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Summit Raintree, an entity formed by privately-held Summit Equity Investors, Inc. of Los Angeles, CA (Joseph Rosen, President) purchased the 364-unit Raintree Apartments at 6450 E. Golf Links Road for[mepr-show rules=”58038″]$9.25 million, or approximately $25,400 per unit. The seller was Raintree Associates, an affiliate of Thompson Michie Associates, Inc. of Salt Lake City, UT (Trenton Michie, partner).

The 143,299 sq. ft. gated community was built in 1983, and consists of 20 two-story buildings on 10 acres. The property was 89% occupied when it sold, with 40 vacant units.

The unit mix has studios, one- and two-bedroom units, with 66% one-bedrooms. Community amenities include: disability access, pet friendly without weight restrictions, short term rentals available, basketball courts, clubhouse, emergency maintenance, fitness center, free gym passes, gated access, courtesy night patrol, high speed internet, laundry facility, public transportation, heated swimming pool, whirlpool/spa, volleyball court, racquetball court, gazebo, lush landscaping, gas grills, carports, free DVD library, jogging track and picnic area, and a resident referral program. Apartment amenities include: oversized closets, dishwasher, air conditioning, view, vaulted ceilings/skylights, and expanded basic cable.

The transaction was negotiated by Art Wadlund of the newly renamed Hendricks-Berkadia in Tucson, its first Tucson transaction since the merger between Hendricks & Partners and Berkadia Commercial Mortgage, LLC. Berkadia financed the sale for Summit Equity Investments.

Berkadia Commercial Mortgage, LLC a joint venture between Berkshire Hathaway and Leucadia National Corporation, is a master and primary servicer managing a portfolio of more than $200 billion at year-end 2012. As a correspondent for insurance companies and other institutional lenders and a leading approved lender for Fannie Mae, Freddie Mac and HUD/FHA, Berkadia offers clients access to capital for the acquisition, construction, rehabilitation or refinance of multifamily and commercial properties.

For more details, contact Art Wadlund of Hendricks-Berkadia at (520) 299-7200. Trenton Michie can be reached at (801) 532-6143. Joseph Rosen of Summit Equity is at (310) 477-5300 and the Raintree Apartments leasing office is at (520) 441-7750.

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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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RETAIL SPACE – 8295 N CORTARO RD., MARANA
Leslie’s Poolmart leased 2,894 sq. ft. at 8295 N Cortaro Rd. Suites 101 and 107 in Marana, from AP Shoppes. The lease was brokered by Jim Iacobazzi, Direcor of Real Estate for Leslie’s Pools and Adam Madison of Cushman Wakefield of Phoenix. Greg Wexler of Wexler & Associates represented the landlord.

OFFICE SPACE – 616 N COUNTRY CLUB RD, TUCSON
Strongpoint, a communication consulting firm with a specific focus on public and media relations, leased 4,000 sq. ft. at 616 N Country Club Road from Siegund Properties. Tari Auletta and Jesse Blum of Newmark Grubb Knight Frank of Tucson represented the landlord. Bruce Suppes and John Ash of CBRE of Tucson represented the tenant.

OFFICE SPACE – 210 W 5TH STREET, TUCSON
El Rio Community Health Centers leased 4,600 sq. ft. for administrative offices at 210 W 5th St., Suite 4 and 6, from Rich Rodgers Investment. Brandon Rodgers of Picor Commercial Real Estate Services a Cushman Wakefield Alliance Member, represented the landlord. James Hardman of Desco Southwest represented the tenant.

INDUSTRIAL FLEX SPACE – 3855 S EVANS BLVD, TUCSON
Crossroads Community Baptist Church leased 2,424 sq. ft. at 3855 S Evans Blvd., Suite 405 from Ajo/Evans Business Park, LLC. Located at the Ajo/Evans Business Park, the space was 50/50 build-out. Jeff Zellet of Picor Commercial Real Estate Services a Cushman & Wakefield alliance member represented the landlord.

OFFICE SPACE – 10370 N LA CANADA DR., ORO VALLEY
Oro Valley Hospital leased 3,844 sq. ft at 10370 N La Canada Dr in Oro Valley. Jayme Fabe of CBRE represented the landlord, Americanada of Farmington Hills. MI.

To sumbit sales or leases email [email protected]