Monday, February 18, 2019

New Apartment Complex Planned for River and Craycroft in Tucson

TUCSON, Arizona – MC Companies of Scottsdale purchased 12.65 acres at River and Craycroft in Tucson for $3 million ($5.42 PSF). The site is at the southeast corner and will be used for construction of a 210-unit upscale apartment complex. The first new apartment complex for quite some to be...

Old Pueblo Grill Sells for $1.2 Million to Remain a Restaurant

HSL Properties of Tucson (Omar Mireles, vice-president) through an affiliate, HSL 60 N Alvernon, LLC, purchased the former Old Pueblo Grill restaurant at 60 North Alvernon in Tucson for $1.2 million ($147 PSF). The 8,147 square-foot building on 1.72 acres is located northeast of Broadway and Alvernon. The historical building,...

Thrasher Law Offices Finalize $18.17 Million in Multifamily Transactions in Tucson

TUCSON, ARIZONA – Thrasher Law Offices, PLLC handled the sale of two apartment complexes with an aggregate value of $18.17 million. Hamilton Zanze & Company of San Francisco, Calif. sold the Arches at Oracle Apartments at 5921 N Oracle Road in Tucson for $12.4 million ($86,111 per unit). The 144-unit...

Marcus & Millichap Complete Three Multifamily Sales for $9.63 Million in...

TUCSON, ARIZONA – Tucson’s Marcus & Millichap Multi Housing Team of Hamid Panahi and James Crawley closed on three apartment complexes in Tucson recently at an aggregate  of $9.63 million for 139-units. Phoenix investors, Bakerson, LLC and Dene Bleeker, purchased the value-add Tuscany Apartment Homes at 4399 E Pima Street...

Former RoomStore Furniture Store in Scottsdale Sells for $8.25 Million

SCOTTSDALE, AZ – The former RoomStore furniture store at 15826 N. Scottsdale Rd., Scottsdale sold for $8.25 million  ($263.00 PSF). The company filed bankruptcy in December 2015 and closed all Arizona stores, including this location. Tom Boyle, Principal with Lee & Associates, brokered the transaction. The buyer was Bridge Enterprises,...

Highland Park Apartments Sells in Off-Market Transaction for $3.3 Million

TUCSON, ARIZONA – A California investor, LV Management, LLC purchased Highland Park Apartments at 1402 E Manlove Street in Tucson for $3.3 million ($55,100 per unit). Chris Itule with Long Realty represented the seller, Highland Park Apartments, LLC and Jake Arnold and Ben Riehl of Keller Williams in Tucson represented...

Rio Nuevo District Acquires Broadway Corridor, Sunshine Mile Office Building

TUCSON, ARIZONA - Rio Nuevo Multipurpose Facilities District bought a 12,686-square-foot office space from New Dekel, LLC (Amram Dahukey, managing member) at 2221 East Broadway Boulevard in Tucson for $700,000 ($55 PSF). The 62% vacant multi-tenant building was constructed in 1965 and is located on the Broadway widening area...

Tucson Housing Lot Sales Soared in July with 737 Lots Sold

Tucson housing lot sales rose in July, as home sales were up 25% over last year, and sales volume increased by over 28% from 2014. At mid-year, there were reported 14 land transactions totaling over $26 million. In July, there were  11 land transactions totaling $11.6 million, 728 platted...

Several Residential Developments Reach Final Takedown Phase This Month

TUCSON,  Arizona --  The Metro Tucson Housing Market continues to show signs of possibly its best year since 2008.  As home builders exercise options earlier than scheduled to keep up with demand in Northwest Tucson and get creative with infill projects at the same time. Pulte Home Company exercised its...

Delectables Transitions into Catering-Only Sells Downtown 4th Avenue Building for $1.48...

TUCSON, Arizona -- Delectables Restaurant & Catering (Donna DiFiore, owner) sold 533 N. Fourth Ave. in downtown Tucson recently for $1.48 million ($310 PSF) ending a 44-year run downtown. Difiore is transitioning the business into a catering-only business and paid $342,000 ($127 PSF) for the building at 427 E Limberlost...

Live / Work Building near UA Sells to Used Furniture Start-Up

TUCSON, ARIZONA -- The live/work building at 103 North Park Avenue in Tucson sold for $625,000 ($124 PSF) to Loon Lake LLC of Tucson (Andrew Suter, manager). The building consists of studio and loft space for office, retail and/or living space. Located between the University of Arizona and Tucson South...

Berkadia Completes $128 Million Portfolio Sale – Reaches New Record

TUCSON, Arizona – When Berkadia’s Senior Managing Director Art Wadlund and Director Clint Wadlund of the Tucson closed recently on Pinnacle Heights Apartments it was the conclusion of a five-property portfolio sale, worth just under $128 million, representing the highest bulk apartment sale for the region and setting a...
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