MARANA, ARIZONA – Service Aero Solutions (SAS) purchased a 3-acre site in Marana Technology Campus, 8135 W Tangerine Road in Marana for $550,000 ($4.21 PSF) recently for construction of an industrial building.

Service Aero Solutions, LLC was founded in 2012 by Monte Thiesse, with 17 years of aviation experience that spans the operational, logistic, and maintenance facets of the industry. SAS employs a multifaceted group of people specialized in commercial aircraft maintenance.

“We are a FAA certified Commercial Aircraft Engine inspection and management company,” explained Thiesse. “We plan to provide a climate controlled indoor storage, maintenance, and preservation of commercial aircraft turbine engines to service the large customer base here in Southern Arizona.”

SAS in Marana is centrally located to many of the largest storage and MRO facilities in the South West.

“At SAS, we accomplish extremely detailed, pre-purchase level borescope inspections across a variety of engine types around the globe with rapid response times,” Thiesse continued. “However, our capabilities don’t stop there. We are skilled in everything from engine removal and preservation to borescope blending and top case repair. We have decades of experience between our specialized teams and offer a tailored work package to meet our customers’ needs. We are a global solution for turbine engine support.”

Tom DeSollar of American First Properties in Tucson represented the seller, Marana Technology Campus in the transaction. DeSollar told us there is but one 3.86-acre lot remaining for sale in the center.  Breakers Road has now been renamed Marana Tech Drive where SAS will be joining International Towers and PVB Fabrications.

Esther Empens with Tierra Antigua Tucson represented SAS in the transaction.

For more information, DeSollar should be contacted at 520.400.2732 and Empens can be reached at 520.271.5585.

To learn more, see RED Comp #9413.

SCOTTSDALE, ARIZ. – A building/land portfolio sale and office property sale totaling $13.775 million, two retail property sales totaling $7.5 million, and the sale of an industrial building for $3.4 million highlight November transactions closed by LevRose Commercial Real Estate brokers. The five sales total $24.67 million.

The Kottler/Cosgrove team (Zak Kottler, Joe Cosgrove, Hunter Chasse, and Aaron Cook) represented the seller, Chalpin Family Enterprises, in the $8.775 million disposition of a Scottsdale Airpark portfolio comprised of a ±40,589 SF flex/hangar building plus an adjacent ±1.89 acres (±82,123 SF) of vacant land.

The property at 7428 and 7429 E. Karen Drive in Scottsdale is situated in the heart of the amenity-rich Scottsdale Airpark and is one the largest sites sitting on the Scottsdale Airport Taxiway.

The existing building at 7428 E. Karen Drive previously served for many years as the corporate headquarters for Hi-Health, which has since fully vacated the property. The property was originally built in 1986 as an Office/Hangar building and expanded in 1999. The new owner intends to renovate and occupy the existing building while developing the vacant land at a later time.

The Kottler/Cosgrove team represented both the buyer and seller in the $5 million sale of 9089 E. Bahia Drive in Scottsdale. The office property totals 15,691 SF and was occupied by two tenants with brand new leases at close of escrow.

Located within the much sought-after Scottsdale Airpark submarket, the asset was built in 2004 with major renovations completed in 2018. The stand-alone office building boasts impeccable Class A custom finishes throughout coupled with 100% occupancy which appealed to the out-of-state buyer who was seeking a well-positioned low maintenance asset in Arizona.

Keri Davies, Jason Reddington and Jon Rosenberg represented the seller, Triumph Glendale Crossing Acquisition, LP, in the $4.1 million disposition of a freestanding retail strip center at 5929 W. Peoria Ave., in Glendale, Arizona. The buyer was RIMIC Properties, LLC.

The strip center is well positioned on the hard SWC of 59th and Peoria avenues. LevRose also represented Triumph in the acquisition of the property in January 2017 for $3.025 million. This is the eighth transaction in Arizona for Triumph, all represented by LevRose CRE.

Mark Cassell, Marty Maier, and Matt Beek represented the seller in the $3.4 million disposition of Chandler Airport Business Center, located at 2270 S. Airport Blvd., in Chandler, Arizona. The industrial building totals 19,000 SF and benefits from close proximity to Chandler Municipal Airport.

LevRose CRE represented the seller, Airport Business Center of Chandler, Inc., and the buyer, KFH CABC, LLC. The asset is located within proximity to Chandler Municipal Airport.

Aaron Norwood represented the buyer, DFP Properties, LLC, in the $3.4 million purchase of 881 N. Arizona Ave., in Gilbert, Arizona. The retail property, an auto dealership, totals 5,940 SF. The seller was Beverly Land Company, LLC.

TUCSON, ARIZONA — Northmarq is reporting the Tucson multifamily market posted healthy levels of net absorption and a vacancy rate that approached an all-time low during the third quarter. These forces combined to fuel another sharp rise in rents, which advanced more than $50 per month during the third quarter and are up nearly $200 per month from one year ago. Renter demand for units is sparking the rent increases; the most recent period marked the fifth consecutive quarter of positive net absorption in the Tucson area. Developers are bringing new projects online to meet rising demand. Apartment construction is on pace to reach a 25-year high in 2021; even with this significant inventory growth, the vacancy rate is forecast to post a modest decline this year.

Improving property fundamentals have contributed to a healthy pace of transaction activity in the Tucson multifamily market for the past several years, and the investment market gained momentum during the third quarter. More properties traded at higher prices in the third quarter, as investors have become more aggressive, and competition for assets has intensified. While a few newer properties have changed hands in recent months, the bulk of the sales activity has been occurring in 1980s- and 1990s-vintage Class B properties. The median price in these types of properties has reached nearly $150,000 per unit, up from less than $90,000 per unit in 2019.

• The Tucson multifamily market posted continued improvement during the third quarter. The vacancy rate fell even as developers continued to bring new units to the market. Fueled by tightening vacancy rates and continued renter demand, rents remained on a steep upward trajectory.
• Vacancy dropped 30 basis points during the third quarter with the rate falling to 4.1 percent. Year over year, area vacancy is down 40 basis points, with a minor decline likely in the fourth quarter.
• Apartment rents in Tucson continued to surge during the third quarter, advancing 6.1 percent after an 8.5 percent spike in the second quarter. Rents have increased 21.5 percent year over year, ending the third quarter at $1,053 per month.
• The pace of multifamily property sales accelerated during the third quarter, spiking 20 percent from levels recorded in the second quarter. Prices are on the rise, with the median price reaching $97,300 per unit year to date, while cap rates have averaged approximately 5 percent.

Read full report here.