Berkadia Completes Two Tucson Apartment Sales worth $41.7 Million

The Springs at Silverbell
The Springs at Silverbell, 7759 N Silverbell Rd, Tucson, AZ

TUCSON, AZ — Scottsdale-based, Bascom Arizona Ventures, through affiliate Silverbell Property Investor LLC (Glenn Daiutolo and Jerry Finney, Managing Directors) bought The Springs at Silverbell Apartment at 7759 N Silverbell Road in Tucson for $31.5 million ($108,621 per unit).

The Springs at Silverbell Apartment Homes is a 290-unit garden-style apartment project located in the northwestern part of Tucson, offering spectacular mountain views. The complex offers a variety of six floor plans of studios to 3-bedrooms. The Springs at Silverbell was built in 2002 with 27 two-story buildings on 18-acres.

Community amenities include a clubhouse, two attractive swimming pools with cabanas, two spas, a 24-hour fitness center, conference room, business center, theater room, basketball court, and barbecue areas with picnic tables. Unit amenities include nine-foot ceilings with a ceiling fan, a ceramic tiled entry, Energy Star appliances, a microwave, electric range, dishwasher, ice maker, disposal, built-in wine rack, linen closet, large master bedroom, walk-in closet, garden-style tub, full-size washer and dryer, spacious patio or balcony, and all units are cable-ready. Select units include a pantry, breakfast bar, separate dining area, private garage, and built-in storage.

The seller was Silverbell 290 Limited Partnership of Sun Lakes, AZ (Steven Robson, principal).

Palomino Crossing, 750 E Irvington Rd., Tucson, AZ
Palomino Crossing, 750 E Irvington Rd., Tucson, AZ

California-based Pacific Equities Capital Management through affiliate Pacific Palomino LLC purchased the Palomino Crossing Apartment Homes at 750 East Irvington in Tucson for $10.2 million ($42,500 per unit).

Palomino Crossing is a 240-unit garden style apartment project located in the southern part of Tucson, AZ. The property is located near Tucson International Airport and several Call Centers and other employers who offer employment to the resident profile attracted to the property. Palomino Crossing consists of one- and two-bedroom units.

The complex is built on 8 acres with common area amenities that include two recently remodeled club houses, fitness center, two pools, multi-purpose turf field, horseshoe pit, dog park, and playground.

The seller, Summit Partners LLC an affiliate of Summit Equity Investments of Los Angeles, California (Joseph Rosen, President / co-founder) purchased the property December 2012.

Brokers representing Sellers for both Palomino Crossing and The Springs at Silverbell were Art Wadlund, and Clint Wadlund with Berkadia in Tucson and Mark Forrester, Ric Holway with Berkadia in Phoenix.

For additional information contact Forrester at 602.912.1630 and Holway at 602.912.1633; Art Wadlund can be reached at 520.299.7200 and Clint Wadlund is at 520.615.1100.

To learn more, see RED Comp #4198 and #4165.

Palomino Crossing aerial view
Palomino Crossing aerial view

New 75,000 SF Shopping Center Coming to Southwest Tucson

SWC Valencia & Headley, Tucson, AZ
SWC Valencia & Headley, Tucson, AZ

TUCSON, AZ — Scottsdale, Arizona-based SWH, LLC (Nick Christifulli and Jodi Johnson, managers) an affiliate of Christifulli Companies  has purchased 11.38 acres at the southwest corner of Valencia and Headley in Tucson for $3.3 million ($6.66 PSF) from JVBM Properties, LLC (James Click, Jr. and Robert Tuttle, members).

Larry Cesar, partner and vice-president at Broadway Realty & Trust in Tucson represented the seller and will represent the developer for sale and for lease at the new 75,000-square-foot shopping center, when fully built out.

Cesar told us the center will wrap around the large Octopus Car Wash at the westside of property, and consist of a bank pad on the corner of Headley & Valencia, several 17,700-square feet clothing stores and restaurants have shown interest in the center. Cesar is submitting plans to the City and expects blading to begin in approximately 60-days.

