PHOENIX, ARIZONA — Northmarq Phoenix’s Investment Sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle brokered the $28 million sale ($116,667/unit) of Palomino Crossing, 750 East Irvington Road, Tucson, Arizona. The team represented the seller, AndMark Management Company of Los Angeles.  The buyer was Next Round Asset Management, LLC (NRAM) from Chandler, AZ.

Northmarq Phoenix’s Debt & Equity team of Griffin Martin, Brandon Harrington, Bryan Mummaw and Tyler Woodard financed the acquisition with a $21.4 million floating rate bridge loan. The interest only loan was structured with a three-year term and arranged through Northmarq’s relationship with a bridge lender.

“We were pleased to work with Next Round Asset Management as they expand their footprint in the Tucson market with the acquisition of Palomino Crossing,” said Martin.  “We ran a competitive bid process, and they chose a lender that offered excellent terms and structure.”

Built in 1986, Palomino Crossing, is located in southeast Tucson in proximity to Tucson International Airport and Davis-Monthan Air Force Base, one of the largest employers in Pima County with over 10,000 workers. The complex includes fourteen, two-story buildings with one- and two-bedroom units that range in size from 510 to 875 square feet. Palomino Crossing was 97% leased at the time of sale.

“Palomino Crossing presented a blank canvas opportunity for Next Round to strategically reposition the property with in-unit renovations,” explained Hudson. “After renovations and possible ancillary income opportunities, like the installation of in-unit washers and dryers, there is a substantial opportunity for revenue growth. 

Palomino Crossing was the final property to close in a portfolio of four multifamily communities in Tucson that Northmarq marketed for AndMark Management Company. In April, Next Round Asset Management purchased another property in the portfolio, Mission Creek for $28.5 million.

Female-Founded Land Consulting Company Continues to See Strong Returns Through Record-Breaking Land Deals Amid Market Uncertainty

PHOENIX, ARIZONA – Arizona Land Consulting, the Valley’s leading, female-owned land consulting firm, announced today the closing of a 350-acre property in Casa Grande for $20 million. The property sits near Lucid Motors, with whom Arizona Land Consulting sold two parcels of land to last month for $17.3 million.

“There isn’t much land left in Phoenix or Tucson, and Casa Grande is positioned to capture the growth from both cities,” says Arizona Land Consulting founder, Anita Verma-Lallian. “We’re going to see a lot more industrial development over the next few years, especially as Casa Grande continues to attract attention from manufacturers, semiconductor suppliers and construction material suppliers.”

The cost of land in Casa Grande is also appealing to buyers and investors, especially as land sales and prices stay strong regardless of current inflation. In fact, Arizona Land Consulting is in the process of negotiating several more strong deals that are expected to continue to break pricing records. Verma-Lallian and her team have seen three major closings in Casa Grande in the last year, including a 51-acre parcel of land across the street from Lucid Motors’ manufacturing plant.

Heading northwest, Arizona Land Consulting recently sold a parcel of land at Miller Road and Durango Street in Buckeye for $20 per foot, the highest closed comp in the Buckeye area. In February, Vema-Lallian and her team also closed on a 2,000-acre property near the Buckeye airport with plans to rezone it for industrial use.

“Despite a rocky road the past two years, the market has not slowed down for the commercial real estate market,” says Verma-Lallian. “Arizona is among the fastest-growing states in the country and the population and demand for land are moving outward. More people means less land, which means competitive prices. Land is the smartest investment you can make right now.”

Verma-Lallian has been able to utilize her long-term relationships and deep-rooted knowledge of the industry to continue putting the right deals in front of the right end-user to help investors experience unprecedented returns even amidst market uncertainty.

For more information about Arizona Land Consulting, please visit https://arizonalandconsulting.com/.

PIMA COUNTY, ARIZONA – July 4 falls on a Monday this year, likely meaning three or even four nights of loud, celebratory fireworks. Pima Animal Care Center wants to share a few tips on how pet owners can make sure their pet stays safe but remains easily identifiable if they do happen to get out.

1. Register pets using Petco Love Lost. Petco Love Lost is a searchable, national database that uses patented facial recognition technology to make finding lost pets quicker and easier. Uploaded photos of a missing dog or cat are immediately scanned to determine whether the lost pet is at a participating shelter or with a neighbor in the community.
2. Update the pet’s microchip information to ensure it matches current contact information. If your pet does not have a microchip, you can try to get them one before the holiday weekend and register it here. Find low-cost microchip services at nokillpimacounty.org.
3. Make sure pets are wearing a properly fitted collar with current contact information on the collar or an attached tag. Many local and online retailers offer affordable collars.
4. Inspect the windows and doors in your home, as well as all fences and gates in your yard. The easiest way to keep your pet safe during the holiday weekend is to make sure they don’t have an easy escape route. Making sure all windows and doors close securely and cannot be pushed open will keep your pet inside. If your pet has access to a yard, make sure all fences and gates are secure and remove any items that your pet may use to climb over the fence.

Remember, enacting all – or even one – of these measures will help keep pets safe and prevent the heartbreaking process of losing a beloved member of the family. If your pet does go missing, or you find a pet that is lost, you can file reports for lost and found pets at www.pima.gov/PACClostandfound.