TUCSON, AZ (September 26, 2024) — The Mariposa Apartments, located at 150 E 16^th St in Tucson, sold for $950,000 ($105,555 per unit).

It is located in the highly desirable downtown neighborhood of Armory Park. Tenants are within walking distance to the many attractions and restaurants offered in downtown Tucson. Additionally, they have easy access to the University by the Tucson streetcar. The apartment building has been well maintained, and the units were updated to provide tenants with modern kitchens and baths while retaining the charms of an older property. The property was constructed in 1908.

The studio units are 450 square feet and have window A/C units. There are multiple common areas for the tenants, including a second-floor deck, interior lobby, and reading room. The front yard has a grill and is gated. There is also an on-site laundry room. The property is securely gated and fenced throughout, including the front and back entrances.

Neil Davis with NAI Horizon represented the purchaser, T Property Management, LLC. Desiree Palmer and Ryan Kippes with ABI Multifamily represented the Seller, Boblord Investments 1, LLC.

For more information, Neil Davis should be reached at 520-425-6102, Desiree Palmer at 520-265-1993, and Ryan Kippes at 520-265-1895.

To learn more, subscriber should refer to RED Comp #11466.

Green Valley, AZ (September 25, 2024)—The newly constructed Tractor Supply store at 75 N Albrego Drive in Green Valley sold in a net-leased sale for $6,507,937 ($298 PSF). The seller, Tractor Supply, will lease it back with a 15-year lease, with 5% rental increases every five years throughout the initial term and options.

The property sold with a $6.4mm guaranteed income over the base lease term or a 6.5% cap rate.

The 21,838-square-foot Tractor Supply building, built in 2024 on 4.08 acres, is located northwest of Esperanza Rd and Abrego Dr in Green Valley.

Tractor Supply Company (TSCO) was founded in 1938. It is an American chain that sells products for home improvement, agriculture, lawn and garden maintenance, livestock, equine, and pet care. It caters to recreational farmers and ranchers, pet owners, and landowners. The company has 2,250 stores and is headquartered in Brentwood, Tennessee. It is publicly traded on the Nasdaq under the ticker symbol TSCO and is a Fortune 500 company.

The transaction closed on September 19, 2024.

The California investor was in a 1031 Reverse exchange.

Berkley Capital Advisors of North Carolina handled the transaction. Calvin Short and Aron Cline were the brokers.

For more information, Short and Cline can be reached at 704.379.1980.

To learn more, subscribers should refer to RED Comp #11493.

TUCSON, AZ (September 20, 2024) – A four-tenant Retail Strip Center at 5700-5704 E Broadway Blvd. sold recently for $1,264,000 ($193 PSF / $316,000 per retail space).

The sale closed August 26, 2024.

Jeramy Price of VOLK Company represented the buyer, Bynum Broadway Plaza, LLC of Tucson, in purchasing an approximately 22,366-square-foot parcel with approximately 6,500 square feet of improvements.

The tenants in place are: Vape Shop, Nail Spa, Straight Edge Barbershop, Grace Barra Jui Jitsu / Martial Arts Tucson.

The seller, S. Leonard Scheff and Susan Sheppard Scheff Revocable Living Trust,  was represented by Erik Chapman of Chapman Management Group.

For more information, Price can be reached at 520.441.4771 and Chapman is at 520.622.5544.

To learn more, see RED Comp #11452.