TUCSON, Ariz.– Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Westwood and Park Vista, a 19-unit and 31-unit apartment property respectively, both located in Tucson, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Tucson office, the Westwood sold for $2,445,000 ($128,684 per unit)  and Park Vista sold for $2,455,000 ($79,194 per unit).

James K. Crawley and Hamid Panahi, investment specialists in Marcus & Millichap’s Arizona office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, another limited liability company, was secured and represented by Crawley & Panahi.

“Our team’s extensive footprint in both Phoenix and Tucson led to the successful capital migration of a California-based, Phoenix owner to make their first acquisitions in the Tucson market,” said Crawley. “Westwood and Park Vista were both extensively renovated by the seller, minimizing future capital exposure for the buyer. The buyer has the opportunity to continue the seller’s successful value-add plan by implementing interior renovations for corresponding rental premiums in two desirable rental markets around the University of Arizona.”

Westwood is located at 714 East 10th Street and Park Vista is located at 2497 North Park Avenue in Tucson, Arizona.

To learn more, see RED Comps #8782 and #8786.

CATALINA, ARIZONA – Carlota’s Authentic Mexican Restaurant, a landmark restaurant in Catalina, has been renting for 15 years at their current location and purchased the former Family Dollar building at 15881 North Oracle Road in Catalina for $575,000 ($72 PSF) for expansion. Catalina is a growing community about 9 miles north of Tucson’s Catalina Foothills and Oro Valley.

Alfredo Leyva and Anna Perez, a husband and wife team, are the owners of Carlota’s Authentic Mexican Restaurant offering family shared recipes that have been passed down from generation to generation.

The former Family Dollar is an 8,000-square-foot building, built in 2004, that will be split into a 5,000-square-foot Carlota’s and 3,000-square-feet made available for lease as retail or office use. The property has great signage on Oracle Road, across from Tractor Supply, and adjacent to McDonald’s and Canyon Community Bank.

The Family Dollar store closed along with 389 other stores in March 2019 after Dollar Tree purchased the Family Dollar brand for $9.2 billion.  To Anna and Alfredo this was seen as an opportunity.

“We’ve worked hard to get to this point and are very excited about our new venture,” Anna said. “Catalina is a great community and will be our home for many years and generations to come. Our new Carlota’s restaurant will be an open floor plan like the original Carlota’s with the same menu that has kept our customers coming back.”

The gas line has already been brought to the building for the new kitchen and the new build out will begin soon. The couple have the goal a Carlota’s Grand Opening to be January 1, 2022 with their traditional New Year’s Day dishes.

“Food is best when you eat with family and all of our guests are like family to us. ‘Our casa es su casa’ won’t be changing in the new location, there will just be more room for everyone to enjoy,” according to the website.

Gordon Wagner and Ben Craney of NAI Horizon – Tucson office represented the seller, a family trust from Anaheim, CA. Eva Luz and Gustavo Suazo with RealPros Real Estate represented the buyer in this their first commercial transaction.

For more information, Wagner can be reached at 520.326.2200 and Craney should be contacted at 520.326.4500. The Suazos can be contacted at 520.603.2022.

For additional information about Carlota’s Restaurant visit https://carlotasrestaurant.com/  or to make a reservation call 520.825.7530

To learn more, see RED Comp #8721.

TUCSON, ARIZONA — Tucson office buyers have stayed the course through the pandemic based on sales volume over the past 14 months.

While national office markets are reporting sales slowed with the onset of COVID-19, the first half of 2020, and renewed confidence came in the second half of year. Tucson’s office market sales have remained consistent and steady throughout.

Sales totaled more than $84 million during the first half of 2020, and over $82 million in the second half of the year with a stunning end of year, with 162,000-square-feet of office space coming off the market in Q4 2020, according to Cushman & Wakefield Picor Q4 Office Report.

Since the beginning of the year, the office market has stayed active, with over $55 million in office sales, mostly office condos, with a 6% overall increase in price per square-foot from 2020.

• A 7,128-square-foot medical office condominium at 3150 N Swan Road in Village Offices sold for $1.4 million ($196 PSF). The seller was an owner user dba Associates in Oral & Maxillofacial Surgery and the buyer will be the same dba Casas Adobe Oral & Maxillofacial Surgery (Dr. Adam Kaiser, Manager).
• A 4,255-square-foot medical office condominium at 4715 E Camp Lowell Drive in the Swan Corporate Center sold for $830,000 ($195 PSF) recently. The buyer is a dermatologist relocating to Tucson from South Dakota. Dr. Indy Chabra, MD, PhD is a board certified dermatologist and purchased the property to owner occupy for his medical practice. Buzz Isaacson of Buzz Isaacson Realty represented the seller Dr. Monash dba Tucson Bariatric, that was consolidating its offices. The buyer was self-represented in the transaction.
• A 3,273-square-foot medical office condominium at 7600 N La Cholla in La Cholla Corporate Center, sold for $605,000 ($185 PSF). The buyer, Living Gem Professional Corporations is an Allopathic & Osteopathic Physicians / Sleep Medicine clinic. Karen Farrell of Venture West Group represented the buyer and the seller, Casas Adobes Pediatrics (Dr. Carol Swanson, member).
• A 1,747-square-foot office condominium at 7522 N La Cholla Blvd in La Cholla Corporate Center, sold for $330,000 ($189 PSF). The buyer, Rachel Lohrman, MPC, LAC – Therapist plans to owner occupy the building for her counseling practice. Karen Farrell with Venture West Group represented the seller, Kurt Peterson had also owner occupied it as a periodical publisher. Jason Wong, CCIM, of Crestline Properties represented the buyer. The transaction closed on April 27, 2021.
• A 1,250-square-foot office condominium at 4775 E Camp Lowell Drive in the Swan Corporate Center sold for $240,000 ($192 PSF) to be owner occupied by T3 Financial Holdings (Nathan Frederico, manager), a financial services company. The seller, a family trust had been leasing the property to a law firm prior to sale. Karen Farrell with the Venture West Group represented the seller and Michael Coretz of Commercial Real Estate Group of Tucson represented the buyer. The transaction closed May 3, 2021.

To learn more, see RED Comp #8671, #8772, #8656, #8746 and #8637.