DESCO Group Sells 16 Office Condos for $2.06 Million and 2504 E Elm Street, Tucson

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An affiliate of The DESCO Group, DAZ5-Grant Road, LLC, sold 16 office condominiums at 5977 E Grant Road in Tucson for[mepr-show rules=”58038″] $2.06 million ($251 PSF). The 8,220 square-foot building (built 2008) called Grant Road Professional Plaza was 84% occupied at time of sale by two tenants, An Elegant Smile Dentistry and Ideal Physical Therapy.

The remainder of the property was in shell condition, having never been occupied. Located on Grant Road (53,000 PAG 2015 Estimates) Grant Road is a major east-west arterial road which merges into Wilmot Road, a major north-south arterial Road. The city of Tucson is currently performing 5 miles of improvements to Grant Road from Oracle to Swan (1.5 Miles from the Property).

DESCO Southwest (DSW) is a wholly owned subsidiary of The DESCO Group headquartered in St. Louis, Missouri, and opened a development office in Tucson in 2001 The DESCO Group and its parent, Schnuck Markets, Inc., is listed in the top 100 privately owned companies in the U.S. with annual revenues in excess of $2 Billion Dollars.

The investor was Double Z Grant Medical, LLC (Manuel Zazueta Echavarri, managing manager) of Tucson.

James Hardman with DESCO Southwest in Tucson handled this transaction for both buyer and seller.

In a separate transaction, Hardman represented the buyer, DeBenedetti and Company, PLLC of Tucson (Mark DeBenedetti, managing member) on the purchase of 2504 E Elm Street in Tucson for $415,000 ($86 PSF). The buyer is a CPA firm that will owner occupy the 4,835 square-foot building (built 1976) on a 24,400 square-foot lot.

The seller, 2504 E Elm, LLC (Jay B Appleby) of Tucson had owned the property since 1999 and was represented in the transaction by Tom Neiman, Principal and Office Specialist with Cushman & Wakefield | Picor in Tucson.

Hardman should be contacted at (520) 297-8929 and Neiman is can be reached at (520) 546-2728.[/mepr-show]

[ismember]5977 E Grant Rd, sale date: 10/16/2013. Escrow time was 45 days due diligence and a 30 day close. Buyer paid all cash. APNs: 11016-316 thru 331 for the sixteen office condos.

2504 E Elm St., sale date: 10/1/2013. Seller did a carryback to buyer with undisclosed terms. APN: 123-01-009A.[/ismember]