TUCSON, ARIZONA (Nov. 18, 2022) — Chrome Hearts Real Estate Holdings, an affiliate of Chrome Hearts apparel and accessories of  Los Angeles, bought 38.92 acres of industrial land at 8500 S Rita Road for $2.5 million ($64,234 / acre) on November 7, 2022.

Chrome Hearts Apparel has been around since the ‘80s, cultivating an entire biker-inspired lifestyle with premium quality leather, sunglasses, jewelry, and home goods for over three decades. All made in America, the company has been looking to move some of its manufacturing out of California.

Originally founded in 1988 by Richard Stark and leather manufacturer John Bowman in a Los Angeles garage. Stark and Bowman couldn’t find leather jackets on the market that they wanted to wear, so they started to make their own. Sterling silver jeweler Leonard Kamhout joined the operation shortly after. The first big exposure for the brand came from legendary punk rock band, the Sex Pistols. The then-girlfriend of lead guitarist Steve Jones was starring in a low-budget horror comedy from 1989 titled Chopper Chicks in Zombietown and Chrome Hearts designed some costumes for the movie. Jones took a liking to the brand and began wearing it on stage. From there, other big bands like Motley Crüe and Guns N’ Roses started wearing the Chrome Hearts’ leather pieces and accessories as well, which began to establish the brand as an essential part of the rockstar uniform at the time.

By the early ‘90s, the fashion world started paying attention to Chrome Hearts too.

The trio of founders would eventually split in 1994 and Stark and his wife Laurie Lynn maintained control of the brand. Two years later, the brand’s first flagship opened in New York City. It has grown into a 28-store operation since, with locations in Los Angeles, Miami, and Las Vegas. Each offers its own unique look and products. The “fuck you” carved into the floorboards is a store signature. Besides flagships, the brand has been stocked at a limited number of luxury stores like Maxfield, Bergdorf Goodman, Selfridges, and Dover Street Market. There is no e-commerce presence (unless you opt to browse the secondary market). Its limited nature adds even more to the brand’s allure. Already established as a staple in rocker’s wardrobes, the rap world would eventually take a liking to the brand as well. In the Aughts, Juelz Santana, Jim Jones, and Lil Wayne frequently wore Chrome Hearts apparel and accessories like its leather belts donning silver hardware. More recently, it’s been championed by names like Lil Uzi Vert, Kanye West, and Travis Scott.

The Stark children, Jesse Jo and twins Frankie Belle and Kristian have used their LA connections to push the brand into the spotlight for a whole new generation. Other collaborators have included legendary rock group The Rolling Stones, Bape, Rick Owens, and Comme des Garçons. Their silver dagger hardware has donned custom Air Jordan Is and Rolex watches. The brand’s assortment of goods is vast to say the least, but two of its most widely recognizable items these days are probably its trucker hats emblazoned with gothic fonts and $1,750 denim adorned with leather crosses that has become ubiquitous with big name rappers like Drake and Offset.

It isn’t just about the clothing either. Over the years, Chrome Hearts has also been a purveyor of everything from leather and wooden furniture to $6,000 toilet plungers and even truffle shavers. It has been called “an edgy Ralph Lauren”. If you want to live the full Chrome Hearts lifestyle (and have the budget required to do so), then you can. While it began in an LA garage, the brand now occupies three blocks in Hollywood, a 250,000 square foot campus that includes 13 buildings, eight factories, and a new industrial site in Tucson for an undisclosed use.

Steve Cohen with Cushman & Wakefield | Picor represented the seller Arizona Glass Properties of Chino, CA and Gary Emerson of GRE Partners with Robert Cohen of Newmark Knight Frank in Los Angeles represented the buyer.

To learn more, see RED Comp #10295.

New York Investor Purchases Luxury Tucson Development

PHOENIX, Arizona, November 16, 2022 – Sol y Luna Apartments, a luxury student apartment community at 1031 N. Park Ave. and 1020 N. Tyndall Ave. in Tucson, has been sold to a New York Investor for $203,000,000 ($597,00/ unit; $209,000 / bed).

“Sol y Luna comprises two luxury, high-rise towers and offers a unique advantage based on its premium location with walkability to the University of Arizona campus and downtown Tucson,” said Brad Cooke, executive vice president with Colliers in Arizona. “The asset could be positioned by new ownership as a co-living option for young professionals and graduate students. More than $1.8 million upside in rents is to be captured immediately through operations and light value-add enhancements, which was attractive to the buyer.”

Brad Cooke, Cindy Cooke, Matt Roach and Chris Roach of Colliers in Arizona handled the sale transaction. Vesper Holdings LLC of New York, NY purchased the community from Nelson Partners, LLC of San Clemente, CA.

“This sale is a true testament to our great management team’s tireless efforts through the very difficult years of COVID-19,” said Patrick Nelson, CEO of Nelson Partners, LLC. “We are grateful for their efforts, Brad Cooke and the Colliers team, as well as everyone involved.”

Sol y Luna, constructed in 2014, is comprised of two luxury high-rise towers, 13 and 15 stories tall. The property includes 340 total units containing 972 total beds, as well as 7,640 square feet of ground floor retail space. Sol y Luna offers a mix of studio, one-, two-, three-, four- and five-bedroom apartment homes averaging 1,014 square feet.

The property is recognized for offering unparalleled amenities, including two rooftop pools with mountain views, fitness centers and study spaces. Located adjacent to University of Arizona, Sol y

Luna boasts a perfect 100 bike score since it is situated mere steps from undergraduate and graduate classes offered at the Tier 1, Top 50 public university.

TUCSON, ARIZONA (Nov. 11, 2022) — The Best Western Tucson International Airport Hotel & Suites at 6801 S Tucson Blvd. in Tucson sold for $8.4 million $50,299 per room).  The 167 room hotel is 96,423 square feet in two-stories on 5- acres, constructed in 1986.

Best Western Tucson Int’l Airport Hotel & Suites is in the airport proximity. Kino Sports Complex and Randolph North Golf Course are nearby, as well as the natural beauty of Saguaro National Park and Rincon Mountains. Pima Air and Space Museum and Tucson Greyhound Park are also near.

Hotel amenities include pool, spa, fitness center, business center, conference room, restaurant and a snack bar / deli.

The seller, HSL Airport Hotel, LLC an affiliate of HSL Properties c/o Omar Mireles, bought the property in 2011 for $4.5 million and renovated it.

The buyer, APAAR, LLC is based in Clackamas, Oregon.

HSL was represented by Ryan Wall with Pro Hospitality Group of Phoenix.

For more information, Wall can be contacted at 480.422.1099.

To learn more, see RED Comp #10227.