information Rodgers can be reached at 520.546.2714 and Irvin should be contacted at 520.620.1833.

To learn more, see RED Comp #6749.

Cushman & Wakefield sells Glendale and Tucson fast food restaurants

PHOENIX & TUCSON, Arizona – Cushman & Wakefield completed the sale of two Carl’s Jr.’s for a total of $3.4 million. The properties located at 1880 E. Broadway Boulevard in Tucson, Ariz. and 5775 W. Northern Avenue in Glendale, Ariz. were controlled by Strata Equity Corporation, Inc. and purchased by Phoenix-based Starcorp, LLC.

Chris Hollenbeck and Brad Douglass of Cushman & Wakefield represented San Diego-based Strata Equity Corporation, Inc. as the seller of the properties.

The two single-tenant fast food chain restaurants totaling 6,829-square-feet were 100% occupied at the time of sale by Carl’s Jr. 1880 E. Broadway Boulevard sold for $1.7 million and totals 2,600-square-feet. 5775 W. Northern Ave. also sold for $1.7 million and is 4,229-square-feet. Both were all cash deals.

The franchisee, Starcorp, plans to continue operating both of the locations as Carl’s Jr.

“Starcorp has been a well-known Carl’s Jr. and Hardee’s franchisee here in Arizona and we are glad they were able to purchase these properties to continue to operate the locations under the Carl’s Jr. name,” stated Hollenbeck.

For more information, Hollenbeck can be reached at 602.224.4475 and Douglass should be reached at 602.224.4406.

To learn more, see RED Comp #6744.

[mepr-show rules=”58038″]In a subsequent document, StarCorp sold the Carl’s Jr at 1880 E Broadway in Tucson in a sale leaseback agreement to investors for $1.775 million and a 6.5% cap rate.[/mepr-show]