TUCSON, ARIZONA – A California investor purchased the office building at 4745-4753 E. Camp Lowell Drive in the Swan Corporate Center in Tucson for $2.7 million ($209 PSF).

The 12,923-square-feet of rentable space was 100% occupied by three long-term tenants at time of sale. Built in 2001 in Swan Corporate Center,  it sits on a 20,935-square-foot lot.

The building had originally been built as a surgical center for Western Neuro Surgery and included three level 3 operating facilities complete with external redundancy generator.

Tenants in place at time of sale were Retina Specialists, Ophthalmology specialists Reid F. Schindler MD  and John Christoforidis MD in 4753; Rincon Pain, Randall S. Prust, M.D  in 4747; and Center for Pain Management, with El Dorado Hospital, in 4745.

Mark Hays and Patrick Teske of Tierra Antigua represented the seller, Baldunn Investment Company, LLC of Tucson, a private investment group.

Tom DeSollar of Arizona First Properties, LLC negotiated the sale for the buyer, Acosta Farm Properties, LLP of Waterford, California.

For more information, Hays can be reached at 520.444.5401, Teske is at 520.336.2456 and DeSollar should be contacted at 520.400.2732.

To learn more, see RED Comp #6274.

TUCSON, ARIZONA – The Palomino Crossing Apartments, located at 750 East Irvington Road, Tucson, Arizona, sold this month for $13.75 million ($57,292 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 Investment Fund IV, LLC, of Los Angeles, California was the buyer. “We are very pleased to add this property to our Fund IV portfolio,” said Mark Mosch, CEO of AndMark Management Company, LLC. “We see continued growth in the Tucson economy that – coupled with the lack of any new supply of workforce housing in the MSA – makes this acquisition a very desirable one for us. This property is also in the same submarket as two of our other assets and we will be able to realize the synergies and expense savings that come with submarket scale.”

Financing for the acquisition included an $11,000,000 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.

“Palomino Crossing is a well-maintained asset that is positioned for value-add improvements,” says Hahn, executive vice president-NorthMarq Multifamily. “Buyers will benefit from implementing interior and exterior upgrade programs that will generate additional income.”

Equity Exchange Corporation as QI for Pacific Palomino LLC, of Los Angeles, California, an entity of Summit Equity Investments, was the seller. This is the first of two multifamily assets that NorthMarq is selling for Summit Equity Investments this year.

The 240-unit Palomino Crossing apartment community, built in 1986, is situated on 7.99 acres with 90 percent one-bedroom units and 10 percent two-bedroom units. The property, located on the south side of Irvington Road west of Park Avenue, is near downtown Tucson, which ranks in the top 20 of Forbes Most Innovative Cities. Within Tucson, 30 commercial projects are either under construction or proposed, including hotels, apartments, commercial space, parks, and roadway improvements. Additionally, the University of Arizona with more than 43,000 students, is minutes away from the property.

TUCSON. ARIZONA – D.R. Horton (Brent Davis, Division President) purchased 39 acres at 5975 S Tucson Blvd. in Tucson for $2.184 million ($21,204 per lot).  The property is platted for 103 homesites known as Tres Pueblos Este and is ready for development.

Located at the northwest corner of Tucson Blvd. and Bilby Road in the south submarket of Tucson, the property is zoned R-1. Chuck Martin of Rick Engineering platted and engineered the subdivision for the 103 home sites.

James Marian and Dan Feig with Chapman Lindsey Commercial Real Estate Services handled the transaction for the buyer and seller, Ferr-Conn Partners – Palice Kino.

For more information, Marian and Feig can be reached at 520.747.4000.

To learn more, see RED Comp #6246.