TUCSON, Arizona – Two multifamily apartment deals totaling 145-units and an aggregate sale price of $8.4 million sold in the first month of 2019.  Multifamily property sales are expected to continue to be a preferred investment with no slowdown in site for Tucson.

Colorado investors, Hung N Tran and Nina Tran purchased Sierra Pointe Apartments, an 84-unit apartment complex located at 2350 E, Water Street in Tucson, from Denver-based, Mainstay Investments, LLC for $5.2 million ($61,905 per unit.

The buyer was in a 1031 exchange.

Built in 1972, amenities include fitness center, cardio machines, spa, pool, bike storage, walking/biking trails, picnic area, barbecue area, and barbecue grills. Occupancy at time of sale was at 91% as of January 2019. 60% of the units are two-bedrooms and 39.3% are one-bedroom with one three-bedroom unit.

Art and Clint Wadlund of Berkadia in Tucson handled the transaction for the seller. It closed February 1, 2019.

For more information, Art Wadlund should be reached at 520.299.7200 and Clint Wadlund is at 520.615.1100.

To learn more, see RED Comp #6532.

In a separate unrelated transaction, ZFI, LLC and KMS Properties, LLC of La Jolla, California purchased Montclair Apartments, a 61-unit apartment complex located at 811 & 835 N. Alvernon Way in Tucson, from Phoenix-based, Montclair by Bakerson for $3.2 million ($52,459 per unit).

Built in 1958, with 61 Units in 2-stories, with 1-bedrooms  2-bedrooms and 3-bedroom units. Amenities include gated, courtyard, picnic area, balcony or patio, pool, and laundry facilities.

Allan Mendelsberg, Multifamily Specialist with Cushman & Wakefield | PICOR, handled the transaction that closed January 30, 2019

For more information, Mendelsberg can be contacted at 520.546.2721.

To learn more, see RED Comp #6533.

Cushman & Wakefield Sells Class A Multi-Tenant Warehouse/Showroom

PHOENIX, Arizona – Cushman & Wakefield completed the sale of North Hayden Commerce Center, located at 14000 N. Hayden Road in Scottsdale, Ariz. Hayden Center Investments purchased the property from New York-based 14000 N. Hayden Road, Scottsdale, LLC (a company formed by iStar Financial Inc.).

Paul Boyle, Rick Danis, and Michael Kitlica, with Cushman & Wakefield, brokered the $16.48 million deal on behalf of the seller. Randy Shell of Shell Commercial represented the buyer.

“North Hayden Commerce Center is the largest multi-tenant industrial warehouse/showroom building in the Scottsdale Airpark. Located near executive housing, convenient freeway access, and barriers to entry, the Scottsdale Airpark continues to remain popular for investors and users,” said Boyle.

Completed in 2007, North Hayden Commerce Center is a single-story building totaling 103,517-square-feet (SF), situated on a 7.58-acre site. The Class A multi-tenant industrial warehouse showroom development is currently 67% leased to well capitalized, quality tenants including The Tile Shop, R.E. Michel Company, Red Mountain Weight Loss Center and Ferguson Enterprises, Inc.

Located at a signalized intersection of Hayden and Redfield Road, North Hayden Commerce Center is easily accessible via the Loop 101 which is only one-mile east. The property also resides within the well-established Scottsdale Industrial Airpark development, encompassing approximately 3,300 acres, 1,157 buildings (office/retail/industrial) totaling over 34 million-square-feet and 56,000 employees.

Cives Steel Corporation Purchases 25 Acres for 150,000 Square Feet of Manufacturing

Phoenix, Arizona – John F. Long Properties (Jacob F. Long) and NOVO Development (Kurt Rosene, Justin Miller & Stephen Hulston)  have completed a 25-acre land sale to Cives Steel Corporation, marking a significant launch for their CenterPoint Logistics Park in El Mirage, AZ.  The 1,400-acre BNSF rail-served business park is designed for in excess of 25 million-square- feet of industrial, warehouse and manufacturing space.

The Cives Steel Corporation plant at CenterPoint Logistics Park will be Cives’ 8^th facility in the United States.  Phase One of the rail served site will be a 50,000-square-foot, pre-fabrication facility employing 50 workers.  Phase Two will be 100,000 square feet and employ approximately 150 additional workers.  Cives Steel Company is a national leader in structural steel and plate fabrication with facilities strategically located throughout the United States. The company has been in operation more than 60 years and the El Mirage facility will focus on products serving the Southwest.

“The El Mirage location was chosen in large part due to the welcome received from the Mayor, City Council and City staff and their working relationship with the Long family,” said Tim Hanenburg, Cives’ president and CEO.  “Cives looks forward to completing construction as soon as possible.”

“The Cives facility is an exciting addition to our CenterPoint project,” says Justin Miller of NOVO Development. “In our time marketing the park, we have gained significant momentum that currently includes 200 acres in negotiation for future development.  The support of the City of El Mirage, the existing skilled labor force and our ability to deliver services to sites have been instrumental in our success.”

“The City recently completed full improvements to El Mirage Road, creating easy access to the Northern Parkway, and this year will begin similar improvements to Dysart Road. These improvements, along with the existing westbound connection of the Northern Parkway west to the Loop 303 freeway and the under-construction, eastbound connection of the Northern Parkway to the Loop 101 freeway make CenterPoint an ideal location for future industrial development.” says Miller.

CenterPoint Logistics Park consists of 1,400 acres zoned for industrial use. The master planned park is owned by the John F. Long Family Trust, which has teamed with NOVO Development as their preferred developer.  The park spans from Peoria Avenue on the north to the Northern Parkway on the south and from Dysart Road to the west to El Mirage Road to the east.  The property is rail served by BNSF and is approved as a Foreign Trade Zone.  The Northern Parkway runs along the southern boundary of the property and will soon extend across the entire southern end of the park with two full diamond interchanges providing access to the park.

Rail service is being further extended inside the park and will create more than 300 acres of rail-served land.  Available sites within CenterPoint Logistics Park range from one to 500 acres.  The park is being marketed to users ranging from small, local companies needing their own facility, to major corporations with requirements of a million square feet.

Pat Feeney, Dan Calihan and Rusty Kennedy of CBRE serve as exclusive sales agents for CenterPoint Logistics Park.