TUCSON. ARIZONA –  LUCESCU REALTY Private Client Services, a division of LUCESCU REALTY, a market leading investment real estate services firm, announced the sale of Green Valley Village in Green Valley (Tucson MSA), Arizona for a total consideration of $9.35 Million ($53 PSF); property was 67% occupied at time of sale

The seller was Holualoa Companies, headquartered in Tucson, AZ, a privately held, real estate investment firm with a 35-year track record of investing in office, retail, industrial, multifamily, hotel, and mixed-use properties across the United States and Europe. The Buyer is a privately held Investment and Management Company, headquartered in Nogales, AZ, that has a significant footprint in the region.

Alex Minoofar with LUCESCU REALTY in Newport Beach, CA and Greg Wendelken with LUCESCU REALTY in Phoenix, AZ exclusively represented Holualoa in the sale and directly procured the Buyer as well.

Green Valley Village is a Mixed-Use Center anchored by Ace Hardware, Sears HomeTown, and Arizona Blood and Cancer Specialists. The Center, totaling approximately 175,647 square feet of Gross Leasable Area, is uniquely positioned to provide essential services to local residents, as well as nearby markets as an alternative to Tucson, 20 miles to the North. The Property is leased to a diverse mix of internet-resistant tenants, with over 40% of leasable area tenanted by Medical and Office, and includes national tenants such as Ace Hardware, Sears HomeTown, Edward Jones, Color Me Mine, Allstate Insurance, Nationwide Insurance, United Health Care, and Compass Bank (ATM). Located at Southwest Quadrant of Interstate 19 and W. Esperanza Blvd (on/off ramp adjacent), the Property boasts approximately 900 feet of frontage along Interstate 19. The Buyer was attracted by the value-add opportunity. Offers were received from prospective buyers from around the country.

“This is quite the unique trade area, as the Property actually saw increased leasing activity during the COVID-19 Pandemic,” noted Minoofar. “As Arizona continues to grow, especially with retirees, properties like this one that understand their local customers and communities will continue to succeed.”

Wendelken added, “The local Buyer is very hands on and well positioned to get the property leased up to market levels and benefit from today’s historically low rates, creating a high yield investment for years to come.”

For more information, Wendelken should be reached at 480.685.5998 and Minoofar is at 949.706.7772

To learn  more, see RED Comp #9247.

The 5 self-storage REITs reported a third quarter average same-store revenue increase of 16.76%. This was an increase over 2020 Q3 average of -0.6% and 2019 Q3 of 2.3%. The average same-store expense increased by 0.4% with the expectation for increases in subsequent quarters with higher wages and increasing property taxes. The average same-store net operating income (NOI) increase was 23.6% as compared to the same period last year which is very much in line with what we have been seeing in the marketplace with other large and regional operators. The average stock price for the REITs increased 6.4% for the third quarter.

For this quarter, the REITs have identified the best and worst performing major metropolitan statistical areas (MSA’s). (no particular order):

The REITs continued the strong performance from the first half of 2021 into the third quarter of 2021. All five REITs raised their core FFO guidance and are expecting to continue strong operations for the rest of the year. The REITs continue to see strong revenue growth based on record high occupancies and higher realized rent per foot. The REIT’s acquisition volume has remained high and is expected to continue to the end of 2021.**

**All individual REIT data obtained from 3rd quarter 10-Q.

Full report here.

TUCSON, ARIZONA — The Tucson Multiple Listing Service is reporting the U.S. housing market remains robust, with strong activity reported across both rental and residential housing fronts. Single-family rent prices are increasing rapidly, as demand for single-family housing and inventory constraints forces some buyers to rent, increasing competition and pushing rents up across the nation. Meanwhile, sales of new construction single-family homes recently hit a six-month high, rising 14% to a seasonally adjusted rate of 800,000, according to the latest data from the U.S. Department of Housing and Urban Development.

New Listings decreased 1.8 percent for Single Family and 9.6 percent for Townhouse/Condo. Pending Sales increased 7.5 percent for Single Family and 5.3 percent for Townhouse/Condo. Inventory decreased 4.4 percent for Single Family and 39.6 percent for Townhouse/Condo.

Median Sales Price increased 22.3 percent to $340,000 for Single Family and 17.2 percent to $211,000 for Townhouse/Condo. Days on Market decreased 18.2 percent for Single Family and 31.8 percent for Townhouse/Condo. Month’s Supply of Inventory decreased 13.3 percent for Single Family and 46.2 percent for Townhouse/Condo.As temperatures drop, existing home sales continue to be plentiful, buoyed by strong demand, low interest rates, and a slight uptick in new listings in recent months, according to the National Association of REALTORS®. With interest rates inching upward, and experts expecting further rate increases on the horizon, motivated buyers are hoping to lock in their home purchases to take advantage of what are still historically low rates.

Full report here.