Southwest Professional Plaza Sells For $2.2 Million

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Alexandra Siegal of Colorado purchased the Southwest Professional Plaza at 2122 – 2224 N Craycoft Road in Tucson for[mepr-show rules=”58038″]$2.2 million ($84 PSF) from 2222 Craycroft, LLC of Tucson (Eddy Chernecki, managing member). The 26,258 sq. ft. in six buildings were constructed from 1967 to 1972 and sold 86% occupied with softer medical tenants.

According to public records, tenants included Standard Insurance & Realty, Immune Recovery & Wellness, Patient Care Advocates, New Path Natural Healing, Providers Direct, Nails Naturally by Joyce, Personaleyes Prosthetics, Better Bodies PT, Arizona Naturopathic Physicians, IBC Business Solutions, La Frontera Arizona, Presidio Counseling, and Southwest Ambulance or Tucson as well as professional practices such as Dr. Richard Stag, DDS, Dr. Ross Burton, DDS and David Hancock, DC.

The property was in good condition when it sold with recently completed tenant improvements.

Jon O’Shea of Vast Commercial Real Estate in Tucson represented the seller. Loui Antonucci of Keller Williams in Steamboat Springs, CO represented the investor.

Vast Commercial Real Estate has been retained for property management and leasing by the new owner.

O’Shea should be contacted at (520) 780-4743. Antonucci can be reached at (970) 871-1960.[/mepr-show]

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[ismember]Market time for sale was 2 months with a 70-day closing. Seller reported property sold with no deferred maintenance. Property sold with a GSI of $380,741 and NOI of $200,000 and sold at a 9% cap rate. Average lease rate was $14.50 / SF / MG. [/ismember]