TUCSON, Ariz. – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Equinox on Prince, a 114-unit multifamily asset in Tucson, Arizona. The property sold for $21.1 million, which equates to $185,088 per unit.

Clint Wadlund, IPA senior director, and IPA’s Hamid Panahi, Steve Gebing and Cliff David represented the seller, Waahe Capital, and procured the buyer, Vertical Street Ventures.

“Waahe Capital produced a strong investment return through large capital infusions into interior renovations, common area enhancements, effective rebranding and enhanced community marketing of the Equinox brand,” said Panahi. “Vertical Street Ventures will continue to increase their investment upside through continued multi-tiered interior renovations and capitalizing on Tucson’s macro trends, most notably the city’s multifamily housing supply and demand imbalance,” added Wadlund.

Equinox on Prince is located in Central Tucson near Campbell Avenue, which provides quick access to Banner University Medical Center and the University of Arizona. The nearby Prince Road retail corridor gives residents immediate proximity to grocery, dining, and entertainment options. There are more than 20,000 jobs and nearly 825 employers within a five-mile radius of the property. Tucson’s major employers include Geico, Caterpillar, Amazon, Raytheon and the Davis-Monthan Air Force Base.

Built in 1964 on nearly five acres, the property is a 23-residential building complex with two swimming pools, a playground, dog park and laundry facilities. Upgraded unit interiors have white Shaker-style cabinets, stainless steel appliances and spacious closets. Select apartments have balconies and backyards. The average unit size is 654 square feet.

TUCSON, ARIZONA – Tucson Irvington Take Five LLC, dba Take 5 Oil Change, purchased a 25,650 square-foot retail pad in Placita del Rio for $900,000 ($35 PSF) to construct a 1,400-square-foot auto service building.

Take 5 Oil Change began in Canada in 1985 with its first shop in Mississauga, Ontario. Originally known as Pro Oil Change, it grew to 40 locations, and in 2020, converted all its shops to Take 5 Oil Change across the provinces of British Columbia, New Brunswick, Ontario, and Prince Edward Island.

Take 5 is widely known for delivering fast, friendly oil changes as easily and safely as possible. Driven by and designed for convenience — it gets everyone in and out in minutes without ever needing an appointment. Every service is performed by certified technicians, offering a range of additional automotive services for all makes and models of vehicles.

The Take 5 Family is also proud to actively participate in the growth of the communities where they are located. From raising funds for charities, to sponsoring local sports teams, it knows that when communities come together, they thrive.

Redeveloped Placita del Rio is located at the “Main & Main” position in the southwest Tucson trade area. The area hosts strong demographics with estimated growth that will exceed other established areas in the metropolitan area. The quality of the trade area surrounding  Placita del Rio is demonstrated by the high number of national and regional brand names that have located in the immediate area of the I-19 and Irvington interchange and their typically strong sales performance.

Next door to the east of Take 5 Oil Change there is a Popeye’s Restaurant, anchored by Cardena’s Ranch Market and the first Auto Zone Mega Hub Store in Tucson. A mega hub is an AutoZone store that carries up to 110,000 SKUs and helps fulfill orders for nearby stores and customers within 24 hours.

The seller, NEC Irvington I-19, LLC of Torrance, CA was represented by Ben Craney, Scott Soelter and Jayme Fabe with NAI Horizon of Tucson. The buyer was represented by Ashlee Ballas of Mohave Realty in Lake Havasu City, AZ.

For more information, Craney, Soelter and Fabe can be reached at 520.326.2200.

To learn more, see RED Comp #9889.

TUCSON, ARIZONA – The Arena Building in Tucson at 6969 E Sunrise Drive sold for $2.6 million ($278. PSF). Built in 1997, the 9,340-square-foot, two-story, office building is located on .75 acre in Ventana Canyon Office Park at the northeast corner of Sunrise Dr. and Kolb Rd.

The asset closed on May 17, 2022.

The seller, a local developer, Arena Real Estate Development, LP (Nan Arena, general partner) constructed the building and occupied a portion of it until retiring. There were four tenants in seven office spaces at time of sale with two suites vacant.

The buyer, Drachman Holdings, LLC, an affiliate of Drachman M&A Co. (Max Drachman), of Tucson plans to occupy approximately 3,500 square feet.

Other tenants in the building include Spectrum Real Estate Services, Arizona Hearing Specialists, Farmers Insurance – Don Cox and Hopman Financial Planning Group.

Buzz Isaacson with Buzz Isaacson Realty represented the seller and Roy Drachman of Roy Drachman Realty Company represented the buyer.

For more information, Isaacson can be reached at 520.529.1300 and Drachman should be contacted at 520.748.8400.

To learn more, see RED Comp #9883.