A Rocklin, California based company, Shoppes at Continental Ranch, LLC (Brad Griffith, manager) bought the Safeway anchored retail center for $5.05 million. Located at 9090-9160 N Silverbell Road, at southeast corner of Twin Peaks and Silverbell Roads in Marana.

The sale was for 10,133-square-feet of existing inline shop space and 39,000-square-feet of potential expansion space on five outpads sold on 10.36 acres. There was 900-square-feet available space at time of sale. The hard corner pad did not sell in this transaction.

The investor plans to expand the inline space by an additional 23,800-square-feet of space planned for completion in first quarter 2016. There is another 15,200-square-feet of potential space with the five pads.

Other retailers at the center besides Safeway, include Subway, Great Clips, State Farm, TA Nails, Twin Peaks Cleaners, and Fortune Cookie Restaurant in this high growth area. Simon Property Group’s Tucson Premium Outlets, a 360,000-square-feet high-end outlet center scheduled to open 2015, is located one mile to the west of this property at I-10 and Twin Peaks Road.

Marana’s population has increased by 10.7 percent from April 1, 2010 to July 1, 2013, according to U.S. Census Bureau latest data. “There are approximately 400 improved residential lots and spec homes and over 2,900 future residential lots in the immediate trade area,” according to Craig Finfrock with Commercial Retail Advisors in Tucson marketing site.

Finfrock represented the buyer in the sale. The seller, Twin Peaks Partnership of Phoenix (Christopher Shaw, manager) was self-represented.

Finfrock will also handle leasing of the center, to learn more he should be reached at 520.290.3200.

For additional information login and refer to RED Comp #2961.

[mepr-show rules=”58038″]Sale date: 6/1/2015. Buyer paid $2,815,507 down, assumed an existing loan and did a seller carryback. APNs: 226-10-748, 749, 751, 754, 756 thru 758 inclusive.[/mepr-show]

Multifamily continues to be a hot item for investors in Q2 2015 for Tucson and Phoenix. In metro Tucson, from March 1^st to June 17^th, 3,221-units were sold for an aggregate total of $129.41 million. The average price per unit in Q2 was $50,060 per door and a median price per unit of $39,423, according to data collected by the Real Estate Daily News and RED Comps.

VILLA DE LA PAZ APARTMENTS SELL FOR $4.9 MILLION

PHOENIX, AZ – Cushman & Wakefield of Arizona, Inc. completed the $4.9 million ($47,573 per door) sale of Villa De La Paz Apartments, 6041 W. Thomas Road in Phoenix.  The eight-building apartment complex was constructed in 1983 and contains 103-units totaling 82,701-square-feet ($59.25 PSF). The property currently boasts 90 percent occupancy.

Maryland Gardens Investors LLC of Phoenix purchased the property from Superior Estates LLC of Tumon, Guam.

“The buyer liked the characteristics of the property, and it fit within their 1031 requirement,” said Brett Polachek, Director in the Multifamily Advisory Group with Cushman & Wakefield. A 1031 exchange allows an investor to sell a property, reinvent the proceeds in a new property, and defer all capital gain taxes.

Polachek and Jim Crews of Cushman & Wakefield successfully marketed the property for sale and represented the seller, Superior Estates. The buyer was represented by Tony Werstler of Solutions Real Estate.

CASA MARIN APARTMENTS IN TUCSON SELL FOR $2.13 MILLION

TUCSON, AZ – Casa Marin Apartments recently sold for $2.125 million ($29,514 per door) to an investor from Reno, NV, Chrisi Gardens, LLC, (Chris Ioannakis, manager).

The seller, Casa Marin, LLC of Mill Valley, CA (Peter Sorensen, manager) and the investor, were represented by Hamid Panahi of Marcus & Millichap in Phoenix.

The 72-unit complex was built in 1981 and is located at 438 East Prince Road in Tucson at the southwest corner of Prince Road and Los Altos in Tucson.

For additional information see RED Comp #2963.

FRESNO APARTMENTS IN CHANDLER SELL FOR $732K

PHOENIX, AZ – Fresno Apartments recently sold for $732,000 ($36,000 per door) to Epicenter Holdings, LLC. The seller, Mehmed Kozlika, was represented by Chip Kloppenburg of Sperry Van Ness, LLC.  The buyer was represented by Cass Stephens of S.J. Fowler.

