TUCSON, Arizona – Oxford Realty Investments III of Tucson (Doug March, manager), a group of local investors, purchased the retail shops at 7366 N Oracle Road in Tucson for $2 million ($200 PSF).  The three-tenant retail center was sold by AM Oracle Building, LLC (Alan Miklosky, manager) the owner of Shoe District North and Wide Wide by Alan’s Shoes, two of the tenants in the center. The transaction included a sale leaseback with the seller.

The third tenant is GoodThreads Boutique by Goodwill, a unique boutique Goodwill store that specializes in a refined selection of high-end, high-quality clothing brands, a small selection of furniture from the Goodwill Youth Restoration program and small treasures.

The 10,000-square-foot retail building was built in 2006 at the corner of Suffolk Drive and Oracle Road, with good parking and great visibility along Oracle Road.

Doug Marsh with Oxford Realty Advisors in Tucson represented the investment group and the seller was self-represented.

“The fantastic location, near Oracle and Ina Roads connects the Foothills to the Tucson Northwest submarket,” said Marsh. “Surrounded by Oro Valley, the center is within an above average income of neighborhoods for the region.”

For more information, Marsh should be reached at 520.232.0200 x 117.

To learn more, see RED Comp #6767.

PHOENIX, Arizona – CBRE has arranged the $13.3 million sale of Orange Creek Apartments in Glendale, Ariz. Bear Holdings Group, LLC acquired the 142-unit garden-style apartment community from Warranty Property Management, LLC.

Brian Smuckler, Jeff Seaman and Bryson Fricke with CBRE in Phoenix represented the buyer and seller in the transaction.

Built in 1985, the property is comprised of studio, one- and two-bedroom floorplans that average 727 square feet and feature fully-appointed kitchens with full-size electric appliances. Exterior amenities include a resort-style swimming pool and spa, covered parking and a clubhouse.

Located at 8546 North 59^th Ave., just north of Northern Avenue, the property is situated in a desirable Glendale area with improving submarket fundamentals. In the third quarter of 2018, the submarket rents averaged $1.10 and have increased 8 percent year over year, according to CBRE research. The average submarket vacancy has decreased by 17 basis points during the same period.

TUCSON, ARIZONA — A California buyer purchased a licensed 16-bed assisted living facility at 250 S Vozack Lane in Tucson for $600,000 ($37,500 per bed).

The sellers, Stanley and Sharyl Young, had run the successful facility for 24 years prior to selling.

Licensed for 16 residents, the property had been vacant for several weeks prior to the sale, following the closure of the previous business.  The buyer will be required to acquire a new license with the Arizona Department of Health.

Mark Biery, a Senior Housing Specialist with Berkshire Hathaway Premier Properties handled the transaction.

“Unique to this property was the fact that it had an approved development plan for an expansion of 16 additional beds. That would bring it to a total of 32 beds, which is an unusual size for a care home on the east side of Tucson,” Biery said. “The California buyer found this potential for expansion attractive.”

For additional information, Biery should be reached at (520) 235-2531.

To learn more, see RED Comp #6665.