PHOENIX, ARIZONA — Northmarq Phoenix’s Investment Sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle brokered the $28 million sale ($116,667/unit) of Palomino Crossing, 750 East Irvington Road, Tucson, Arizona. The team represented the seller, AndMark Management Company of Los Angeles.  The buyer was Next Round Asset Management, LLC (NRAM) from Chandler, AZ.

Northmarq Phoenix’s Debt & Equity team of Griffin Martin, Brandon Harrington, Bryan Mummaw and Tyler Woodard financed the acquisition with a $21.4 million floating rate bridge loan. The interest only loan was structured with a three-year term and arranged through Northmarq’s relationship with a bridge lender.

“We were pleased to work with Next Round Asset Management as they expand their footprint in the Tucson market with the acquisition of Palomino Crossing,” said Martin.  “We ran a competitive bid process, and they chose a lender that offered excellent terms and structure.”

Built in 1986, Palomino Crossing, is located in southeast Tucson in proximity to Tucson International Airport and Davis-Monthan Air Force Base, one of the largest employers in Pima County with over 10,000 workers. The complex includes fourteen, two-story buildings with one- and two-bedroom units that range in size from 510 to 875 square feet. Palomino Crossing was 97% leased at the time of sale.

“Palomino Crossing presented a blank canvas opportunity for Next Round to strategically reposition the property with in-unit renovations,” explained Hudson. “After renovations and possible ancillary income opportunities, like the installation of in-unit washers and dryers, there is a substantial opportunity for revenue growth. 

Palomino Crossing was the final property to close in a portfolio of four multifamily communities in Tucson that Northmarq marketed for AndMark Management Company. In April, Next Round Asset Management purchased another property in the portfolio, Mission Creek for $28.5 million.

Phoenix Commercial Advisors sells Paloma Village Center in Tucson

Tucson, Ariz.– Phoenix Commercial Advisors facilitated the sale of Paloma Village Center, a high-profile, daily needs retail center in Catalina Foothills. The property, located on 4.49 acres on the southeast corner of Campbell Avenue and Skyline Drive in Tucson, Ariz., sold for a total of $18,400,000 ($480 PSF).

The 38,347-square-foot center was 94 percent leased with a mix of internet-resistant tenants, including Starbucks, CVS Pharmacy, Fleming’s Steakhouse, and more. Chad Tiedeman and Danny Gardiner at Phoenix Commercial Advisors represented the seller in the transaction.

“Right across from the La Encantada, this property is centered in a high-traffic retail corridor. Along with the location, the surrounding neighborhood, Catalina Foothills, provides the property with one of the most affluent consumer trade areas in the state, which helped attract the buyer. It was pleasure to work with this seller.” – Chad Tiedeman

MARANA, Ariz. – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Dollar General, a 9,100-square-foot net-leased property located in Marana, Arizona.

The asset sold for $1,955,000 ($215 PSF).

Chris Lind and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor. With more than seven years remaining on the triple-net corporate lease, the asset has multiple renewal options on lease term with 10 percent rental increases in each option. The tenant, Dollar General, is the nation’s largest small-box discount retailer, operating more than 17,000 locations as of early 2021.

Built in 2014, the asset is located at 12355 North Trico Road in Marana, Arizona. Dollar General is situated between the Pinal Airpark, the Arizona National Guard Western Army Military Base and the Marana regional Airport. On the corner of North Trico Road and West El Tiro Road, Dollar General is visible to over 7,000 vehicles per day. The asset is less than a 30-minute commune to Forbes five-star rated, world-class Ritz-Carlton Dove Mountain Resort, the Omni Tucson National Resort, the White Stallion Rach and the Tucson Premium Outlets. The city of Marana is among the fastest developing cities in Arizona, growing at a rate of nearly 150 percent since the year 2000.