Fresno Apartments is located at 275 N. Fresno in Chandler, AZ., with 20-units, and located only minutes east of N. Arizona Ave, just north of Chandler Blvd.

“This sale of Fresno Apartments is a key example of when the deal closes and both the seller and the buyer walk away happy,” Kloppenburg stated.

MOHAVE GARDENS APARTMENTS IN TUCSON SELL FOR $650K

TUCSON, AZ – Mohave Apartments recently sold for $650,000 ($27,083 per door) to a Beverly Hills investor, Richard Neal Mills Trust. The seller, Ricardo and Sheryl Robinovich, also of California, and investors were represented by Allan Mendelsberg of Cushman & Wakefield | Picor in Tucson.

Mohave Apartments has a mixture of one- and two-bedrooms and a total of 24-units. Located at 126 E Mohave Road in Tucson, the property is located just east of Stone Avenue.

“The property sold stabilized with only one or two vacancies in this all cash transaction,” Mendelsberg said.

For additional information see RED Comp #2995.

[mepr-show rules=”58038″] Mohave Gardens sold 6/15/2015 in an all-cash transaction. Property sold with an estimated $15,000 in deferred maintenance that was mostly for the parking lot resurfacing. Unit mix was (8) 1-bedrooms and (16) 2-bedroom units. Property sold at a 6.5% cap rate.

Casa Marin Apartments sold 6/1/2015 with $630,000 down and the balance financed with a conventional loan.

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The BRAKEmax at 6055 Wes Jenna Nicole Lane in Marana sold for $1.75 million ($320 PSF) to Colorado-based investors, JN Properties, LLC, of Vail, CO. The 5,464-square-foot building was built in 2003 on .68 acres located at Jenna Nicole Lane and Cortaro Road in Continental Ranch, near the Arizona Pavillions power center.

A second BRAKEmax at 4545 North 1^st Avenue in Tucson sold for $1.12 million ($204 PSF) to a Huntington Beach, California investment group, Oram Investments, LLC. The 5,487-square-foot building was built in 1997 on .62 acres located southwest of River Road and 1^st Avenue near the Tucson Mall.

BRAKEmax is a locally-owned business that does more than brakes… complete car care means BRAKEmax offers service on American and import cars and trucks including Fluids and Filters, shocks and struts, Air Conditioning, CV Boots and Axles, Computerized Alignment, Belts and Hoses, Cooling systems, Starters and Alternators, transmission repair, and most frequent maintenance services.

In addition to complete auto repair and maintenance, BRAKEmax also offers Auto Glass Replacement in Tucson, AZ through Max Auto Glass – the newest division of BRAKEmax.

Over the past 18 years BRAKEmax has grown to 12 locations in Pima County and remains family-owned and operated.

John Glass who specializes in net-leased property dispositions with Marcus & Millichap in San Francisco and Chris Doty with Marcus & Millichap in Phoenix represented the sellers and Doug Fielding with Marcus & Millichap Phoenix brought the buyers.

T o learn more Glass can be reached at 415.625.2114 while Doty should be contacted at 602.687.6700. Fielding can be called at 602.687.6764.

For additional information login and refer to RED Comps #2977 and #2994.

[mepr-show rules=”58038″] 6055 W Jenna Nicole Lane – Sale date 6/11/2015 had $612,500 downpayment and balanced financed with new conventional loan. Property sold with a new 20-year absolute triple net lease, with zero landlord responsibility and three 5-year lease renewal options. Rent increases by 7.5% adjusted every five years, including the option periods. Propert sold with an NOI of $115,000 and a 6.57% cap rate.

4545 N 1^st Avenue – Sale date 6/4/2015 had $435,000 down and was a 1031 exchange for buyer. Property sold with a GSI and NOI of $78,000 and a 6.96% cap rate. Seller is an owner user and will continue to lease property in a sale leaseback agreement. The net lease has zero landlord responsibilities and four 5-year renewal options with 7.5% adjustments every five years [/mepr-show]