TUCSON, Arizona — Park Brokerage is proud to announce the sale of Sentinel Peak RV Park located near downtown Tucson, Arizona was completed on March 13, 2019 for a price of $1.4 million ($56,000 per space).   John Sheedy with Park Brokerage completed the transaction the sale on behalf of the seller and procured the buyer which is an entity related to a Phoenix-based commercial real estate investment firm.

Sentinel Peak is a 25 space RV park with a full amenity package including pool, spa, clubhouse, laundry facility, and a small store.  The park was built only four years ago so all the infrastructure is new and the utilities are provided by the city.  The streets are paved and the sites can accommodate modern RV’s in both size and electrical service.

John Sheedy commented “this is an extremely high-demand RV park located less than one mile from the blossoming downtown Tucson submarket which has seen numerous multifamily and commercial developments pop up over last few years.  The popularity of the property due to it’s location, amenities, and management made this a high-cash flow play for the buyer who I am confident will be very successful due to their experience in similar asset classes.”

Please feel free to contact John for more information about this sale at 602-821-4666 or at [email protected]

To learn more, see RED Comp #6655.

Property Located in the Heart of High Tech Job Growth

Phoenix, Arizona — Studio 710, an apartment community located at 710 Hardy Drive in Tempe, has been sold to Tara Investment Group of San Francisco for $26.75 million ($112,000 per unit). The property is located in the heart of burgeoning Tempe.

“This asset is located within walking distance of the ASU campus, Tempe Town Lake, Metro Light Rail, Mill Avenue, and 50,000+ jobs,” says Brad Cooke with Colliers International in Arizona.“This is a true Live Work Play location with a 97% bike score.”

Tara Investment Group was self-represented in the transaction.  The company purchased the apartment community from Domain Communities, a private value-add multifamily real estate investment company.  Domain was previously based in Scottsdale for 10 years before moving to Houston in 2012.

The principal of Domain Communities, JD Golden, has not forsaken his Arizona ties, buying over 3,000 apartment units in Mesa, Phoenix, Tempe and Tucson since 2014. “The Phoenix market has proven incredibly resilient during the past 6 years and is still poised for further growth” said Golden.

Brad Cooke and Cindy Cooke of Colliers International in Arizona represented the seller in the transaction.

Studio 710 contains 239 apartment units within 12 buildings totaling 98,500 square feet.  Built in 1975, the two-story, garden style community features a very modern atmosphere with a recently renovated resort-style amenity package. The community now features two luxurious resort-style pools with cabanas a free Wi-Fi.  A trainer-designed fitness studio, outdoor jogging track and outdoor gathering areas all have been added.  Studio 710 now offers fire pits, outdoor yoga and zen space, bike racks and a variety of entertainment areas.

45 of the units are in classic condition and the remaining units have been upgraded to a B level.  The buyer intends to renovate the remaining 45 units plus bring some of the B level upgrades to a more modern full upgrade to compete just below the new construction.

The submarket has become a home for major tech companies, many relocating from Silicon Valley.  The strong job and population growth has equated to a 7.9% rent growth for the submarket.

New long-range weapon doubles firepower and reduces cost

TUCSON, Ariz. — Raytheon Company (NYSE: RTN) and the U.S. Army completed a successful preliminary design review for the new DeepStrike® surface-to-surface missile, moving the weapon down the development path toward its first flight tests planned for later this year.

The DeepStrike missile meets the Army’s Precision Strike Missile, or PrSM, requirement, and will replace the current missile that was designed in the 1970s and is approaching the end of its service life. During the Preliminary Design Review, the Army evaluated every aspect of the new missile’s design, from its advanced propulsion system and innovative lethality package to its guidance system.

“Completion of Raytheon’s PrSM Preliminary Design Review helps us accelerate development and fielding of this high priority Army program,” said Col. Chris Mills, U.S. Army program manager for Precision Fires, Rocket and Missile Systems. “We are now ready to move to test and integration activities that will lead to a demonstration of PrSM’s new capabilities.”

Featuring an innovative, two-in-the-pod design and many other advancements, Raytheon’s new long-range precision strike missile will fly farther, faster and pack more punch than the current weapon.

The DeepStrike missile will defeat fixed land targets 60-499 kilometers away, improve effectiveness and responsiveness compared to current systems, and restore the Army’s capability to overmatch adversaries. It will also be upgradable to keep U.S. soldiers ahead of the threat.

Previous program milestones include the successful integration of DeepStrike’s new launch pod missile container into the Army’s M142 HIMARS and M270 MLRS launchers.