TUCSON, Arizona – A new Vintage Arcade will be coming this fall to 63 East Congress Street, at the northwest corner of Congress and Scott Avenue, in Downtown Tucson. EQ Scott and Congress, LLC of Scottsdale (Charles Duff, manager) bought the building for $2.2 million ($81.48 PSF).

The building had two existing tenants Jimmy Johns and Senae Thai Restaurant and Bar. Several unique features of the building include a rooftop constructed to add another floortop area and a 10,000-square-foot basement offering loads of possibilities.

The Arcade will occupy about 4,000-square-feet in the former Junxion space and is expected to open this fall. At the center of downtown restaurants, clubs, bars, and apartments, on the modern street car route and across Scott Avenue from the Pennington Parking Garage it’s in the center of downtown.

The buyer owns the popular Cobra Arcade Bar in Phoenix where they have compiled a “rad selection” of 40 vintage arcade games and a selection of 14 delicious beers on tap. Vintage arcade games such as Asteroids Deluxe, Battletoads, Centipede Dig Dug, Donkey Kong, Frogger, Gauntlet, Mario Bros, Ms. Pac-Man, and Street Fighter I, II & III, to name just a few.

This Downtown corner will soon become a mini entertainment mecca with discussions of a single screen Loft Cinema at the former Wig-O-Rama and City Park across the street. City Park, a multi-level indoor / outdoor food and entertainment hall, is slated to open Spring of 2018. City Park’s food hall will feature 12-15 highly desirable “foodie-centric” restaurants and retailers with shared common area amenities such as seating, service and two large outdoor patios. City Park also combines the best of the “eatertainment” trend by incorporating an upscale 6-lane boutique bowling alley, a game zone and social club featuring 150+ seats with programmed entertainment.

Roy Drachman of Roy Drachman Realty of Tucson represented the seller, Sixty-Three Building LLC (John Welsey Miller, member) and Rick Borane and Dave Hammack with Volk Company Tucson negotiated for the buyer.

For more information, Drachman can be reached at 520.748.8400 and Hammack and Borane should be contacted at 520.326.3200. For information on City Park, contact Leah Bogen with Bourn Companies at 520.209.2534.

To learn more, see RED Comp #4928 and RED Listing Registry for more listings.

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 volume remained about the same quarter to quarter.

Sales this month negotiated by Tony Reed at Long Realty include these four transactions with an aggregate of 67-units and $3.5 million.

Phoenix investors, Christopher & Kathleen Dimitruck bought the multifamily property at 725 E 10th Street in Tucson in a $1.35 million ($79,412 per unit / $130 PSF) sale. The 17 railroad housing style units were built in 1921 of brick construction on .69 acres. The property is in the Central submarket, within 4 blocks of the University of Arizona. Unit mix consists of (9) Studios and (8) 2-bedroom units.

Tony Reed with Long Realty in Tucson represented the seller, First Tucson LLC of Boston, MA (Phil De Normandie). Benjamin Lair with My Home Group represented the buyers.
To learn more, see RED COMP #4946.

Reed represented First Tucson LLC also in the sale at 2340 E 8th Street in Tucson, in the Sam Hughes Neighborhood, for $737,500 ($81,944 per unit / $129 PSF) to California investor, Robert Bujarski of Encinitas CA. The nine units consist of seven 1-bedrooms and two 2-bedrooms in 5,735-square-feet (built in 1928) on 1.22-acres in the Central submarket.

Robert Redding with Centra Realty in Tucson represented the buyer in the transaction while Reed was the listing agent.

To learn more, see RED Comp #4854.

AZ Commons LLC of San Diego, CA (Kevin Easterly, manager) purchased a value-add multifamily property at 3653 E 2nd Street in Tucson for $1 million ($33,333 per unit / $43 PSF). The 30-units in 23,324-square-feet were built in 1978 on .84 acres in the Central submarket. Unit mix consists of thirty 1-bedroom units with covered parking, pool and A/C.

Chuck Corriere with Keller Williams of Southern Arizona represented the seller, Ramiro and Arcella Valencia of Tucson and Tony Reed with Long Realty represented the buyer in this transaction.

To learn more, see RED Comp #4931.

The Phillip and Kristen Voorhees Family Trust bought the multifamily property at 5630 East 2nd Street in Tucson for $425,000 ($38,636 per unit / $65 PSF). The property consists of 11-units in 6,528-square-feet (built 1969) on .88-acres. There are ten 2-bedroom units and one studio unit, located in the Eastern submarket of Tucson.

Tony Reed with Long Realty represented both buyer and seller, Winthrop N Isaacsen Separate Property Trust of Tucson in this transaction.

To learn more, see RED Comp #4861.

TUCSON, Arizona – Academy of Math and Science (AMS) recently purchased two locations for campus expansion. The property at 1611 – 1625 West Prince Road in Tucson was sold for $503,760 ($97 PSF) by Barnett Brenner and 425 West Valencia sold for $690,000 ($145 PSF) by BM Valencia.

Both were purchased for expansion of adjoining Academy of Math and Science charter school campuses.

The property on West Prince had been a BAP auto parts store for many years, with 17-foot clear height and a 2,600-square-foot mezzanine area in front. The 5,200-square-foot building was built in 1986 and includes a full security fenced yard.

The current AMS Prince campus is an award winning 2016 charter school, located across the street at 1557 W Prince Road.

The second property located on Valencia east of 12^th Avenue was owner occupied for many years as Valencia Laundry and seller had decided to retire. Built in 1963, the 4,754-square-foot building sits on a 1.2-acre lot and backs up to the current school campus at 434 West Lerdo.

AMS has these two locations in Tucson and two in Phoenix, with 2,500 students in grades Kindergarten through 12^th enrolled. AMS vision was to create a school which offers a superior education in mathematics and science while still incorporating foreign language, music, and art.

Rick Kleiner and Isaac Figueroa with Cushman & Wakefield | Picor represented the school in these transactions and Steve Grimm with Grimm Commercial in Tucson represented the seller on the Valencia property.

For more information, Grimm should be reached at 520.795.5200, Kleiner can be contacted at 520.546.2745 and Figueroa should be called at 520.546.2743.

To learn more, see RED Comp #4803 and #4813.