TUCSON, ARIZONA – Plaza Encantada Office complex at 2802-2810 N Alvernon Way in Tucson sold for $1.275 million ($103 PSF) to a group of California investors, MBLA Tucson, LLC c/o MEI Real Estate Services of Los Angeles.

Plaza Encantada, the Enchanted Place, is full of southwestern charm. Located at the northeast corner of Alvernon & Glenn, it is a unique and exclusive office complex with 12,704 square feet, and 6 tenant spaces on 1.06 acres. Built in 1985, Plaza Encantada features a lush courtyard, French doors, skylights and covered parking.

The property was fully leased with such tenants as Life Cycles Arizona, Southwest Integrative Health, Tucson Homeopathy, Moss Meredith A PA, Pleasurebent Tours, Inc. and El Sol Consulting and Psychotherapy.

This is the first investment for the buyer in the Tucson market.

Mike Sandahl, Jeff Casper and Martin Encinas of CBRE in Tucson represented the seller, Ventana-Encantada in the transaction.

Dennis Dillon, Chelsea Novelli and Ed McKeegan with MEI of Los Angeles represented the investment group.

For more information, Sandahl should be contacted at 520.323.5115, Casper is at 520.323.5181 and Encinas can be reached at 520.323.5173. Novelli can also be contacted at 310.258.0444×119.

To learn more, login and see RED Comp #6350.

[mepr-show rules=”58038″]Sale date 11/16/2018. APNs: 110-06-134E, 113A, 130, & 131. Property sold at an 8.99% cap rate and was fully occupied at time of sale with 6 tenants.[/mepr-show]

Cushman & Wakefield Negotiates Sale of 188-Unit Student Housing Community

PHOENIX, Arizona – Cushman & Wakefield completed the sale of Gateway at Tucson, located at 2800 W. Broadway Blvd. in Tucson. Holualoa Companies of Tucson purchased the property from CW Capital Asset Management LLC of Bethesda, MD for $12.9 million ($68,617 per unit / $23,370 per bed).

Executive Managing Director Jim Crews from the Cushman & Wakefield Phoenix office represented the seller and stated, “The Tucson-based  buyer was intimately familiar with the asset and general market conditions in Tucson. They saw the outstanding long-term investment potential of this lender owned asset. ”

Gateway at Tucson is a 188-unit, 552-bed, Class A student housing community which offers one-, two-, three- and four-bedroom floor plan options averaging 1,074 square feet. Built in 2005, the property is comprised of 10, two-story residential buildings and two single-story common area buildings.

Units are rented fully furnished and each bedroom at Gateway features a private bathroom and a full appliance package. Community amenities including a sparkling swimming pool and spa, basketball court, fitness center, business center, study rooms, tanning bed and shuttle service to University of Arizona and Pima Community College (PCC). Recent capital improvements have been made to the fitness center and study lounge.

Gateway at Tucson draws the majority of its residents from the University of Arizona and PCC.

The transaction closed November 28th.

To learn more, see RED Comp #6376.

TUCSON ARIZONA – Harsch Investment Properties, a Portland-based real estate investment, development and management company, continued its aggressive growth in Tucson, Arizona with the purchase of 2201 East Medina Road in Tucson for $10.5 million ($72.50 PSF) from Intercontinental Real Estate Corporation of Boston, MA.

The property is 144,900-square-feet and was fully occupied by Ferguson’s Plumbing when it sold in this investment sale. Ferguson is the largest distributor of residential and commercial plumbing products, offering: water heaters, pumps, pipe, valves, fittings, equipment, faucets, fixtures and accessories. With over 1300 locations, Ferguson plumbing locations are sure to provide the right products and services for any plumbing project, from plumbing fixtures for a home or commercial pipe valves and fittings. Ferguson continually strives to stay a plumbing industry leader.

The industrial property acquisition puts the company’s industrial portfolio at just under 600,000-square-feet in the Tucson metropolitan area. In May it acquired, Oro Valley Commerce Center, a 45,490-square-foot industrial R&D investment property.

Other properties in its portfolio include 57,263-square-feet at Butterfield Corporate Plaza, 67,280-square-feet at Rose Garden Commerce Center, 130,000-square-feet at Tucson Airport Center and 113,546-square-feet at Tucson Airport Distribution Center.

Bill Divito and Jesse Blum with the CBRE Tucson office handled this latest transaction for the seller.

To learn more, Divito and Blum should be reached at 520.323.5100.

For additional information, see RED Comp #6340.

[mepr-show rules=”58038″]This transaction closed 11/16/2018, document #2018-3200038. All cash. APN: 140-42-044A. Cap rate was 6.5%[/mepr-show]