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As 2013 progresses, the commercial real estate market continues to settle into a “new normal,” largely reflected by the number of bank owned properties, or REOs, lenders can clear off their books each month. There were five REO sales in Pima County from January 1 to February 28, 2013.
The Bank of Oklahoma sold an 8,142 sq. ft. outparcel at Heritage Plaza, 2912 W Ina Road in Tucson for[mepr-show rules="58038"]$1.95 million, or $239 per sq. ft. The retail building was fully occupied with three tenants when it sold: Einstein Bagels, Foothills Barbers and Cici’s Pizza. The property sold at an approximate 8.5% cap rate. LCL Heritage, LLC of Tucson (Danny Leung, manager) was the investor. Jordan Simon of Venture West in Tucson brokered the deal for the bank.
Zions First National Bank of Salt Lake City, UT sold a 10,212 sq. ft. storefront at 4622-4628 East Speedway in Tucson for $295,000, or $29 per sq. ft. The 10,212 sq. ft. retail building was constructed in 1963 on a 30,933 sq. ft. lot. Speedway Swan Plaza, LLC of Tucson (Ameen Mneimneh and Azzam Taleb) was the buyer. Robert Nolan of Oxford Realty Advisors handled the transaction for buyer and seller.
The Bank of Tucson sold a 4,345 sq. ft. office building at 6380 E Tanque Verde Road in Tucson for $245,000, or $56 per sq. ft. The freestanding building with four office suites was built in 1982, and was vacant at time of sale. Real Property Management Rincon, Inc. of Tucson (Chet & Erika Judd) was the buyer, a property management firm that purchased it to owner occupy. Bill MacMorran of MacMorran Realty represented the seller in the transaction.
The Commerce Bank of Arizona sold Desert Pines Eldercare, a 10-bed assisted living facility at 17420 S La Canada Drive in Sahuarita for $240,000, or $24,000 per bed. This 2,962 sq. ft. building was constructed in 1975 on 1.31 acres. KC2 Group, LLC of Tucson (Kevin H Concannon Jr. & Sr.) was the buyer.
Bank of Tucson sold four office condominiums at the Broadmoor Executive Center, 184-190 S Stratford Drive in Tucson for $150,000, or $30 per sq. ft. The property that sold for $112 per sq. ft. in 2008, was vacant at time of sale. 420 Aviation, LLC of Tucson (Rich Rodgers) was the buyer. Brandon Rodgers of Picor Commercial Real Estate Services handled the transaction for buyer and seller. Rodgers is also leasing the property.
For more information from The Bank of Tucson, contact Robert Placzek at (520) 321-4500. Commerce Bank of Arizona can be reached at (520) 797-4160. Zions First National Bank is at (801) 844-7000. Leslie Warren of the Bank of Oklahoma can be contacted at (918) 619-0984. To reach Robert Nolan at Oxford Realty Advisors call (520) 232-0200. Brandon Rodgers of Picor is at (520) 546-2714. Jordan Simon of Venture West can be contacted at (520) 722-9292. Bill MacMorran of MacMorran Realty is reached at (520) 991-4649.
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