TUCSON, ARIZONA – Leman Academy of Excellence has acquired a new site at 6180-6190 E Pima Street in Tucson for a new campus.  The 4.5 acres were split off and sold by the International Church of the Foursquare Gospel Church from a current 8-acre parcel. The Church will remain on the remaining adjacent property.

The site sold with several buildings, a 16,000-square-foot gymnasium and two buildings under 3,000-square-feet each, that were being used by the church. These will be incorporated into the new 30-classroom building for Leman Academy and its K-6 campus.

The property commanded a sale price of $2.2 million ($100 PSF). This will be eighth campus for the charter school, expected to be open for August 2020.

Leman Academy of Excellence is an independently operated, tuition-free public charter school with open-admission policies. The foundational principles for the educational philosophy of Leman Academy of Excellence has been formed and established by Dr. Kevin Leman, the founder of the school, who had often dreamed of launching a school and learning environment for young people that willingly engages and embraces parents in the educational process, highlighting the parent-teacher-scholar relationship to bring out the best in each and every child. There is no entrance exam for admission to Leman Academy.

Pat Welchert of Alpha Commercial Real Estate represented the buyer in the transaction and Chuck Corriere of Keller Williams of Southern Arizona represented the seller.

For more information, Welchert should be contacted at 520.360.9394 and Corriere can be reached at 520.400.9811.

To learn more, see RED Comp #6990.

Phoenix, Arizona –  SVN Desert Commercial Advisors has been an instrumental part of the economic development in downtown/midtown Phoenix.  Advisors, Justin Horwitz and Paul Borgesen III, often relied on as experts of the Downtown Phoenix submarket, have facilitated yet another transaction representing Fore Properties in the acquisition of the former O’Neil Printing building for $9,325,000.

The property is located at 366 N 2^nd Ave. (the SEC of 2^nd Ave & Fillmore St.), a significant site in the heart of Downtown Phoenix’s Opportunity Zone. This property consists of approximately 2.56 acres of land with three sides of street frontage.  Development plans for the call for a high-end mixed-use development consisting of seven stories, 323 apartment units, and ground floor retail and restaurant space in a project totaling approximately 285,000 SF. The community will feature a combination of studios, 1 bedroom and 2-bedroom units as well as a rooftop deck with views of downtown Phoenix, a pool, and fitness center.

Fore Property plans to start construction in the first quarter of 2020 with a target completion of mid-2022.  This transaction marks the 11^th Downtown Phoenix sale in 2019 by Justin Horwitz and Paul Borgesen.  “We are extremely excited about the plans for this site.  Roosevelt Row has been capturing a lot of attention in the Downtown submarket, but this particular pocket west of Central Ave. is really starting to gain momentum,” states Horwitiz. Borgesen adds, “This planned development by Fore along with other in the immediate area will offer yet another unique experience in the submarket.”

The property is proximate to Downtown’s central business district and several large educational and research institutions, including Arizona State University’s Downtown campus, Phoenix Biomedical Campus, and the University of Arizona School of Medicine. The project also benefits from access to retail and entertainment amenities, including Downtown’s restaurants and multiple sporting and theater venues, as well as and convenient transit accessibility with a Metro Light Rail station located one block from the site.

GILBERT, Ariz. – 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 Dairy Queen, a 3,200-square-foot triple-net-leased property located in Gilbert, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,650,000 ($828 PSF).

Mark Ruble, Jamie Medress and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer completed a 1031 exchange.

Dairy Queen is located at 2770 South Santan Village Parkway just south of East Williams Field Road in Gilbert, Arizona. The 3,200-square-foot property was recently built in 2018 on a 1.41-acre lot. It is ideally located near multiple grocery stores such as Costco, Sam’s Club, Sprouts and Natural Grocers as well as large retailers including Walmart Supercenter, Big Lots, Old Navy, Dick’s Sporting Goods, Barnes & Noble and Best Buy. Restaurants in the immediate area include McDonald’s, Panera, Chick-fil-A, In-N-Out Burger, Starbucks, and more.