TUCSON, Arizona  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Good Rain, a 34-unit complex,  9th & Bean, an 8-unit apartment, and East Adams, a duplex, all located near the University of Arizona according to Ryan Sarbinoff, regional manager of the firm’s Tucson and Phoenix office. The assets sold for aggregate of $4,410,000 ($100,227 per unit).

James K. Crawley and Hamid Panahi, investment specialists in Marcus & Millichap’s Tucson office, had the exclusive listing to market the properties on behalf of the seller, a limited liability company. The buyer, a limited liability company is based out of Los Angeles.

Good Rain is located at 801 East 10th Street, 9th & Bean is located at 529 East 9th Street, and East Adams is located at 348 East Adams Street in Tucson, Arizona.

“The sellers bought each of the assets opportunistically conducting heavy repositioning over their ownership,” said James K. Crawley. “Each community provides the buyer a myriad of student and young professional housing options in the gentrifying neighborhoods of Iron Horse and Rincon Heights, as well as the highly-concentrated student populated Feldman’s neighborhood – all surrounding the University of Arizona and Downtown Tucson.”

To learn more, see RED Comps #6765 and #6777.

Team closes five shopping center transactions in April totaling $21 million

Phoenix, Arizona – CBRE announced the sale of two Phoenix-area retail properties in Chandler and Surprise, Ariz. totaling $5.5 million.

Steve Julius, Jesse Goldsmith and Chase Dorsett of CBRE negotiated the following transactions:

• Monterey Vista Village, located at 900 E. Pecos Rd. in Chandler, is a 13,211-square-foot retail pad anchored by AutoZone. An Arizona-based private investor acquired the multi-tenant asset for $3 million. The seller, CIRE Equities of San Diego, was represented by CBRE in the transaction.

• CBRE represented Mariah Properties, LLC in the $2.5 million acquisition of Marley Park Plaza, a 4,542-square-foot retail pad located at 13953 W. Waddell Rd. in Surprise. The seller was ABDD Arizona RE of New Jersey. The three-tenant property is fully leased by Dunkin Donuts, The Joint Chiropractic and Marco’s Pizza.

“The retail investment sales market for 2019 has started strong in Phoenix. Year to date, we’ve completed 27 transactions across Maricopa County, and we’re continuing to see the trend of out-of-state investors coming to Arizona, which last year, accounted for 63 percent of our buyers,” said Julius. “They have not been discouraged by the threat of internet sales, since most of these neighborhood centers are home to everyday users such as restaurants, service providers, and convenience-based retailers.”

The team closed five transactions totaling $21 million during April. Previously, the team completed the sales of Silverstone Plaza, Bell Plaza and Duke Plaza in three separate transactions.

Tucson, AZ – Tucson Museum of Art and Historic Block (TMA) Chief Executive Officer Jeremy Mikolajczak announced that after an extensive national search Andrea Dillenburg will join TMA as its Chief Development Officer. Dillenburg will begin her position with the Museum on May 13, 2019. In her new role, Dillenburg will create and implement a comprehensive development program for the museum that includes soliciting general-operating and special-project funds from local, regional and national sources by working with corporate, foundation and individual donors. She will also oversee TMA marketing and represent the Museum in the community.

“I am delighted to welcome Andrea Dillenburg  to the Tucson Museum of Art,” said Jeremy Mikolajczak. “She brings more than 30 years’ experience in the performing arts and has a proven record of successful fundraising related to campaigns, donor relations, grants, capital campaigns, corporate giving and planned giving.  Andrea will help TMA mark our 95^th Anniversary in 2019, and help our team move the museum forward with the exciting new projects and exhibits on the horizon.” Those plans include a Pre-Columbian and Latin American art collection to be housed in the new Kasser Family Wing, one of the largest Museum projects in decades.

Dillenburg served as Vice President of Marketing for the Tucson Symphony Orchestra for seven years. She has also worked for the Nashville Symphony, Nashville Ballet & School, the Alliance Theatre in Atlanta, Ga., the Atlanta Symphony Orchestra, the Tennessee Repertory Theatre in Nashville and the Ford’s Theatre in Washington, DC.

“I am thrilled to be joining the talented team at the Tucson Museum of Art,” Dillenburg said. “The Museum is one of Southern Arizona’s most important cultural resources, and I’m a huge fan of the work they have done to elevate Tucson as an arts center. I’m excited to have the opportunity to continue that valuable mission.”

She has bachelor’s degrees in Economics and Music from Gustavus Adolphus College, St. Peter, Minn.