The Ranch at Star Pass Sells for $57.5 Million to be re-branded The Reserve

TUCSON, ARIZONA — The Ranch at Star Pass changed hands recently for $57.5 million ($171,131 per unit). Built in 2000, the luxury student housing complex has 336-units and 1,020 beds.

California-based, Element Property Company (Michael Silberman, member) purchased the property from PC Star Pass, LLC of Provo, Utah that acquired it in 2018 for $38.65 million.

It will now be rebranded The Reserve at Star Pass.

Element Property Company is a Real Estate Investment firm focused on the acquisition of Multi-Family properties and owns owns several other apartment complexes in Tucson:  Overlook at Pantano, Rancho del Mar, Metro On First, Mission Antigua, Tierra Ridge, Arcadia Gardens, Cabo Del Sol, La Posada, as well as Saddle Ridge in Oro Valley, but this is its first student housing community.

The property serves the University of Arizona and Pima Community College. Choose from one-bedroom, two-bedroom, and four-bedroom apartment homes, each bedroom has its own bathroom. Amenities include a business center, clubhouse, lounge, fitness center, conference room, spa, pool, basketball court, tennis court, volleyball court, walking/biking trails, game room, barbecue area, barbecue/grill, and media center/movie theater.

To learn more, see RED Comp #8880.

 

 



True Blue Car Wash Expands with 3 New Clean Freak Locations in Arizona

TEMPE, Ariz. — True Blue Car Wash LLC announced the successful acquisition of three Clean Freak locations in Arizona, bringing its total carwash units to 53, twenty-one of which are in the Southwest under the Clean Freak banner.

True Blue is proud to serve the people of Arizona as one of the largest carwash operators in the state, spanning across five Arizona markets.

The two locations in Tucson are at 1471 S Alvernon Way and 4300 W Ina Road purchased for $8 million. The third is at 8999 E Via Linda in Scottsdale.

These acquisitions will give the people of Tucson two more convenient locations to keep their cars looking fresh.  Via Linda provides flex service options.

“We are excited to expand True Blue Car Wash through its Clean Freak brand across Scottsdale and Tucson. These locations are a pivotal part of our growth in the Southwest and are great additions to the True Blue family. We are looking forward to serving these communities by being the premier carwash operator and employer in these areas,” said Chris Laurella, Southwest Regional Director.

To learn more, see RED Comps #8887 and #8888.



Panda Express & Five Guys at Campbell Plaza Sell for $4.4 Million in Tucson

TUCSON, 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 Panda Express & Five Guys, a 6,317-square-foot retail property located in Tucson, Arizona.

According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $4,404,600 ($697 PSF).

Mark Ruble and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The property is 100 percent leased to Panda Express & Five Guys, both of which have long-term occupancy and just extended their lease terms. Rental increases will occur in 2023 and 2025.

Built in 1985, Panda Express & Five Guys is located at 2800 North Campbell Avenue in Tucson, Arizona. The property is located in Campbell Plaza along with Ace Hardware, Albertsons and Ross. The signalized hard corner location on North Campbell Avenue and East Glenn Street is visible to 56,625 vehicles per day. Panda Express & Five Guys is also easily accessible to 280,438 residents within a five-mile radius of the shopping strip in the growing Tucson trade area.

To learn more, see RED Comp #8869.