TUCSON, Ariz. – 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 Walgreens, a 14,490-square foot net-leased property located in Tucson, Arizona.

According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,442,748 ($169 PSF).

Chris Lind and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, another limited liability company, was procured by Lind and Ruble.

Walgreens is located at 1351 West Prince Road in Tucson, Arizona. Built in 2001, the asset is one mile off of the Interstate-10 freeway, the primary connector for Tucson and Phoenix. Across from Flowing Wells High School with more than 1,600 students, Walgreens is highly visible to nearly 46,500 cars per day at the signalized hard corner of Flowing Wells Road and Prince Road. Walgreens in the heart of the growing Tucson trade area, accessible to 224,519 residents within a five-mile radius.

To learn more, see RED Comp #9292.

TUCSON, ARIZONA – Terrace Apartments at 3717 East Lee Street in Tucson recently sold to an investor from Colorado for $1.5 million ($125,000 per unit). The buyer, WB Property Ventures, LLC of Denver, CO (Cody Lee Burton, manager) is a real estate broker with Atlas Real Estate in Colorado, a company that focus is on multifamily investment properties.

Terrace Apartments, built in 1962, consists of an 8-unit apartment building and a 4-plex with a mixture of two- and one-bedroom units and 12 covered and 12 uncovered parking spaces. The seller had completely rehabbed the property and it sold ready to take it to the next level.

For the investor, this was the largest purchase to-date in a young portfolio and was purchased all-cash.

Peter Canacakos with Long Realty in Tucson represented the seller, Terrace Apartments on Lee, LLC of Scottsdale (Eric and Regina Kaupanger, managers).

“The property was in great shape in a great Central Tucson neighborhood. Half of the units were earth tones and other half grey tones,” said Canacakos. “The seller’s renovations had included the laundry room with four new washers and four new dyers, new irrigation system, new landscaping, new roof coating and a newly seal coated parking lot. Half of the units also had new air conditioning units.”

For more information, Canacakos should be reached at 520.918.4831.

To learn more, see RED Comp #9249.

TUCSON, Ariz. – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Walgreens, a 15,120-square-foot net-leased property located in Tucson, Arizona.

According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,900,763 ($192 PSF).

Chris Lind and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, another limited liability company, was procured by Lind and Ruble.

Built in 2001, Walgreens has a new five-year lease extension. The property is visible to over 13,5000+ vehicles per day on the signalized hard corner of East Snyder Road and North Sabino Canyon Road. Based in the affluent Tucson trade area, average household income exceeds $134,000 and the location is accessible to 105,058 residents within a five-mile radius. Walgreens is located at 7877 East Snyder Road in Tucson, Arizona.

To learn more, see RED Comp #9286.