TUCSON, ARIZONA — Blue Sky Equity Partners  has added to its hotel portfolio by acquiring the Red Lion Inn & Suites Tucson North Foothills for $7 million ($44,872 per room) and plans to rename and reposition the hotel as a boutique hotel called 3 Palms Tucson North Foothills at 7411 N Oracle Road, Tucson.

Located near the foothills of the Santa Catalina Mountains in North Tucson, the 156-room hotel is the Tucson North hotel of choice for both business and leisure travelers, outdoor adventurers, family vacationers, and visitors to the University of Arizona. Financial terms of the transaction were not disclosed.

“We are excited to acquire this one-of-a-kind hotel in Tucson, and we’re looking forward to continuing to be the North Tucson hotel destination of choice under the 3 Palms brand,” said Logan Abbott, President of Blue Sky Equity Partners. “Our hotel division is focused on continued growth in the Pacific Southwest and this exciting acquisition allows us to expand our flagship 3 Palms brand to another great desert destination in the Tucson North Foothills,” added Ariel Abbott, the company’s Director of Revenue and Growth.

While this acquisition represents Blue Sky Equity’s first Tucson-based hotel, the company and the 3 Palms brand has long enjoyed a presence in the Arizona market with the 3 Palms Hotel Scottsdale.

Blue Sky Equity Partners is a family owned private equity investment firm with investments in real-estate, media and technology. The firm’s hotel division owns and operates multiple hotels in California and Arizona under various brands including the 3 Palms. The company manages every facet of redeveloping, remodeling, and repositioning portfolio hotels as well as building a world class team to operate them.

To learn more see RED Comp #6678.

PHOENIX, ARIZONA – NAI Horizon represented PVO, LLC (Paul Wong, Principal), the seller, in the $2.2 million investment sale of Paradise Valley Oasis, a 35,790-SF retail strip center located at 13825 and 13831 N. 32^nd St., in Phoenix.

NAI Horizon Senior Vice President Lane Neville; Vice President Matt Harper, CCIM; and Associate Logan Crum represented the seller.

“This value-add retail property has a mix of long-standing local tenants that serve the surrounding neighborhood of 32^nd Street and Thunderbird in north Phoenix,” Neville said.

Built in 1980, Paradise Valley Oasis sits on 2.65 acres. It is surrounded by high density single family residential and neighborhood retail and office centers.

There are more than 33,000 vehicles per day at the intersection of Thunderbird Road and 32nd Street. Located within a 3-mile radius of Paradise Valley Oasis are more than 125,000 people, averaging approximately $60,000 income per household per year. The property is easily accessible from SR 51.

Phoenix, Arizona – Arizona has been a staple for out-of-state restaurant concepts moving into the valley.  That still does not stop Arizona locals expanding all over the state including Tucson’s Truland Burgers & Greens.  Director of Retail Leasing & Sales Investments, Rommie Mojahad with SVN Desert Commercial Advisors in Phoenix identified the perfect location for this group in Chandler.

The tenant and Co-Owner, Jeff Katz has brought Truland Burgers & Greens, a full service sit down establishment with a mix of burgers and salads to downtown Chandler.  The restaurant has a full bar and a patio for and outside atmosphere and enjoyment.  They will be opening the 3,680-square-foot location at Overstreet Chandler at 140 N Arizona Ave later this year.

“With all the growth and employment coming to Chandler, downtown Chandler, this is a perfect fit to launch the restaurant in this area,” said Mojahed. With a mix of schools, golf courses, parks in the heart of downtown Chandler, this location off Arizona Ave & Chandler Blvd. will bring a new restaurant experience for the downtown residential and business community.  “We are excited about bringing our Truland Burgers & Greens to Overstreet in downtown Chandler,” said Katz. “We feel it is the perfect spot for our first valley location.”

The new location in Chandler is projected to open November 1^st of this year.