TUCSON, AZ – Marcus & Millichap (NYSE: MMI) announced the sale of SurgCenter of Tucson, a 6,300-square foot net-leased property located in Tucson, AZ, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $1.97 million ($312 PSF)

Jamie Medress, Mark Ruble and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a developer, limited liability company.  The buyer, a limited liability company, was secured and represented by Jamie Medress, Mark Ruble and Chris Lind.

SurgCenter of Tucson is located at 3935 East Fort Lowell Road in Tucson, AZ.

Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada. The Net Lease Advisory Group offers unparalleled service and expertise to the investment real estate community. Specializing in single tenant net leased, multitenant net leased, sale-leaseback transactions, and portfolio dispositions nationally; the Net Lease Advisory Group is built upon the philosophy of superior service by creating and maintaining excellent client relationships and providing its clients with industry leading market research, advisory and transaction services. The Net Lease Advisory Group has established a nationwide presence with closings in over 39 states, more than $2.2 Billion in sales, and a total of more than 737 closed transactions.

Jamie Medress and Mark Ruble successfully closed 120 transactions in 2015.

For additional information, Medress can be reached at 602.687.6778, Ruble is at 602.687.6766 and Lind can be called at 602.687.6780.

To learn more, see RED Comp #3950.

The Tucson industrial sector has stayed steady over the first half of the year, with just under $25.4 million in sale transactions to-date, the median sales price was $400,000 and average year built, 1981. Of these sales $10.3 million (40.41%) were in 17 transactions in the Southern submarket near and around the airport area, and $7.1 million (28%) in 16 transactions were in the Central Tucson submarket. The Northwest submarket accounted for $3.8 million (15%) with 3 transactions in Marana while the Eastern submarket had only one sale, $3.65 million (14%) of the total. In the Western submarket there were $630,000 (2.5%) in total sales with two transactions.

Although last year at this time, there were $35.9 in volume; one sale, The Freightliner Building at 5650 E Travel Place Way represented 38% of the total. Removing this anomaly, gives a 13.8% growth in volume year-over-year.

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Foothills Business Ventures, LLC (Glenn Luchies, member) purchased an 11,300-square-foot warehouse / showroom on one acre of land near Park Avenue at 1101 E. 18^th Street from Betty J. Niles for $525,000 ($46 PSF).  The buyer is an investor who intends to place the building on the market for lease.

The single tenant building was built in 1979 for Ferguson Fire & Fabrication by the seller, and occupied it as a tenant for 38 years before closing.

Gary Emerson of GRE Partners, LLC represented the buyer and has been retained as leasing agent for new owner. Betty Niles of HomeSmart Advantage Group represented the seller, herself as principal.

For additional information, Emerson can be reached at 520.777.4949.

To learn more, see RED Comp #3883.

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Main LLC of Vail, AZ (Robert Main, manager) purchased a 3,880-square-foot industrial metal warehouse with yard from Jill Steven McCain of Bisbee for $200,000 ($52 PSF) The buyer will owner occupy the property dba Vista Glass. The property was built in 1974 on a 14,178-square-foot lot off Country Club Road at District Street.

To learn more, see RED Comp #3888.

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Willis Metalcrafts, Inc. purchased a 5,000-square-foot industrial building located at 3214 – 3220 E. 46^th St. in Tucson from Joseph L. Scott and Shirley C. Scott for $200,000. ($40 PSF). Built in 1969 on a 15,200-square-foot lot off Country Club at 46^th Street, the buyer will owner occupy the property dba Willis Metalcrafts.

Paul Hooker, Industrial Specialist with Cushman & Wakefield | PICOR, represented the seller.  Tom Hunt and Bob Davis with Tango Commercial Real Estate, LLC, represented the buyer in this transaction.

For more information, Hooker can be reached at 520.546.2704 and David and Hunt can be contacted at 520.276.9779.

To learn more, see RED Comp #3945.

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The Steven Huettner and Brenda P. Huettner Revocable Living Trust purchased a 3,200-square-foot industrial building located at 933 N. Main Ave. in Tucson from Kaiser Downtown, LLC for $200,000 ($63 PSF). Built in 1956 on a 16,750-square-foot lot.

Paul Hooker, Industrial Specialist with Cushman & Wakefield | PICOR, represented the seller and Robert Redding with Centra Realty, represented the buyer in this transaction.

For additional information, contact Hooker at 520.546.2704 or Redding at 520.882.0767.

To learn more, see RED Comp #3947.

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Ritz Asset Management, LLC (Victoria Blass, manager) purchased a 16,088-square-feet of vacant land located at 2002 and 2006 E. Eastland Street in Tucson from The Diaper Bank of Southern Arizona for $46,265 ($2.88 PSF).

The buyer purchased to build in the future, dba Crest Roofing & Contracting, a commercial and residential roofing company since 1990.

Paul Hooker, Industrial Specialist with Cushman & Wakefield | PICOR, represented the seller and Victoria Blass with RE/MAX Results, represented the buyer in this transaction.

For additional information, Hooker can be contacted at 520.546.2704 and Blass at 520.271.7257. Crest Roofing & Contracting (Michael Blass) can be reached at 520.770.0000.

To learn more, see RED Comp #3907.

Prescott, AZ – CBRE has completed the sale of a vacant grocery store space in Prescott, Ariz. The property, located in the Depot Marketplace retail center at the northeast corner of Montezuma and Sheldon Streets, features 43,946-square-feet on just over four acres and commanded a sale price of $3.25 million.

Nancy McClure with CBRE’s Tucson office negotiated the transaction along with Arizona Commercial brokers Mary Jo Kirk and Bebe Wright. The seller was GIG TCG WAVE MASTER PROPERTY OWNER, LLC of New York, NY. The buyer was KDC Depot Marketplace, LLC, an entity formed by Kitchell Development Co.

“Depot Marketplace is a well-located, highly trafficked retail property. As such, we had a significant amount of activity from potential buyers – both investors and users – and ended up with five offers on the table,” said CBRE’s McClure.

The fully-equipped grocery store property was most recently occupied by Haggen, who had taken over the space when Albertson’s vacated after their merger with Safeway. Haggen vacated the property in December 2015 after filing Chapter 11 bankruptcy. Going forward, Kitchell has plans to re-tenant the property within the year.