TUCSON, Arizona — A California investor, Mibara Inc., bought the value-add property Kelso Vista Apartments at 450 W Kelso Street in Tucson for $1.7 million ($42,500 per unit).

The 40-units in 24,030-square-feet were all one-bedrooms, with pool, spa and laundry facilities and built in 1983. Property was 50% occupied at time of sale.

The Marcus & Millichap team of Hamid Panahi, James Crawley, Steve Gebing and Cliff David represented the seller, NKJ Investments. LLC. Michael Bishop with Realty Executives Tucson Elite represented the investor.

For additional information, contact Panahi, Crawley, Gebing and David at 602.687.6700 and Bishop can be reached at 520.631.8588.

To learn more, see RED Comp #4718.

Marcus & Millichap also represented the seller in the sale of 2320 N 4^th Avenue in Tucson for $1.455 million ($132,273 per unit).

This 11-unit student housing complex near the UA consists of five duplexes and an SFR totaling 10,145-square-feet, built in 1996 on .80 acre. Although not rented by the bed, being near the University it rents to students.

Daniel Rosenbaum of Rosenbaum Relaty Group represented the investor form Laguna Beach, California and the Marcus & Millichap Team of  Hamid Panahi, James Crawley, Steve Gebing and Cliff David was on the seller’s side.

For additional information, Panahi, Crawley, Gebing and David can be reached at 602.687.6700 and Rosenbaum is at 480.588.1333.

To learn more, see RED Comp #4814.

[mepr-show rules=”58038″]Kelso Vista Apts. Sold 4/4/2017 Document #2017-0940149 as a value add sale.

2320 N 4^th Ave sold 5/9/2017 at a 6.75% cap rate. [/mepr-show]

TUCSON, Arizona — The Animal Inn and Pet Clinic at 6745 N La Canada Dr in Tucson sold for $891,000 ($76 PSF).  Property consists of a dog & cat boarding Kennel, zoned CR-1, with a permitted non-conforming use, and a Veterinary Clinic on 8.74 acres.

The seller was Lila Wadsworth, a well-known Afghan Hound breeder in town who operated the kennel while leasing the veterinary clinic. Casas Adobes Pet Clinic with Dr. Richard Morehouse , DVM, was at this location for many years and when he retired sold his practice to Northwest Pet Clinic along with the building lease.

The buyer, Jackpot Real Estate, (Dr. Lindsey Smogor, DMV) is a large animal vet doing business as Jackpot Equine Mobile Vet Services with associate veterinary doctors who will occupy the Vet Clinic and continue to operate the kennel at this location.

Tom Campbell with Long Realty represented the seller in the transaction and Zdravko Manov of Arizona Healthcare Realty in Phoenix represented the buyer.

For more information, Campbell can be reached at 520.419.8200 and Manov is at 602.525.9562.

To learn more, login and see RED Comp #4781.

[mepr-show rules=”58038″] Closing date 4/25/2017. APN: 102-10-019C. The tenant at time of sale, Northwest Pet Clinic did not exercise its first right of refusal on the property. [/mepr-show]

TUCSON, Arizona — After years being on hold, Safeway has closed on a 7-acre site at Mercado del Lago. Safeway has been eyeing this site for many years, waiting for the grocery store market to stabilize, and is now ready to begin construction. Located in southeast Tucson, at the intersection of Colossal Cave Road and Mary Ann Cleveland Way, the property commanded a sale price of $2.6 million ($8.53 PSF).

Construction of the 55,000-square-foot Safeway and a fueling station is slated to begin June 19^th for an early 2018 grand opening, according Jan Martin of Safeway’s Real Estate Department.

Mercado del Lago is a promising shopping center located at the doorstep to growing Rancho Del Lago master planned community,  for residents in the Vail and Corona de Tucson areas who have been waiting for a grocery, it is finally going to happen!

Currently the closest shopping options for those living in Rancho del Lago are in Rita Ranch, and for residents of Corona de Tucson the new Safeway will be a much-welcomed relief.

Without the Safeway, the entire Mercado de Lago project has been on hold. In addition to the Safeway, the center is back on track to having 16 to 20 other tenants, including a possible McDonald’s, a bank branch, as well as office buildings, shops and other restaurants on this 22-acre total parcel.

The seller of the Safeway site is also the developer of Mercado del Lago, Davidson Investments, Gary Davidson, principal. There were no brokers involved in the transaction.

To learn more, see RED Comp #4810.