Marcus & Millichap Brokers the Sale of Dakota Canyon, an 80-Unit Apartment Building in Tucson

TUCSON, Ariz., October 19, 2022– Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Dakota Canyon, an 80-unit apartment property located in Tucson, Arizona. The asset sold for $9.5 million ($119,000 per unit).

Clint Wadlund, Hamid Panahi, and Art Wadlund, investment specialists in Marcus & Millichap’s Tucson office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust and procured the buyer, Break of Day Capital.

“The seller achieved their investment goal over a 4-year hold period and is actively reinvesting in the Tucson market in order to continue to expand their footprint in the market,” said Hamid Panahi. “The buyer is excited at the opportunity to acquire an asset located 0.4 miles from Icon, another one of their assets, and continue to build upon the Icon brand withing the Tucson market,” added Clint Wadlund.

Dakota Canyon is located at 6201 East Pima Street in Tucson, Arizona. Built in 1973, the property is comprised one-, two-, and three-bedroom units.  Units feature fully appointed kitchens and ceiling fans, and ±28 of the units include a washer/dryer.  Residents enjoy various community amenities including a swimming pool, fitness center, and picnic areas with barbecue grills.

Transaction closed October 19, 2022.

For more information, Wadlund, Panahi and Wadlund can be reached at (520) 202-2900.

To learn more, see RED Comp #10248.

 



Investment Sale of Industrial Building & University of Arizona Leases Office Space

TUCSON, ARIZONA, October 21, 2022 — The top sale this past week at C&W | PICOR was an investment sale of an industrial building in Butterfield Business Center where our Industrial Specialists, Paul Hooker and Robert C. Glaser, represented the seller. The top lease was of an office space near Main Gate square which was leased by The University of Arizona. Molly Mary Gilbert, one of our Office Specialists, represented the landlord in this transaction.

Western American Investments, LLC purchased an 11,580 square foot industrial building located at 4775 South Coach Drive in Tucson, in Butterfield Business Center from DLB Properties, LLC, Pamela Boehner, RLB Properties, LLC, & MTOB LLC. They acquired this building for $1,145,000, $98.88 per square foot. Paul Hooker, SIOR, Principal, and Robert C. Glaser, SIOR, CCIM, Principal, Industrial Specialists with Cushman & Wakefield | PICOR, represented the seller in this transaction.

Western American Investments, LLC added this industrial building to its investment portfolio. They purchased the property with a tenant in place, Tucson Store Fixtures & Supplies. This property sits on a lot size of 42,218 square feet / 0.97 acres and contains a ±2,500 square foot showroom or office space. It has a paved yard area, one dock, and three partial dock doors, each with a ramped platform. It is located within Butterfield Business Center, a prestigious business park located in the heart of Tucson within close proximity to Interstate 10, downtown, and Tucson International Airport.

Photo of 715 N Park Ave Building

The top lease for the previous week was an office space at 715 North Park Avenue. The University of Arizona leased 5,242 square feet from Campus Christian Center Corporation. Molly Mary Gilbert, Office Specialist with Cushman and Wakefield | PICOR, represented the landlord in this transaction.

715 North Park Avenue is a class B office space located across from the University of Arizona. Being in such close proximity to campus and Main Gate Square, it has abundant shops and restaurants within walking distance. The University of Arizona will occupy the second-floor office space that has a spacious conference room, several offices which the majority offer private balconies, and a workroom.

To learn more, see RED Comp #10236.

PHOTOS: 4775 S Coach Drive and 715 N Park Avenue.



The Pointe Apartments Sells for $3.9 Million

TUCSON, ARIZONA, October 19, 2022 – The Pointe Apartments at 2152 N Country Club Road in Tucson closed October 14, 2022 for $3,875,000 ($155,000 per unit). It is located at Country Club and Edison Street, south of Grant.

The 25 units – (24) two -bedrooms /1 bath and one three-bedroom / 1 bath were built in 1958, and had been fully renovated since the seller purchased it in January, 2021 for $1.6 million.

The newly renovated property had 5 of the 25 units occupied at time of sale. Buyer plans to improve operations and increase rents.

The seller, an affiliate of Prime Capital Investments, 2152 Country Club, LLC c/o Danny Flores, CEO and the buyer, Pointe Apartments, LLC, an affiliate of AndMark Investment Fund c/o Mark Mosch are both California investors.

Both buyer and seller were represented by Allan Mendelsberg and Conrad Martinez of Cushman & Wakefield | PICOR in Tucson.

For more information, Mendelsberg can be reached at 520.546.2721 and Martinez is at 520.546.2730.

To learn more, see RED Comp #10241.