TUCSON, AZ (December 14, 2023) — Last week’s top sale was of a multifamily property, 10th Street Apartments, which sold for $1,615,000, or $175.92 per square foot. The deal was facilitated by Allan Mendelsberg and Joey Martinez, both Principals and Multifamily Specialists at Cushman & Wakefield | PICOR, and they represented both parties involved in the transaction.

This multifamily property is made up of two different 6-unit properties that are located just steps away from each other. The property is located at 804, 814, & 858-870 E. 10th Street and has a combined area of 9,180 square feet. It comprises twelve 2-bedroom and 1-bathroom units, each measuring 765 square feet. The properties were built in 1976 and 1977 and offer residents an onsite laundry facility and a fully secured, gated complex that provides students with a peaceful and safe environment.

It is four blocks from the University of Arizona and is just a short walk to Historic 4th Avenue, enhancing its appeal. The purchasing entity, 804 E 10th LLC, acquired the apartment complex from the seller, 10th Street 12, LLC.

For more information, see RED Comp #11003.

TUCSON, AZ (December 8, 2023) – Tucson’s Gospel Rescue Mission (GRM) is expanding after purchasing the industrial/flex building at 3481 E Michigan Street in Tucson.  Located off Palo Verde and Michigan in the Palo Verde Industrial Park, Paragon Space Development Corporation previously occupied the 19,231-square-foot building on 1.35 acres most recently.

Built in 1994, the property is .2 mile, within walking distance, from the Center of Opportunity at 4550 S Palo Verde Road.

The assets sold for $1.9 million ($99 PSF).

GRM has no further space to grow at the Center of Opportunity Campus. On Tuesday, Catholic Community Services held a ribbon cutting for a new medical respite center for people experiencing homelessness that was built on the final piece of excess land on the Center of Opportunity campus. The new respite center will have 48 beds and be operational sometime in Q1 2024.

With homelessness continuing to grow, the Gospel Rescue Mission needed more space. They plan to use the new building for warehouse/storage for their thrift store and possibly training rooms.

Gospel Rescue Mission recently partnered with Pima Community College to help people earn their GED while attending PCC and workforce training programs to help individuals get out of homelessness and be self-sufficient. Areas of training include information technology, culinary arts, automotive technology and more.

For more information about Gospel Rescue Mission or to donate go to Nonprofit Donation Tucson | Gospel Rescue Mission (grmtucson.com). Gospel Rescue Mission qualifies for the Arizona Charitable Tax Credit.

To learn more about this transaction, see RED Comp #10980.

TUCSON, AZ (December 7, 2023) — Sunstone Partners III, LLC of Westlake Village, CA (Melvin Zuckerman, manager) purchased the 12,412-square-foot industrial building at 3818 S. Evans Blvd. in Tucson from Farmer Bros Co. of Northlake, TX (Charles Marcy, director) for $1,300,000 (105 PSF).

Built in 1987, the building includes a warehouse and office area with two grade-level roll-up doors and eight parking spaces on a .72-acre lot near the southwest corner of Ajo and Park Ave.

The seller, a national coffee roaster, occupied the property for Farmer Brothers Coffee. They offer businesses coffee, tea, culinary, and equipment solutions and are direct distributors to restaurants, hotels, casinos, offices, quick service restaurants, convenience stores, healthcare facilities, and other food service providers. They also offer beverage equipment sales, service, spices, bases, and other culinary products to businesses. They have local Route Sales Reps who know the market and are always available to help meet your beverage and food service needs.

Stephen D. Cohen, Principal & Industrial Specialist with Cushman & Wakefield | PICOR, and Rusty Smith, with Cushman & Wakefield in Long Beach, represented the seller.

Cohen also has the contract to lease the building with a new tenant.

For additional information, Cohen should be reached at 520.546.2750.

To learn more, see RED Comp #11004.