TUCSON, Arizona– Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Midtown on 2nd, a 42-unit apartment property located in Tucson, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Tucson and Phoenix offices, the asset sold for $2.8 million ($66,666 per unit).

Hamid Panahi and James Crawley had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, an individual/personal trust, was also procured by Panahi and Crawley.

“Our team’s unique position of dedicated coverage in Phoenix and Tucson allowed us to effectively complete both parts of the 1031-exchange for the buyer, allowing him to defer capital gains and capitalizing on the cap rate arbitrage between the two markets,” said James Crawley, senior associate in Marcus & Millichap’s Tucson and Phoenix offices. “This flow of capital is part of a growing trend as we continue to see capital migration from major west coast markets into Tucson.”

Hamid Panahi, first vice president investments also in the firm’s Phoenix and Tucson office, added, “The seller had conducted an overhaul of interior and exterior enhancements, minimizing capital exposure for future ownership, while laying the groundwork for future upside with a proven out rental premium for substantially renovated interiors.”

Midtown on 2nd is located at 3601 East 2nd Street in Midtown Tucson’s historic Miramonte neighborhood. Completed in 1962, Midtown on 2nd is a 42-unit multifamily community featuring block construction with a mix of studio and one-bedroom apartments. Community amenities include a pool and pool-deck lounge, on-site laundry, water-softening service, dog park, and photovoltaic solar panels. Large capital improvement projects since ownership include new striped parking lot, air conditioner replacement, gas line replacement, and exterior paint.

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 Smoothie King Drive-Thru Shops, a 7,142-square-foot retail property located in Tucson, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,557,000 ($218 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 buyer, a private investor, was also procured by Ruble and Lind. Smoothie King Drive-Thru Shops is located at 1070 East Tucson Marketplace Boulevard in Tucson, Arizona. Built in 2013 on 1.04 acres, this shopping strip includes five suites that were 64% occupied at the time of sale with tenants Smoothie King, Bella Nails & Spa and Planet Sub.

TUCSON, ARIZONA — Serenity Holdings III LLC, an affiliate of CODAC Health, Recovery & Wellness purchased 31,471-square-feet of office space at 4585 E. Speedway Blvd. in Tucson.   The former Brown Mackie College Campus was acquired from Eugene Pamfiloff and Erena Pamfiloff for $3.65 million ($116 PSf)

CODAC is one of Arizona’s oldest and most respected community providers of specialty care for mental illness, addiction and trauma. What began as a grassroots drug abuse prevention program has grown into a multi-faceted organization that provides services across the entire spectrum of behavioral health care. Through a comprehensive range of outpatient and residential treatment services, CODAC helps children, youth, adults and families meet their mental health, substance abuse, trauma, and general wellness goals.

Kristine Welter- Hall, Senior Vice-President of Marketing and Business Development at CODAC said, “The property will house CODAC’s Administrative and Training Facility as well as an Outpatient Health & Wellness Center, with a full continuum of integrated primary care, psychiatric, therapy, consulting, peer-to-employment support and other wellness services.”

Expected to open by the end of the year, the new facility will consolidate CODAC’s current administrative offices at 1615 East Fort Lowell and Outpatient Services at 630 N Alvernon Way in Tucson.

Cushman & Wakefield | PICOR handled the transaction.  Thomas J. Nieman, Principal, and Office Specialist represented the seller; Paul Hooker, Principal, and Industrial Specialist, represented the buyer.

For more information, Nieman should be reached at 520.546.2728 and Hooker is at 520.546.2704.

To learn more, see RED Comp #8692.