Located in the Midvale area, the new center is a block away from Tucson’s latest 104,000-square-feet Fry’s store at 1805 West Valencia, under construction with an anticipated opening this March-April. Cesare also handle the sale of the Fry’s site for Tuttle-Click

Buyer and developer, Christifulli, prior to establishing Christifulli Companies, was a founding partner of Vertical Holdings Company; a firm focused on community and neighborhood retail projects and long-term triple net build-to-suit developments for national retail tenants. Formerly representing a number of national retail tenants in the Western United States including: AMC Theaters, Barnes & Noble Booksellers, Staples, Ross Dress for Less, Sports Authority, Home Base and Brinker International, among others. Christifulli has been in the shopping center business for more than 28 years and has been involved in over 20 million-square-feet of development and leasing.

For many years, Christifulli served as the Vice President of Development and Leasing for Westcor Partners, now a part of Macerich. Christifulli’s latest major retail development was Chauncey Ranch Center in Scottsdale, a 173,000-square-feet Whole Foods anchored shopping center.

“We’ve already had tremendous enthusiasm from tenants for this project,” Christifulli said.

Valencia is a main arterial road serving the Southwest Tucson submarket with approximately 50,000 average vehicles per day. Neighboring tenants include Walmart Supercenter, Lowe’s and several banks and restaurants.

Kurt Kalocin, vice-president of SRS Real Estate Partners in Phoenix represented the buyer / developer in this transaction.

For additional information, Kalocin can be reached at 602.682.6078 and Cesare should be contacted at 520.584.5804 for leasing and sales interest.

To learn more, see RED Comp #4190.


Ironwood Forest National Monument Adds 602 Acres of Sonoran Desert to Showcase

Click to enlarge
Property secured for Ironwod Forest National Monument Expansion (Click to enlarge)

MARANA, AZ — Taking its name from one of the longest living trees in the Arizona desert, the 129,000-acre Ironwood Forest National Monument, a true Sonoran Desert showcase, is expanding. Arizona Land and Water Trust (Diana Freshwater, president) recently secured 602 additional acres for $963,000 ($1,599 per acre).

Keeping company with the ironwood trees are mesquite, Palo Verde, creosote and saguaro, blanketing the monument floor beneath rugged mountain ranges named Silver Bell, Waterman and Sawtooth. In between, desert valleys lay quietly to complete the setting. The newly secured property was surrounded on three sides by the national monument, with no other access.

Arizona Land and Water Trust works closely with local, state and federal agencies, as well as private landowners and land trusts, to protect Arizona’s vanishing landscapes and wildlife habitat. The Trust helps structure, negotiate, and complete land transactions that help protect natural areas such as this property.

Carl Mickler with Centra Realty of Tucson represented both buyer and seller, the Torrance Potter Family Trust, in the transaction. Located in northern Marana, west of Silverbell Road, the property has physical access to Ragged Top Road.

Property secured for Ironwod Forest National Monument Expansion (Click to enlarge)

Elevations in the national monument range from 1,800 to more than 4,200 feet. Three areas within the monument, the Los Robles Archeological District, the Mission of Santa Ana del Chiquiburitac and the Cocoraque Butte Archeological District, are listed on the National Register of Historic Places.

Known for its primitive camping, hiking, mountain biking, wildlife and plant viewing, horseback riding, photography, sightseeing, wildflower viewing in spring, hunting, birdwatching, fossil and geologic sightseeing, historic and archaeological sites, Ragged Top Mountain is the biological and geological crown jewel of the national monument.

Several endangered and threatened species live here, including the Nichols turk’s head cactus and the long-nosed bat. The national monument also contains habitat for the cactus ferruginous pygmy owl. The desert bighorn sheep dwelling in the region are the last viable population indigenous to the Tucson basin. The area holds abundant rock art sites and other archaeological objects of scientific interest. Humans have inhabited the area for more than 5,000 years. More than 200 sites from the prehistoric Hohokam period (600 A.D. to 1440 A.D.) have been recorded in the area. In more modern times, the area was a source of minerals and continues to support active mining operations today.

For additional information, Mickler should be contacted at 520.882.0767.

To learn more, see RED Comp #4107.