Larsen Baker of Tucson (George Larsen and Don Baker, partners) through an affiliate, Circle Plaza Sports LLC, purchased the property at 7280 E Broadway Blvd in Tucson for $500,000 ($27.81 PSF) for land value from James and Judith Murray of Tucson. The 17,980-square-foot lot currently has two buildings occupied by Play It Again Sports as a storefront with storage in the back building.

Play It Again Sports, a pioneer in the resale of used sports equipment, plans to move to 7707 E Broadway Blvd at Broadway and Pantano for June 1^st. One of three Play It Again Sports’ stores in town, the others are at 4750 E Speedway Blvd. and 7963 N Oracle Road in Tucson, with more stores in Tempe, Phoenix, Mesa and Goodyear.

The purchase took about five years to negotiate an agreement between the parties. Both seller and buyer were self-represented in the transaction with Andy Seleznov, CCIM, and Melissa Lal, CCIM, of Larsen Baker handling the negotiations. Seleznov told us the buildings were originally a Sambo’s Restaurant, built in the early 1970’s and in poor condition. The plan now is to raze the buildings to make room for a new retail pad with approximately 4,700-square-feet available.

Located at Broadway and Kolb, one of the highest traffic intersections in Tucson, the property borders to the east of the neighborhood center, Circle Plaza, anchored by Michaels, Ross Dress for Less, Starbucks, Sports Authority, HomeGoods, Lane Bryant, Natural Grocers and Freddy’s Steakburgers.

To learn more Seleznov and Lal should be reached at 520.296.0200. For additional information see RED Comp #2863.

The Carioca Company (Marvin Rose, president) through its affiliate RG3 LLC bought 5.77 acres at Rita Tech Park at the northeast corner of I-10 and Rita Road in Tucson for $1.5 million ($6 PSF). Carioca is a Shell gas distributor / Convenience store and Subway franchisee, founded in 1972, that now owns 42 Shell stations across Arizona. The Phoenix-based company employs approximately 800 people.

Jim Edwards with Rein & Grossoehme Commercial Real Estate in Scottsdale represented the buyer and had this to say, “The buyer likes growing areas on the outskirts of town and Rita Tech Park in southeast Tucson met all the criteria. The property has visibility and signage from I-10 and is adjacent to the University of Arizona Science and Tech Park and Target Distribution Center in an expanding part of town.”

Jerry Hawkins with CBRE in Tucson and John Rehling with CBRE in Phoenix represented the seller, Diamond Ventures of Tucson (Bill Kelley, CFO) in the transaction.

To learn more Hawkins can be reached at 520.323.5100, Rehling is at 602.735.5555, and Edwards should be contacted at 480.214.9400. For additional information see RED Comp #2801.

In a separate transaction, a Walmart Neighborhood Market will be the first to go vertical at a new retail center at the southwest corner of Tucson Blvd and Drexel Road in Tucson, a portion of Tucson Airport Commerce Center. Walmart paid $1.34 million ($6 PSF) for the 5.1 acres for construction of a 4,100-square-foot Neighborhood Store.

Alex Clark with B.D. Baker Company of Scottsdale represented Walmart in the transaction and the seller, Diamond Ventures of Tucson was represented by Bill Kelley, CFO.

Shannon Murphy with DVI Realty and Diamond Venture will be marketing three additional pads and shop space at this new center.

To learn more Clark can be reached at 480.951.4377 and Murphy should be reached at 520.577.0200. For additional information see RED Comp #2862.

The Tucson Gem and Mineral Show will be back at the Clarion Hotel at 4550 S Palo Verde Road in Tucson after Daniel Duke purchased 4.79 acres for $875,000 ($4.19 PSF) specifically for this purpose. Duke is president of Gem Marketing International and an organizer of the Tucson Gem and Mineral Show, with several sites in town.

Norm Hoegger with Norman Hoegger Realty of Tucson represented the buyer. Hoegger said, “Last year the Gem and Mineral Show was not at this location for the first time in a long while and it was sorely missed. That will now be corrected going forward. Located adjacent to the Clarion, the Gem Show site benefits from use of the Holidome and Clarion Hotel.”

Jerry Hawkins with CBRE in Tucson represented the seller, Raka Hospitality Tucson LLC of Vancouver, British Columbia Canada in this transaction.

To learn more Hoegger should be reached at 520.745.6598 and Hawkins at 520.323.5100. For additional information see RED Comp #2839.

Cushman & Wakefield | Picor Multifamily Market Snapshot Q1 is reporting positive absorption and growth in all the important statistical categories for the Tucson multifamily market. Tucson apartments vacancy rates (averaging 8.5%) and average rents ($10.56 PSF) continue to see positive gains, while Tucson continues to generate significant investor interest due to low interest rates and high cap rates averaging 8% and more. To see the full Q1 2015 multifamily report CLICK HERE.

In the first week of May, nine transactions with an aggregate of 220 units totaling $5.88 million have been transacted with many brokers reporting ‘multiple offers’ being received and ‘high interest’ repeatedly for ‘value-add’ properties.

The following sales took place from April 30 to May 7^th scattered throughout most of the area submarkets.

