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Sunwest Supply, Inc., a Tucson-based company (William Ebert, principal) through its affiliate, 25 W Sahuaro, LLC purchased the vacant 8,500 sq. ft. steel, industrial building at 618 W Flores, for[mepr-show rules=”58038″]$460,000 ($54 per foot) from JTM Investments, LLC (Joe Middendorf, principal). The steel building was constructed in 1972, sits on a 25,885 sq. ft. fenced lot, and is build out as a warehouse with a truck well and a 900 sq. ft. office.

Since 1990, Sunwest has been a manufacturer and full service parts distributor of specialized new and remanufactured components to the mining industry world-wide. Focused on product development and machining, Sunwest currently employs 55 people, and growing. The property was purchased to accommodate its business growth.

Dan and Penny Gebhart of Re/Max Excalibur of Tucson represented the buyer and Tim Burris of Burris Hennessey of Tucson represented the seller.

Dan Gebhart can be reached at (520) 977-7975 and Penny Gebhart is at (520) 977-7982. Tim Burris at Burris Hennessey can be contacted at (520) 882-4343. Call William Ebert of Sunwest at (520) 882-5717 and Joe Middendorf at (520) 206-9175.

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CPP Star Pass, LLC an affiliate of Columbus Pacific Properties, Inc. (Brian Shirkin and Rick Margolis, partners) of Santa Monica, CA bought The Reserve at Star Pass from EDR Tucson Phase II, LP a subsidiary of Education Realty Trust, (NYSE:EDR) a real estate investment trust based in Memphis, TN for $26 million ($25,500 per bed). The 1,020-beds in 336 units, was built in 2000, to be a resort-style student apartment complex on 21.46 acres. The property was running at 65% occupancy when it sold.

CPP rebranded the property shortly thereafter to The Ranch at Star Pass, and intends to invest in new transportation shuttles to transport students the 5.6 miles to the UA as well as upgrade the on-site programming for residents. CPP is expanding into the student housing market via Class-B properties within driving or walking distance of major universities, where investments and capital improvements will increase demand.

In September 2012, Columbus Pacific Properties, Inc. under the name of CPP Tucson, LLC purchased NorthPointe Apartments at 850 E Wetmore Road, Tucson, for $29.75 million ($32,600 per bed) also from EDR. This 300-unit student property with 912-beds was 95% occupied at time of sale. CPP now claims 5,545 beds in its portfolio and is looking to become a top owner in the student housing market.

CPP engages in real estate investment, development, and lending businesses. It develops and redevelops shopping centers and residential properties in California, Arizona, New Mexico, Texas, Indiana, Nevada, Georgia, Kentucky, and Ohio. The company was founded in 1995. Since 1995, CPP has purchased and redeveloped over 5 million square feet of retail and 3,100 multi-family units and has provided over $200 million in mezzanine and equity capital, funding projects with an underlying value in excess of $1.4 billion.

The seller, EDR, exchanged NorthPointe and The Reserve for The District on 5th Street, a Class-A, LEED Silver student community, for the approximate price of $67 million ($87,000 per bed) for 764-beds and 208-units in two-, three- and four-bedroom floor plan configurations that opened September, 2012. The property is located at 550 N 5th Avenue, within walking distance to University of Arizona, built in 2012 with resort-style amenities. The District was 99% leased, with an average lease rate of $633 per bed when it closed, and sold at a 6.3% cap rate based on income for 2012-2013 academic year.

EDR is a self-administered and self-managed real estate investment trust, or REIT, with a large national footprint; it currently owns and manages 34 on- or off-campus communities with more than 25,400 beds in 23 states, and provides third-party management services for another 20 properties with more than 10,000 beds. Since 2000, the Company has developed more than 33 privatized housing communities and completed more than $2.4 billion in collegiate housing transactions both on- and off-campus. Of these transactions, EDR invested more than $1.3 billion in private equity and ranks second only to American Campus Communities in number of beds owned by student housing owners.

For more information, contact Rick Margolis of EDR at (901) 259-2500. CPP can be reached at (310) 395-2580. The Ranch at Star Pass is at (520) 624-3972 and The District on 5th is at (520) 918-6466. Contact NorthPointe Apartments at (520) 888-3838.

99% PRE-LEASED FOR STUDENT HOUSING AT RETREAT AT TUCSON
Ron Dinwiddie, Marketing Director for The Retreat at Tucson, an affiliate of Landmark Properties of Athens, GA, said today that its student housing community, at 22nd Street and Park Avenue, in Tucson is 99% pre-leased. Scheduled for students to move-in on August 1, 2013, the property offers resort-style amenities such as free tanning beds, large pool, spa lounge, basketball courts, clubhouse, billiards and foosball, and golf simulator

RETAIL SPACE – 7069 E TANQUE VERDE, TUCSON, AZ
Precious Metals Refinery, LLC leased 680 sq. ft. at Tanque Verde Center, at 7069 East Tanque Verde Road, anchored by Big Lots, the center is at the northwest corner of Tanque Verde and Sabino Canyon. The tenant buys and sells jewelry, coins and other precious metals. Rick Volk and Dave Hammack of Volk Company Commercial Real Estate of Tucson represented the landlord, Sabino-Verde, LLC.

OFFICE SPACE – 5055 E BROADWAY, TUCSON, AZ
Health Information Network of Ariona, a Tucson-based company, lease 3,004 sq. ft. at New World Plaza, 5055 E Broadway Blvd. Jeff Casper of CBRE of Tucson represented the tenant and David Montijo of CBRE of Tucson represented the landlord, Pacific International Income Properties of Tucson.

INDUSTRIAL SPACE – 1646 S RESEARCH LOOP #130, TUCSON, AZ
Royal Renovations, LLC leased 1,185 sq. ft. at 1646 S Research Loop, #130, from Eastside Center, LLC. Dave Gallagher of Tucson Industrial Realty represented the landlord in the deal.

RETAIL SPACE – RILLITO CROSSING MARKETPLACE LEASE
Tran Corporation, doing business as Nite Nails Spa 2, lease 1,200 sq. ft. at Rillito Crossing marketplace, at the northeast corner of 1st Ave & Limberlost. Dave Hammack and Rick Borane of Volk Company Commercial Real Estate of Tucson represented the landlord, Rillito Marketplace One, an affiliate of the Krausz Companies.

INDUSTRIAL SPACE – 1634 S RESEARCH LOOP, #110, TUCSON, AZ
Long Tail Treasures, LLC leased 1,021 sq. ft. industrial space at 1634 S Research Loop, Suite 110, from Eastside Center, LLC. Dave Gallaher of Tucson Realty represented the landlord and Jean Barclay of Oxford Realty Advisors represented the tenant.

INDUSTRIAL SPACE – 1870 W PRINCE RD.#1, TUCSON, AZ
Total Presence Management, LLC lease 1, 300 sq. ft. at 1870 W Prince Rd, Suite 1, from Presson Corporation, Rob Glaser and Paul Hooker of Picor Commercial Real Estate Services represented the landlord. Brooks Spilsbury of Fielding Success Realty, LLC represented the tenant.

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