TUCSON, ARIZONA — Two medical buildings at 2396 and 2404 E River Road in Tucson, fully occupied by Pima Heart & Vascular, sold for $9.26 million ($390 PSF).  The transaction closed on June 17, 2022.

The 23,746 square feet of improvements were built in 2009 on 1.83 acres. The seller, MED Properties, LLC is an investment group comprised of 9 member doctors that practice at Pima Heart. Alan Laulainen with Ascension Advisory of Scottsdale represented the seller.

“The property had great appeal as we received 8 or 9 full price offers in the first week on the market,” Laulainen said.  “It was a perfect fit for the buyers coming out of a 1031 exchange, that we priced right with a strong cap rate and a strong tenant.”

The buyer, S Wilson UpTown, Inc., Eric and Stu Wilson of San Diego, CA had previously been multifamily sector investors. This is their first branching out into the office net lease market.  Jim Ashcraft of Ashcraft Investment Services in California represented the buyer.

For more information on this transaction, Laulainen should be reached at 480.310.7974.

To learn more, see RED Comp #9953.

TUCSON, ARIZONA — The Ensign Group, Inc. (Nasdaq: ENSG), the parent company of the Ensign™ group of companies, which invest in and provide skilled nursing and senior living services, physical, occupational and speech therapies, other rehabilitative and healthcare services, and real estate, announced that it acquired the real estate and operations of Villa Maria Post Acute and Rehabilitation, a 65-bed skilled nursing facility, Villa Maria Wellness Living, a 35-bed assisted living facility and Tucson Recovery at Villa Maria, a 30-bed behavioral health unit, each located in Tucson, Arizona. The real estate was acquired by a subsidiary of Standard Bearer Healthcare REIT, Inc., Ensign’s captive real estate company.

The asset sold for $8 million, or $123,077 per bed and was effective July 1, 2022.

“We are very excited to add this community to the Tucson market, where we have carefully looked for growth opportunity for some time,” said Barry Port, Ensign’s Chief Executive Officer. “As always, we are also very pleased this opportunity included real estate to add to Standard Bearer’s growing portfolio,” he added.

Forrest Peterson, President of Bandera Healthcare, LLC, Ensign’s Arizona-based subsidiary, added, “We are very impressed with the caregivers in this community and feel our leaders are poised to add our experience to theirs as we seek to provide top-notch care to the residents we are fortunate to serve.”

The acquisition was effective July 1, 2022 and brings Ensign’s growing portfolio to 258 healthcare operations, 26 of which also include senior living operations, across thirteen states. Ensign subsidiaries, including Standard Bearer, now owns 105 real estate assets.

Mr. Port reaffirmed that Ensign is actively seeking opportunities to acquire real estate and to lease both well-performing and struggling skilled nursing, assisted living and other healthcare related businesses throughout the United States.

The Ensign Group, Inc.’s independent operating subsidiaries provide a broad spectrum of skilled nursing and senior living services, physical, occupational and speech therapies and other rehabilitative and healthcare services at 258 healthcare facilities, in Arizona, California, Colorado, Idaho, Iowa, Kansas, Nebraska, Nevada, South Carolina, Texas, Utah, Washington and Wisconsin.

To learn more, see RED Comp #9975.

TUCSON, ARIZONA – South Park Authoritah, LLC of Tucson (Shelby and Randi Collier members) purchased the industrial property at 805-827 S Park Avenue in Tucson for $1.855 million ($63 PSF) for conversion to a commissary that will service its Beyond Bread restaurants.

The transaction closed on June 21, 2022.

Built in 1959, the 29,374-square-foot building sits on 1.68 acres with 12-foot ceilings, grade and dock loading, a fenced yard and 208/120 400 amp 3-phase power. Located at the southeast corner of 18^th Street and Park Ave, the property was at one time a commissary and most recently was used as a jet engine testing facility.

Alan Moore with Chapman Lindsey represented the seller,  Park Avenue Properties, LLC of Tucson (Chad Taback, manager) and Nancy McClure of CBRE Tucson represented the buyers.

“The buyers are a great fit for this property,” said Moore. “We had multiple offers from both residential and commercial developers, in-town and out-of-state. But the sellers believed this was the best use for the property to see it returned to a commissary after so many years. It is great for the community, and everyone involved and I am proud to have been able to assist.”

With four restaurant locations in Tucson and a fifth at the Tucson Airport, Beyond Bread has been a local favorite since 1998. Offering a variety of hand-crafted breads, delicious sandwiches, house-made soups, fresh salads, and decadent pastries all in a comfortable and friendly environment.

For more information on this transaction, Moore can be reached at 520.747.4000 ext. 105 and McClure should be contacted at 520.323.5117.

To learn more, see RED Comp #9950.