SAHUARITA, ARIZONA – Team Adams Sahuarita LLC of Sierra Vista (Kevin Adams Trust) paid $1.065 million ($286 PSF) for a former American Southwest Credit Union with excess land at 18800 S Nogales Hwy in Sahuarita Plaza.

CVP- Sahuarita Plaza DB LLC, an affiliate of Cole Valley Partners of Portland Oregon, then purchased the excess land from Team Adams Sahuarita for $765,000 ($28 PSF) and plans to develop for 900-square-foot Dutch Bro’s Coffee at 18810 S Nogales Hwy. in Sahuarita Plaza.

This will be the first Culver’s and Dutch Bro’s in Sahuarita with plans to open Q2 2019.

Dutch Bro’s will also be added to Old Vail Plaza, where CVP – Rita Ranch purchased a 10,038-square-foot pad for $625,000. ($62 PSF). The property sold shovel ready and Dutch Bro’s will join Native Grill, Taco Bell and Freddy’s Steakburger at the center.

From their 911 cold brew to the Banana Cream Pie Frost, Dutch Bros. Coffee has been serving up tasty beverages to the west coast since 1992.  Unfortunately, Tucsonans have been excluded from enjoying one of their beverages for years. But, with a new store that opened Oct 9^th at 120 South Wilmot, near Broadway Boulevard and Wilmot Road, Dutch Bros. is helping Old Pueblo residents catch up with the rest of the west.

With these two new land acquisitions, the Oregon coffee chain will have four shops in the Metro Tucson area, the others being at Cortaro & I 10 in Marana.

Pete Villaescusa and Jesse Peron with CBRE in Tucson handled the sale at Old Vail Plaza.

For more information, Villaescusa and Peron should be reached at 520 323-5100.

To learn more, see RED Comps #6217, #6227, and #6308.

TUCSON, ARIZONA – Mark Biery, JD, CCIM, of Berkshire Hathaway who specializes in Senior Housing closed on two, 10-bed assisted-living care homes at 5530 and 5536 E. 2^nd Street in Tucson for $1.28 million ($64,000 per bed).

The two 4,200-square-foot buildings were build in 2016 and were ready to occupy when sold.

The properties were purchased by Midtown Tucson LLC, dba Starfish Care Homes. The property represents the fifth acquisition in six years. Other Starfish Care Homes include River Hills, 6611 E River Hills Pl; Indian Ridge, 2641 N Bahama Dr.; Spanish Trail, 9251 E Old Spanish Trail; Rolling Hills, 8742 E 27^th Street, and now Midtown 5530 & 5536 E 2^nd Street all in Tucson.

Privately owned and managed, Starfish Care Homes is owned by Kris and Ben Silverman. Kris is a Family Nurse Practitioner with over 20 years of nursing experience specializing in Geriatrics, and Ben is an accomplished businessman who manages the operations of the homes and care of residents.

Biery represented buyers and the sellers, 2^nd Street Partners I, LLC and 2^nd Street Partners II, LLC – a local developer of adult care homes, in the transaction.

“There was a great fit in this transaction, between the buyer and sellers,” Biery said.  “The sellers design and build high-quality, assisted-living care homes, based upon what the senior housing market is demanding right now.  Both of these facilities have ten private rooms, all with attached bathrooms, rather than semi-private rooms.”

“The owners of Starfish Care Homes really liked the layout and quality of construction – it fits perfectly with what their residents want, and it makes it easy for Starfish to provide the highest quality of care possible.  Being one of the finest assisted-living operators in town, Starfish really wanted to buy Class-A buildings.  That’s what they got,” Biery added.

For more information, Biery should can be contacted at 520.235.2531.

To learn more, see RED Comp #6306.

TUCSON, ARIZONA – The 152-unit Paseo Del Sol Apartments, located at 6280 South Campbell Avenue, in Tucson, Arizona, sold this month for $12.5 million ($82,237 per unit).

The NorthMarq Multifamily team of Bill Hahn, Trevor Koskovich, and Jesse Hudson represented both the seller and the buyer in this transaction. AndMark Paseo del Sol Apartments, LLC, of Los Angeles, California was the buyer.

“Paseo Del Sol was the buyer’s fourth Tucson acquisition this year,” says Koskovich, president-NorthMarq Multifamily. “The Tucson multifamily market continues to strengthen as rents and submarket occupancy increase, and renter demand is rising as the local economy improves.”

“We are happy we were able to add this property to our Fund IV portfolio,” said Mark Mosch, CEO of AndMark Management Company, LLC. “This property is unique in that half the units are very large four-bedroom units, which are no longer being built in today’s market. We plan to upgrade these units and position them as quality affordable alternatives to the single-family houses in the submarket.”

Financing for the acquisition included a $10 million loan from Freddie Mac, which was arranged by NorthMarq Capital’s James DuMars, managing director, and Griffin Martin, vice president. “The client had numerous options on the table but selected NorthMarq/Freddie Mac due to their certainty of execution, excellent loan terms and smooth process,” says DuMars.

Summit Paseo Del Sol, LLC, of Los Angeles, California, an entity of Summit Equity Investments, was the seller. This was the second of two multifamily assets that NorthMarq has sold for Summit Equity Investments this year.

The Paseo Del Sol apartment community, built in 1994, is situated on 11.33 acres with 50 percent three-bedroom units and 50 percent four-bedroom units. The property, located on the west side of Campbell Avenue, south of Bilby Road, is near downtown Tucson.

The outlook for the Tucson multifamily market has been improving in recent months as the local economy has been on an upswing fueled by growth among a handful of recognizable companies. In recent quarters, Amazon, Caterpillar, and GEICO have announced plans to add nearly 3,000 workers in the Tucson metro area. In addition, Raytheon Missile Systems, one of the largest employers in Tucson, is in the middle of a $550 million expansion of its Tucson facility, a move that will result in an additional 2,000 high-wage employees at the company in the coming years. During the past 12 months, employment in Tucson has surged by 2.4 percent with the addition of over 9,000 net new jobs.