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 12^th 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.

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.

[mepr-show rules=”58038″]Dollar General at 7440 S. Wilmot Rd. in Tucson sold with a 6.09%. Cap rates on the other two were both 6.5% in smaller outlying communities.[/mepr-show]

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. 6^th 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. 2^nd Ave. in Tucson, from 3050 N. 2^nd 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. 5^th 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.