North Carolina-based Old Dominion Freight Line (David Congdon, CEO) bought 8.6 acres of land at 3375 E. Corona Road in Business Park of the Desert for $1,181,647 ($3.15 PSF) from Business Park of the Desert LLC (Stephen Cohen, manager).

The price was based on a price per square-foot for the original size parcel of 9.4 acres that had to be adjusted for common area while sale price remained the same.

The property is located between two new distribution facilities operated by HomeGoods and FedEx Ground. The site was purchased for future growth by Old Dominion Freight Line. Specific building plans were still under discussion when we spoke to the buyer.

Old Dominion is a less-than-truckload (LTL) carrier that is more than 80 years old and provides regional and national distribution, as well as logistics services.

It’s Tucson service center is currently at 2202 North Dragoon Street, west of Interstate 10 and Grant Road. It also has service centers in Phoenix and Flagstaff.

Pat Welchert, SIOR, Industrial Specialist with Cushman & Wakefield | Picor, represented the buyer and Stephen D. Cohen and Russell W. Hall, SIOR, GSCS, Industrial Specialists with Cushman & Wakefield | Picor, represented the seller in this transaction.

For additional information, Welchert can be reached at 520.546.2748. Cohen should be called at 520.546.2750 and Hall is at 520.546.2747.

To learn more, see RED Comp #3887.

Other recent industrial sales completed at Cushman & Wakefield | Picor included the sale of 818 South Plumer Avenue and 2135 East Eastland Street in Tucson to 818 Plumer LLC of Tucson (Martin Smith and Norman Record, Jr. members) for $317,000 ($59.54 PSF).

The 5,324-square-foot industrial building on .39 acres was purchased to be owner occupied by Record Enery Concepts, an HVAC serrvice company and consists of a 3,578-square-foot office (built 1982) and a 1,746-square-foot showroom/warehouse (built 1984).

Brandon Rodgers, CCIM, Principal with Cushman & Wakefield | Picor handled the transaction.

For more information, Rodgers can be contacted at 520.546.2714

To learn more, see RED Comp #3876.

Long Far Investments LLC purchased a 6,212-square-foot industrial building located at 3311 N Chapel Avenue in Tucson form Burt E Lake and Billie Louise Lake Revocable Living Trust for $240,000 ($38.63 PSF).

The property was vacant at time of sale and sold to lease by buyer after renovations into a two industrial units each with fenced yards. Built in 1982 and 1984, the building can be split for dual occupancy; the property is located west of Alvernon Way and north of Fort Lowell.

Paul Hooker, Industrial Specialist with Cushman & Wakefield | Picor handled the transaction and will handle the leasing of property for new owner.

For more information, Hooker should be reached at 520.546.2704.

To learn more, see RED Comp #3878.

Ramsey Canyon, 4120, LLC has purchased the former Luz Academy at 2797 N. Cerrado de Beto from ROI Properties as Receiver for Luz Social Services, Inc. The former psychiatric hospital and charter school, constructed in 1999 and completely renovated in 2011 is comprised of approximately 40,000-square-feet and sits on 30 acres of land near Silverbell and Ironwood Hills Drive. The total purchase price was $2.25 million ($56.25 PSF).

The buyer plans a complete renovation of the building for a new senior living community.

Gary and Randy Emerson of GRE Partners and ROI Properties represented the Seller in the transaction.

For additional information, please contact Gary Emerson (520-603-9107) or Randy Emerson (520) 429-4967

To learn more, see RED Comp #3863.

TUCSON, AZ — The Associated Press is reporting a Phoenix-based apartment company, Second Chance Rentals, is expanding to Tucson thanks in part to its target clientele: convicted felons.

Second Chance Rentals brought its practice of renting to felons and evictees, a population other landlords might consider high-risk, to the Tucson market this summer.

“Felons are our best clients,” CEO Les Boynton said. “They value their housing.”

Public defenders such as assistant Pima County public defender Joel Feinman say finding housing is one of several issues people with felony convictions have to deal with.

“It’s not just sex offenders or murderers who suffer these consequences,” he said. “It’s people who are convicted of possession of marijuana or felony shoplifting.”

Boynton, whose clients are all non-violent offenders, said he has rented to more than 22,000 people at 120 apartment complexes in Phoenix since starting his company in 2003. He does not work with sex offenders, habitual drug dealers or people who are frequently in and out of prison, the Arizona Daily Star reported click here for story.

Second Chance oversees a 52-unit complex in Tucson that Boynton and a group of investors bought in May.

“To my knowledge, there is no model specifically like that in Tucson,” said Mike Chapman, a specialist in multifamily housing for Tucson-based NAI Horizon, a commercial real estate company.

The property has a 96 percent occupancy rate. The company intends to buy or manage another 400 units by the end of the year, Boynton said. It could be needed in a county where nearly 41,000 people have been convicted of felonies in the last decade.

Sharli Pettit, who is 19 and more than eight months pregnant, had difficulty finding a place because of her prior conviction for methamphetamine possession. But just a few hours after checking out a small apartment owned by Second Chance, she signed a contract.

“It’s really hard to find a place that allows people like me, being a felon,” she said. “All I want to do is turn my life around.”

https://www.my2ndchancerental.com/

See RED Comp #2871 for additional information.