TUCSON, ARIZONA — Debbie Heslop CCIM of VOLK Company represented the seller, Prince Road Professional Plaza, LLC, in the sale of an approximately 4,000-square-foot parcel with approximately 3,625-square-feet of medical building improvements at 2028 East Prince Road in Tucson to Transformational Medicine, PLLC (Dr. Zach Saber, member) for $429,100 ($118 PSF).

The buyer plans to occupy it as a Naturopathic Medical Practice. Naturopathic Doctors (NDs) concentrate on whole patient wellness through health promotion and disease prevention, while addressing the underlying cause of the patient’s condition. Naturopathic physicians care for patients of all ages and genders.

The property was purchased with an SBA Loan and went under contract on March 23rd at the start of the COVID shutdown and closed on October 1^st Due to unexpected delays caused by the COVID pandemic and processing for permits with the City the transaction took six months for completion.

The purchaser was represented by Ian Stuart and Bruce Suppes of CBRE of Tucson.

For more information, Heslop should be reached at 520.326.3200. Stuart can be contacted at 520 323. 5180 and Suppes is at 602 735 1926.

To learn more, see RED Comp #8145.

A second transaction, handled by Joey Castillo and Jeramy Price of VOLK Company occurred at 2713 N Campbell Avenue in Tucson. The 4,830-square-foot building sits on a 15,594-square-foot lot and was formerly occupied by Sign Age that sold the business and property to Sign Up Sign Services of Tucson (Kelly & Tim Sollenberger, members), the sellers.

The retail asset fetched $420,000 ($87 PSF) and closed on September 21.

The buyer, Edmund Marquez, owns the ALL State Insurance office next door at 2719 N Campbell and purchased the property to renovate for lease to a single tenant.

Castillo and Price handled both sides of the transaction and have been contracted to lease the building.

For additional information, Castillo can be contacted at 520.495.2234 and Price is at 520.441.4771.

To learn more, see RED Comp #8113.

TUCSON, AZ –  Vacant land located at the northeast corner of Valencia and Headley Roads, Tucson, AZ, has been sold to a multi-family investor for the expansion of The Woods Apartments at Midvale Park, 1970 W Valencia Rd in Tucson.

The 7.046 acres sold for $1 million ($3.25 PSF). The transaction closed on October 20, 2020.

The Woods Apartments was built in 1984 and sits on 6.2 acres and is managed by Quarterpenny Management, a reputable property management company. The Woods Apartments offers one- to two-bedroom apartments ranging in size from 467- to 911-square-feet. Amenities include Air Conditioner, Basketball Court, Clubhouse, Covered Parking, Fitness Center and more.

Craig Finfrock of Commercial Retail Advisors, LLC represented the seller, Headley & Valencia, LLC, and Gordon Wagner of NAI Horizon represented the buyer, The Woods 3, LLC, an affiliate of Quarterpenny Management (Pamela J. Farthing, President) in this transaction.

For more information, Finfrock can be reached at 520.290.3200 and Wagner should be contacted at 520.398.5130.

To learn more, see RED Comp #8189.

Tucson, Arizona – Certain subsidiaries of CIM Real Estate Finance Trust, Inc. (“CMFT”), a publicly registered non-listed real estate investment trust (“REIT”), completed the sale of 411 single-tenant properties for $1.035 billion, representing the first tranche of the transaction with Realty Income Corporation (“Realty Income,” NYSE: O) that was previously announced in September. The sale of the remaining properties is expected to close in late 2019 and/or early 2020, subject to customary closing conditions. The total transaction with Realty Income is valued at approximately $1.25 billion and includes the assumption by Realty Income of existing mortgage debt totaling approximately $131 million.

Tucson properties included as part of the $1.25 billion portfolio were ten properties of the 411 single tenant investment properties that sold before year end. The Tucson properties were valued at approximately $18.77 million and included:

1. PetSmart at 7727 E Broadway Blvd, Tucson for $1,822,504(RED COMP #7363)
2.  Family Dollar at 9776 South Nogales Hwy, Tucson for $1,804,596 (RED COMP #7362)
3. Giant Gas Station at 6225 W Ajo Hwy, Tucson for $843,656 (RED COMP #7358)
4. Giant Gas Station at 3902 E Speedway Bvd, Tucson for $1,261,187 (RED COMP #7359)
5. Giant Gas Station at 15841 El Tiro Road, Marana for $3,144,894 (RED COMP #7360)
6. Giant Gas Station at 6890 N Sandario Road, Tucson for $1,052,871 (RED COMP #7361)
7. Giant Gas Station at 6280 East Broadway Blvd, Tucson for $1,309,733 (RED COMP #7426)
8. Giant Gas Station at 4301 East Broadway Blvd., Tucson for $836,787 (RED COMP #7435)
9. Giant Gas Station at 6777 N Sandario Road in Tucson for $5,358,211 (RED COMP #7434)
10. Giant Gas Station at 1200 South Sierrita Mountain Road in Tucson for $1,339,195 (RED COMP #7427)

Eastdil Secured represented CMFT in the transaction.

CMFT reported in a written statement that net proceeds from the transaction would assist CMFT in the process of pursuing a more diversified investment strategy across the capital structure, ultimately transitioning to a mortgage REIT. The Company intends to balance its existing core of necessity commercial real estate assets leased to creditworthy tenants under long-term net leases with a portfolio of commercial mortgage loans and other credit investments.

“We believe that the transition to a credit-focused strategy will maximize shareholder value,” said Richard Ressler, Chairman of the Board of Directors, Chief Executive Officer and President of CMFT, and Co-Founder and Principal of CIM Group.  “Once we reposition our portfolio over the next 12-24 months, we may pursue a listing of the Company’s common stock on a national securities exchange, providing liquidity for our shareholders.”

This transaction is the latest in a series of actions that have been taken by the Company to further its objective of transitioning to a mortgage REIT, including amending the Company’s charter to help position the Company for a potential listing on a national securities exchange, re-naming the Company, and amending the Company’s management agreement with its external manager to better align the terms of the agreement to those of other publicly listed mortgage REITs.

“We are pleased with our progress diversifying our investments and the steps taken to help achieve our long-term objectives,” Ressler added.

CMFT is a public, non-listed REIT formed in 2012 that primarily owns and operates a diversified portfolio of core commercial real estate assets consisting of net leased properties and a portfolio of commercial mortgage loans. As of September 30, 2019, the Company’s loan portfolio consisted of nine loans with a net book value of $187.0 million. CIM Real Estate Finance Trust, Inc. was previously known as Cole Credit Property Trust IV, Inc. and changed its name on August 14, 2019. CMFT, which is sponsored by an affiliate of CIM, intends to pursue a more diversified investment strategy, ultimately transitioning to a mortgage REIT.