Marcus & Millichap Arranges the Sale of 3 Apartment Properties in Tucson and Sierra Vista, AZ for $30.7 Million

Casa Loma, 6639 E Broadway Blvd., Tucson

TUCSON & SIERRA VISTA, 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 Casa Loma, Vista Village and Highland Woods, three apartment properties located in Sierra Vista and Tucson, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Tucson and Phoenix offices, the assets sold for $10,850,000, $9,900,000 and $9,950,000 respectively.

“The multifamily sector has long held strong against uncertainty and economic swings, and the Covid-19 pandemic has proven to be no exception. Through the midst of a global pandemic, rent collections and occupancy rates have remained high in Sierra Vista and Tucson, boosting investor confidence,” said Hamid Panahi, investment specialist in Marcus & Millichap’s Tucson office. Panahi had the exclusive listing to market the properties on behalf of the seller, a limited liability company.

Casa Loma is located at 6639 East Broadway Boulevard in Tucson. Vista Village is located at 1125 North 7th Street in Sierra Vista. Highland Woods is located at 555 North 7th Street, Sierra Vista.

For more information, Panahi should be reached at 520.719.6511.

To learn more, see RED Comp #8390.

Vista Village, 1125 North 7th Street, Sierra Vista, AZ and Highland Woods, 555 North 7th Street Sierra Vista, AZ

Cushman & Wakefield Arranges Sales of New Arizona Retail Assets Shoppes at Cortaro Ranch in Tucson and a Center in Lake Havasu

Shoppes at Cortaro Ranch, Marana (Tucson)

Newly constructed retail centers well leased by popular national and regional brands

TUCSON, Ariz. – Cushman & Wakefield announced the firm has brokered the sale of two newly constructed, multi-tenant Class A retail properties in Arizona. The transactions included the Shoppes at Cortaro Ranch in Tucson that sold for $5.2 million, and a freestanding retail asset in Lake Havasu that sold for $4.35 million. Both properties were acquired by out-of-state-investors. Chris Hollenbeck with Cushman & Wakefield in Phoenix represented the sellers in the transactions.

Chris Hollenbeck said, “These are newly constructed Class A retail assets, each having strong, stable and synergetic tenancy with attractive rent rolls, and that are also extremely well located in their respective trade areas. These types of high quality, well tenanted retail assets remain in high demand from investors everywhere, even during the pandemic.”

Built in 2020, the Shoppes at Cortaro Ranch totals 10,617-square-feet on 2 acres and is fully leased to a strong roster of tenants. Located at 5660 W Cortaro Farms Rd, the property is positioned in a strong trade area and with excellent access and visibility from the I-10 freeway. The center was acquired by Colorado-based Sonoma Heights, LLC, and the seller was Cortaro Commercial JV, LLC of Terry Haute, Indiana.

The Lake Havasu asset consists of an 8,314-square-foot retail property on 1.18 acres built in 2018. Nearly fully leased, it also consists of a strong tenant roster. The property is located at 85 N Lake Havasu Ave, a main thoroughfare through the city, and offers excellent visibility from Route 95. It is also positioned at the hub of the retail trade area, with numerous national credit tenants. The center was acquired by 85 N. Lake Havasu, LLC of Thousand Oaks, California. The seller was Havasu Mesquite, LLC of San Pedro, California.

To learn more, see RED Comp #8347.

New Location for Tucson Iron & Metal Surplus found at former Grant Road Lumber site

TUCSON, ARIZONA — 32 Penguins, LLC, an affiliate of Tucson Iron & Metal Surplus, bought 6.02 acres at 3225 E 36th Street, a portion of the former Grant Road Lumber Yard for a new location. The seller, CA North American, LLC (Bruce Ash, member) sold the property for $750,000 ($2.86 PSF).

Tucson Iron & Metal started as a scrap yard in 1986 by 3^rd generation scrap metal dealers Tandy & Gary Kippur. Over the years customers kept coming in to purchase metal for different projects they were working on or artistic pieces they were creating. Tucson Iron & Metal is a large-scale scrap metal yard with heavy machinery, forklifts, and magnet cranes. In order to keep our customers happy, fulfill all their metal needs, and do both of those in a safe way – Tucson Iron & Metal Surplus opened its own yard in 2017 across the street from the Scrap yard.

Now, you can walk around the current four-acre yard and pick out the new, used or surplus metal piece needed for your next art, home or business project. The new location will offer 6-acres for even more recycling.

Dean Cotlow of Cotlow Company – Tucson handled the transaction for buyer and seller.

For additional information, Cotlow should be reached at 520.881.8180.

To learn more, see RED Comp #8355.