TUCSON, ARIZONA, October 27, 2022 -- The top sale this past week at C&W | PICOR was of a renovated multifamily asset located near the University of Arizona where Allan Mendelsberg, Principal, and Joey Martinez represented both the buyer and seller in this transaction. The top lease was of a fenced yard at Old West Industrial Village, Robert C. Glaser, SIOR, CCIM, Principal, Industrial Specialist, represented the landlord in this transaction.
Cushman & Wakefield | PICOR recently sold The Pointe Apartments for $3,875,000, $155,000 per unit, and $207.66 per square-foot. The multifamily team, Allan Mendelsberg, Principal, and Joey Martinez represented both parties in this transaction. This twenty-five-unit apartment property was purchased by Pointe Apartments, LLC from 2152 Country Club Rd, LLC.
The Pointe Apartments is a twenty-five-unit complex comprised of twenty-four 2 bed/1 bath with one 3 bed/1 bath unit. It can be found at 2152 North Country Club Road in Tucson, Arizona. It was built in 1958 but was recently completely renovated. All the units have been remodeled with new appliances, countertops, cabinets, flooring, and bathroom surrounds. The units are all air-conditioned and have access to laundry facilities, a community pool, and private backyards for each unit.
It sits in Central Tucson near Grant Rd. & Tucson Blvd. intersection, which has been revitalized over the past few years. The asset is in close proximity to the University of Arizona, Banner University Medical Center, and Downtown Tucson which attracts the interest of students and employers. This location is abundant with restaurants, shops, and entertainment. It is within a short driving distance to Tucson Botanical Gardens, Reid Park Zoo, Culinary Dropout, Rillito Park, El Con Mall, and more. The Purchaser plans to lease-up the building and stabilize it for strong cash flow.
The top lease for the previous week was for a 7,000 square foot (sf) fenced yard at Old West Industrial Village, 6800 North Camino Martin in Tucson, AZ. The yard has electricity and water, as well as drive-through gates providing access from both ends of the yard. It was leased by G3 Marketing, LLC from Clover Real Estate II, LLC / Foodtown Development Company II, LLC.
In addition to the fenced yard, G3 Marketing, LLC also leased Suite 118, a 2,400 sf industrial/flex space at the same property. The space is approximately 20% office and 80% warehouse and includes a ±325 sf bonus mezzanine storage area.
Old West Industrial Village is located within the desirable Northwest Tucson/Oro Valley submarket, with easy access to Interstate 10. Robert C. Glaser, SIOR, CCIM, Principal, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord in both transactions.