Two Multifamily Investments Sell for $4.8 Million

Monte Vista Commons

TUCSON, ARIZONA (June 21, 2023) – Monte Vista Commons, a 23,256-square-foot investment property at 3949 E. Monte Vista Dr. in Tucson, sold for $3.1 million ($86,111 per unit / $133.30 PSF) as a value-add sale.

The transaction closed on June 9, 2023.

Built in 1992, the 36-unit apartment property has (24) Studios and (12) 3-bedroom / 1-bath units. The buyer was Monte Vista Apts, LLC of Oro Valley, and the seller was Monte Vista Commons LLC, an affiliate of Highland Real Estate Partners of San Diego, CA.

Allan Mendelsberg and Joey Martinez, Principals and Multifamily Specialists with Cushman & Wakefield | PICOR represented both parties in this transaction.

Pima Commons

In a separate transaction, Pima Commons, a 10,250-square-foot investment property at 3124 E. Pima St. and 1625 N. Camilla Blvd. in Tucson, sold for $1,665,000 ($104,000 per unit / $162.44 PSF) in a value-add sale.

This transaction closed on June 7, 2023.

Built in 1992, the 16-unit apartment property has (4) studios, (8) 1-bedroom / 1-bath, and (4) 2- bedroom / 1-bath units. The buyer was Pima Cottages, LLC of Sanford, NC, and the seller, Pima Commons LLC of San Diego, CA.

Allan Mendelsberg and Joey Martinez, Principals and Multifamily Specialists with Cushman & Wakefield | PICOR represented both parties in this transaction.

To learn more, see RED Comps 10722 and #10720.

 




Realty Executives Handle Industrial Building Sale to Cali Investor for $2.52 Million

TUCSON, ARIZONA (June 19, 2023) – An industrial property at 3151 E Drexel sold for $2.52 million ($85 PSF) for investment recently.

Built in 1972, the corner building sits on a large, fully fenced lot, features 12 parking spaces, eight offices, six in the front with HVAC and two in the back section, column spacing 40’ x 31’, and 3 phase, 1200 AMPS power.  A 1200-square-foot Vault Door Secured Room with HVAC, three dock-high doors, and three grade-level doors, all ADA Compliant.

The seller, MRK Global Network (Mr. John Kra, manager), a wholesaler of gems, minerals, beads, pearls, jewelry, and gift items, will continue to occupy the property until the business and inventory are sold, doing a short-term sale-leaseback.

The buyer, RedSwell, LLC is based in San Diego and purchased the property to re-lease.

Jake Arnold and Omer Kreso with Realty Executives Arizona Territory in Tucson handled the transaction for both buyer and seller.

For more information, Arnold can be reached at 707.293.5281 and Kreso is at 520.247.7480.

To learn more, see RE Comp #10696. The transaction closed on May 25, 2023.

 




CBRE Handles Condominium Assemblage at Old Farm Executive Park

6011 E Grant Rd. Old Farm Executive Park

TUCSON, ARIZONA (June 16, 2023) – 8283 Grant Holdings, LLC,  dba 1701 Solutions (Matthew Bernstein and Troy Bogle, managing partners), a software and website developer, exercised a one-year option to buy 6011 W Grant Rd for $215,000 ($196 PSF) and purchased 6009 W Grant Rd at the same time for an additional $240,000 ($187 PSF). The seller of both offices was The Steven and Jaime Kelly Trust.

The two adjoining condominium office units are in Old Farm Executive Park and total 2,378 square feet of space combined.  Built in 1998, Old Farm Executive Park is a popular office complex in northeast Tucson, east of Craycroft on Grant.

6009 E Grant Rd. Old Farm Executive

The buyer, 1701 Solutions, was founded in 2012 to change the way managed services were delivered in the Information Technology industry. The principals have decades of experience managing and implementing complex IT systems in regulated environments and remain industry leaders in helping clients imagine and execute their technology plans. Their engineering roots explain their approach to focusing on preserving existing systems and protecting investments while taking full advantage of all the benefits of modern technologies.

Organizations, large or small, require expert knowledge to properly manage their technological infrastructure; however, they do not always have the IT professionals in place to build, manage and troubleshoot technical issues.

1701 Solutions’ integrated Managed IT services provide friendly IT support for a budgeable monthly expense. Partners know and trust that they have their best interests in mind. With a proactive approach to preventing issues before they arise, secure systems before they become vulnerable, and plans for technology upgrades ahead of time, all while allowing their clients to stay on budget.

David Montijo with CBRE in Tucson handled the transactions for the buyer and seller.

For more information on office space available for sale or for lease, Montijo should be contacted at 520.323.5136.

To learn more, see RED Comps #10666 and #10667.