EASTERN SUBMARKET
Investors from Burbank, California (Erlinda & Ameline Laking,members) purchased the Monterey Gardens Apartments at 1039 N Alamo Avenue in Tucson for $2 million ($37,736 per unit / $47 PSF) The 53 unit apartment community built in 1970, is located in the Wilmot Desert Estates. Large floor plans (20) 675-square-foot 1-bedroom units, (24) 950-square-feet 2-bedroom units and (8) 3-bedrooms. Recent capital improvements include exterior paint, landscaping, roof, resurfaced parking lot and new plumbing and power transformer installed. The majority of the units were recently remodeled. Amenities include a pool. David Walsh of Realty Executives Tucson Elite handled the transaction and should be reached at 520.591.1736 to learn more. Also see RED Comp #2861 for additional information.

CENTRAL SUBMARKET

Victoria Arms Apartments at 1518 E Hedrick Drive in Tucson sold to investors from Castle Rock, Colorado for $1.025 million ($40,800 per unit / $53 PSF). The single story, 25-unit complex, built 1975, has (24) 2-bedroom and one 1-bedroom apartment units. Amenities include individually fenced yards, a rental office on-site and lush landscaping. Mick Cluck, CCIM, with Coldwell Banker of Tucson represented the seller, Deep Water Investments of Reno, NV and said there was “high interest in the property from multiple buyers”. Cluck can be reached at 520.349.3533 to learn more. Jo Roberts with Long Realty in Tucson represented the investors in this 1031 exchange and should be contacted at 520.886.7500. Tucson Realty & Trust will be managing the property. Also see RED Comp #2874 for additional information.

DLGS JAK Properties of Phoenix (Pat Stoiak, manager) bought the Palo Verde Terrace Apartments at 3493 E Lind Road in Tucson for $750,000 ($14,423 per unit / $27 PSF) from Mental Health Resources. The 52-unit apartment complex was vacant and sold vacant with deferred maintenance. It was not on the market when sold. Allan Mendelsberg, Investment Specialist with Cushman & Wakefield | Picor handled the transaction and can be reached at 520.546.2721 to learn more. Also see RED Comp #2871 for additional information.

Local investor, Stak Properties (Kristi Verdugo) purchased the 14-unit multifamily complex at 2620 N Stone Avenue in Tucson for $317,500 ($22,607 per unit / $42 PSF). Built in 1948, the property has six 1-bedroom apartments, and 8 freestanding casitas and was fully leased when it sold. Chuck Corriere with Keller Williams in Tucson represented the sellers, Milton & Lorna Nunn of Washington, and can be reached at 520.400.9811 to learn more. Arthur Verdugo III with Tierra Antigua represented the investors and is at 520.544.2335. See also RED Comp #2857 for additional information.

WESTERN SUBMARKET

With seven multiple offers, Wildcat Equities of Tucson (Brandon Matheson,member) purchased Mountain Shadows Apartments at 3053 W Anklam Road in Tucson for $325,000 ($32,500 per unit / $51 PSF). A 10 unit complex, (7) 1-bedroom and (3) 2-bedroom units had the majority of the units upgraded with new kitchens and tile floors. Amenities included a swimming pool and laundry on property and each unit has spacious backyards and desert landscaping. Allan Mendelsberg, Investment Specialist with Cushman & Wakefield | Picor handled the transaction and can be reached at 520.546.2721 to learn more. See also RED Comp #2869 for additional information.

NORTHEAST SUBMARKET
An affiliate of Equity Partners of Tucson bought the Monte Vista Apartments at 4001 & 4015 E Monte Vista Drive in Tucson for $650,000 ($20,313 per unit / $46 PSF). Built in 1978, the (32) Jr. 1-bedroom units have A/C, mature landscaping, pool, picnic area and laundry facilities on-site. The property sold 85% occupied. Tony Reed with Long Realty represented the seller, Jarbun Properties of Irvine, CA (Dean Rathburn, officer) and should be contacted at 520.918.5189 to learn more. Sofonias Astatke with Equalibrium Realty represented the buyers in this 1031 exchange. Astatke can be reached at 520.250.8977. See also RED Comp #2872 for additional information.

Tucson investors, Eric Layton and Eli Halif purchased Alernon Way Apartments at 2457 N Alvernon Way in Tucson for $157,500 ($17,500 per unit / $30 PSF) in an Estate Sale. The property consists of a 9 unit apartment complex near Alvernon Way & Grant Road, built in 1950. At time of sale 8 units were rented and one was vacant. Peter Canacakos of Long Realty in Tucson handled the transaction for seller, The Londer Trust of Tucson. Canacakos should be reached at 520.918.4831 to learn more. Also see RED Comp #2876 for additional information on this transaction.

SOUTHERN SUBMARKET
Local investors (Gabriel Reina, member) purchased the Elvira Apartments at 320-326 E Elvira in Tucson for $230,000 ($17,692 per unit / $26 PSF) in a recent REO sale. The distressed property with thirteen units consisted mostly of two-bedrooms and sold with deferred maintenance. Allan Mendelsberg, Investment Specialist with Cushman & Wakefield | Picor represented the seller and Eddie Watters with Realty Executives Tucson Elite represented the investors. Mendelsberg can be reached at 520.546.2721 to learn more and Watters is at 520.877.4940. For additional information see RED Comp #2889.

Green Valley investors, Apero Properties (Mark & Kimberly Schmidt) bought the 12-unit multifamily complex at 351 and 401 W Apero Drive in Green Valley for $420,000 ($35,000 per unit / $49 PSF). The property consists of 12 apartment units, in four buildings built in 1966 and 1979. The seller was also from Green Valley, The Heinemann Family Trust ( Kenneth Heinemann, trustee). For additional information see RED Comp #2826.