TUCSON, ARIZONA — The Darryl Wilson Living Trust purchased Highland House Apartments, a 6,986-square-foot (12-bed) student housing complex located at 380 N. Highland Avenue in Tucson.  Located one block from the University of Arizona Campus Recreation Center and the rest of the campus.

The property was purchased from PCG Tucson 1, LLC for $1.715 million ($571,667 per unit / $142,917 per bed / $245.49 PSF).

The transaction sets a new record high in price per units and price per beds in small to midsize student housing properties in Tucson.

Built in 2017, the three 4-bedroom / 4-bathroom buildings were double net leased to a Fraternity with 3.5 years remaining. The property features luxury interiors with poured concrete floors, stainless steel appliances and high-end cabinetry.

Allan Mendelsberg, Multifamily Specialist with Cushman & Wakefield | PICOR, represented both buyer and seller in this transaction.

For more information, Mendelsberg should be reached at 520.546.2721.

To learn more, see RED Comp #6695.

Phoenix, Arizona — CBRE completed the sale of a 19,200-square-foot multi-tenant freestanding retail center in Gilbert, Ariz. Scottsdale-based Palm West Home Community, LLC, acquired the Class A property for $7.25 million ($377.60 PSF).

CBRE’s Jesse Goldsmith, Steve Julius, and Chase Dorsett represented the seller, Mariah Properties IV, LLC, in the transaction.

“CBRE has exclusively represented Mariah Properties since 2013 and we have admired the way they have professionally managed all of their Arizona assets,” said CBRE’s Goldsmith. “The buyer, Palm West Home Community, LLC is acquiring a true Class A asset from an experienced, local developer.”

Built in 1999, Silverstone Plaza is located at 754 S. Val Vista Dr. on the northwest corner of Val Vista Drive and Warner Road. The property, which has not had a vacancy since 2007, is fully occupied by a mix of local and national tenants including Great Clips, Domino’s Pizza, Subway, Backfit Health & Spine and Delia’s Cleaners. A Fry’s Food & Drug store, McDonald’s and Taco Bell are all adjacent to the property.

The center sits in a fast-growth, high-income area of Gilbert with more than 317,000 residents in a five-mile radius. According to CBRE, the Mesa/Chandler/Gilbert recorded the strongest net absorption in the Valley in 2018 with 170,654-square-feet.

County joining for fifth year in Adopt Love. Adopt Local.

PIMA COUNTY –Pima Animal Care Center is joining several other local shelters and rescue groups for the mega adoption fair, Adopt Love. Adopt Local, April 13, 2019 from 9 a.m. to 4 p.m. at the West Hall of the Tucson Expo Center, 3750 E. Irvington Rd.

Admission and parking are both free.  PACC will bring three trucks full of dogs, a total of around 25 pups. Adoption fees will be discounted. The event will also feature a prize wheel offering free toys, treats, collars, leashes and PetSmart gift cards. Last year, PACC adopted out 23 dogs.

The shelter is housing 413 dogs and 91 cats.  All pets adopted will come spayed or neutered, with age-appropriate vaccinations, a microchip and a free vet visit. A $19 licensing fee will apply to dogs.

For those who can’t attend Adopt Love. Adopt Local., PACC is located at 4000 N. Silverbell Road, open Monday through Friday, noon-7 p.m. and 10 a.m. to 5 p.m. on the weekends.