Tucson, AZ. – Larsen Baker sold the recently renovated building on the hard corner of Campbell and Skyline occupied by Charles Schwab. The building was sold as a net lease investment at a 4% cap rate.

The buyer was 6401 North Campbell JV, LLC, an Arizona limited liability company is an affiliate of Iridius Capital (G.S. Jaggi, chief investment officer). The asset sold for $5.8 million ($959 PSF) and closed on June 3, 2022.

The seller, Skyline Encantada Investors, LLC, an affiliate of Larsen Baker, was represented by Isaac Figueroa of Larsen Baker who handled the transaction. The property was an off market transaction.

The 6,047 square-foot building is located at 6401 N Campbell Avenue in Tucson.

For more information, Figueroa should be reached at 520.296.0200 x218.

TUCSON, Ariz. – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Bellevue Tower, a 90-unit, garden-style, midrise apartment property in Tucson, Arizona at 3710 E Bellevue Street. The asset traded for $14 million, which equates to $155,556 per unit.

“New ownership is poised to experience rental growth upside due in part to a submarket- leading average unit size of 1,062 square feet, as well as the opportunity to continue the existing renovation program across an additional 94% of the community,” said Hamid Panahi, IPA senior vice president. “The seller successfully proved out a robust common area renovation program and the initial implementation of a unit interior renovation program across 6% of the units within this durable Central Tucson submarket.”

“Former ownership is actively seeking to deploy proceeds from the sale across additional Arizona multifamily properties and continue to bring value to Arizona residents,” added Clint Wadlund, IPA senior director. Panahi, Wadlund, and IPA’s Steve Gebing and Cliff David represented the seller, a private party, and procured the buyer, GR Capital.

The property is located between Central Tucson’s Palo Verde and Miramonte neighborhoods, next to Tucson’s main retail corridor, Speedway Boulevard. There are over 35 restaurants, bars, and grocery stores within walking or biking distance. Nearby attractions include The Loft Cinema, Lucky Strike Bowling, the El Con Mall, Tucson Botanical Gardens, Reid Park Zoo, Rillito River Park, and Smiling Dog Ranch. There are over 2,300 businesses within a three-mile radius of the property, including employers such as Banner Health, Target, ADP, Sonora Quest Laboratories, Walmart, Whole Foods, and Home Depot.

Constructed in 1972, five-building Bellevue Tower has a unique mix of floor plans that includes midrise tower lofts, traditional garden apartments, and townhomes with private yards. Among the community amenities are three laundry facilities, a swimming pool, business center and covered parking.

To learn more, see RED Comp #9898.

TUCSON, ARIZONA — Scannell Properties purchased the 17.57 acres known as the Alvernon Way Commerce Center at Alvernon & Valencia, next to Home Goods and American Tire, just north of Amazon’s new 270,000 square-foot sorting center currently under construction, $2,793,524 ($3.65 PSF) from the Ray Rivas Revocable Trust, Ray Rivas 401(K) Savings Plan, and the P. Michael Smith and Sandara S. Smith Trust of Tucson.

Scannell Properties is returning to Tucson after building and then selling the 49,500 square-foot Amazon Last Mile Distribution Center at 775 W Silverlake Road in 2019. Scanell Properties assembled the 10.74-acre parcel for Amazon in 2018 and then built the last mile center for Amazon to lease.

The land asset is to be fused for construction of two industrial spec buildings.

“We are very excited to be returning to Tucson for our latest project,” said Mohnish Narlanka, Development Associate with Scannell. “We have seen strong market fundamentals supporting demand for best in class industrial product, and we plan to deliver that to the market in 2023.”

Scannell Properties is a privately owned real estate development and investment company that focuses on build-to-suit and speculative development projects throughout the United States, Canada and Europe. In business since 1990, it offers experienced leadership, a history of successful commercial development projects, broad geographic reach and expertise in a wide range of building types.

Gordon Wagner and Chris Itule with NAI Horizon handled the transaction. Itule has since moved over to DSW Commercial Real Estate.

For more information, Wagner should be reached at 520.398.5130.

To learn more, see RED Comp #9891.