PISA Monetizes Real Estate Asset in Sale-Leaseback of Tucson Property

TUCSON, Ariz. (October 20, 2023) — Montecito Medical, a Nashville-based REIT, acquired the Pain Institute of Southern Arizona office building at 4741 East Camp Lowell at the Swan Corporate Center in Tucson for $2.9 million ($597 PSF) in a sale-leaseback agreement.

The Pain Institute of Southern Arizona (PISA) is a medical practice specializing in Interventional Pain Management. The Regional Pain Institute (RPI) joined the PISA practice and has helped expand quality patient care to Queen Creek/San Tan Valley and Apache Junction, Arizona.

Their team of renowned Interventional Pain Management Specialists, with training from world-class institutions such as the Mayo Clinic, Stanford, and Harvard, deliver state-of-the-art treatments and procedures. Their goal is to help patients find relief from pain—allowing them return to an enjoyable quality of life. They have multiple locations in Tucson, Queen Creek/San Tan Valley, and Apache Junction.

Independent provider groups such as PISA are a key source of acquisitions for Montecito that want to monetize their real estate to meet the particular needs of their practices. In late June, RevistaMed reported that seller activity by these providers in Q1 of 2023, while lower than a year ago, surpassed transaction activity for any quarter during the five years before the COVID-19 pandemic. These market trends are reflected in the opportunities currently being seen.

“In the first half of 2023, Montecito Medical reviewed nearly $10 billion in acquisition opportunities,” said Chip Conk, Montecito Medical CEO, in a written statement. “The sheer volume of these opportunities enables us to be highly selective about the deals we choose to underwrite.”

Mark Irvin, CCIM, SIOR, and Janine Irvin, with Mark Irvin Commercial Real Estate Services, represented the seller, PISA Real Estate.

Mark and Janine Irvin can be reached at 520.620.1833 for more information.

To learn more, see RED Comp #10917.




Sevilla Apartments in Tucson Sells for repositioning

Tucson, Ariz. (October 19, 2023) – Twenty-four two-bedroom / one-bath units, in two-story buildings at 3234 E Bellevue Street in Tucson sold for $2,917 million ($121,541 per unit).

Amenities include a pool and onsite laundry; all units have fenced patios or balconies. Built in 1979, the property had 92% occupancy when sold and an average current rental rate of $850/month.

The buyer, Wetton Investment Properties c/o Doug Wetton of Costa Mesa, CA, plans to rehab the property and reposition it more for student housing. This is the second multifamily asset for the buyer in Tucson, who also owns College Town Tucson Apartments at 1300 E Fort Lowell Road.

The seller purchased the property in March 2004 for $1,065,000.

Dan Wesson with The Waterfall Group represented the seller, a family trust from San Diego, CA.  Wesson can be contacted at 520.529.6400, for more information. The buyer was self-represented.

To learn more, see RED Comp #10916.




Medical Office Space Continues to see High Demand

TUCSON, ARIZONA (October 18, 2023) — Situated just off the southeast corner of Speedway and Wilmot, a ±7,410-square-foot medical office designed with eight exam rooms and seven offices sold. Its design features two potential reception areas with separate entrances, completed in 2006.

Located at 6422 E Speedway Blvd., the office sold vacant for $1.425 million ($192.31 PSF).

The buyer plans to owner-occupy the space for a Dentistry practice.

Ideal for accommodating multiple practices or seeking rental income with other practices. There are 7 covered parking spaces assigned to the suite, while the rest of the uncovered parking surrounding the building is on a first-come basis.

The overall development and this office were built by Caylor Construction Company, one of Tucson’s premier garden-style office and medical property developers. A few miles from Tucson Medical Center and St. Joesph’s Hospital. Public transportation runs along the heavily traveled Speedway Blvd and Wilmot Road. The property also offers excellent signage opportunities.

The seller, Lavor & Probstfeld Properties, Dr Michael Probstfeld, was represented by Mark Irvin, CCIM, SIOR, and Christopher Irvin with Mark Irvin Commercial Real Estate Services. The buyer was represented by Edward “Buddy’ Kocis with CAMWEST Group in Tucson.

For additional information, the Irvins’ office number is 520.620.1833, and Kocis is at 520.297.2171.

To learn more, see RED Comp #10883.