TUCSON, ARIZONA — California investor, Legacy Property Management, LLC traded into a property at 155 North Rosemont Blvd. in Tucson for $10.25 million ($207 PSF).

The approximate 50,000-square-feet Class A, two-story building was built in 1998 to AOL’s, state-of-the-art specifications as a call center and renovated in 2015. Located north of the northwest corner of Broadway & Rosemont Blvds, the building was 100% occupied at time of sale by two tenants: OpenText, a global leader in Enterprise Information Management (EIM) and Concentra Emergency and Urgent Care Center

The site features abundant parking with 7.5 parking spaces per 1,000 SF on 5.28 acres.

Andrew Fosberg and Dylan Brown of CBRE in Phoenix represented the seller, WCCP Rosemont and PVP Investments of Torrance, Calif. in the transaction and Richard Schwartz of Colliers International in Ontario, Calif. represented the investor.

The transaction was an upleg in a 1031 exchange for Legacy Property Management that sold the multi-tenant building in Village Offices at 3194 & 3196 N Swan Road in Tucson for $8 million ($194 PSF) to Arete Associates about a week earlier.

Arete was a tenant prior to buying the 41,263-square-foot building, build in 2006, and will continue to occupy it.

Schwartz told us that Legacy Property Management is a family owned investment group, with properties in Arizona, California, Colorado and Texas. “They like the Phoenix and Tucson market because of the dynamic growth and continue to be attracted to investment properties such as these,” said Schwartz.

Legacy purchased the Swan building sold to Arete in 2013 and had no representation in the transaction.

For more information, Fosberg can be reached at 602.735.1723 and Brown should be contacted at 602.735.1714. To reach Schwartz call 909.937.6307.

To learn more, see RED Comp #5178 and #5202.

Two Kneaders Bakeries at 3550 N Craycroft Road in Tucson and 9660 N Oracle Road in Oro Valley recently sold to California investors shortly after completion. Both were built in 2016 and just recently opened, leased to Kneaders Bakery they sold in triple net investment sales.

The Kneaders at 3550 N Craycroft is located at the southeast corner of River Road and Craycroft adjacent to a new freestanding Natural Grocers (opening in Q3 2016) and the Whole Foods/Petco/Walgreens anchored in River Center. The 4,055-square-foot building commanded a sale price of $2.9 million ($715 PSF) and sold to Beach City Tucson Bakery LLC of Newport Coast, CA

Kneaders at 9660 N Oracle Road in Oro Valley is located at the northeast corner of Oracle Road and Linda Vista Boulevard in the affluent Oro Valley submarket of Tucson, Arizona. The “AAA Four Diamond” Hilton El Conquistador Golf & Tennis Resort is located one block northeast of Kneaders and consists of 428 guest rooms, 45-holes of golf, 31 lighted tennis courts, five restaurants, four swimming pools, and 65,000-square-feet of flexible meeting and banquet space.

The 4,055-square-foot building commanded a sale price of $2.925 million ($721 PSF) and sold to Markham Oro Valley, LLC and RCG Oro Valley LLC of Sabastopol, CA.

Kneaders Bakery & Café’s master franchisee, Four Foods Group of American Fork, Utah was the developer and seller of both properties.

Joseph Compagno and Andrew Fosberg of CBRE in Phoenix and Nancy McClure of CBRE in Tucson brokered both deals.

For additional information, Compagno can be reached at 602.735.1733, Fosberg can be contacted at 602.735.1723 and McClure should be reached at 520.323.5117.

To learn more, see RED Comps #4215 and #4216.

PHOENIX, AZ –ViaWest Group completed the purchase of its first acquisition since Heather Personne joined the firm late last year, as Retail Partner, to grow the company’s retail platform.  The 100%-occupied property has two buildings on approximately 68,000 SF of land, located on the northwest corner of Fillmore and Scottsdale Roads in Tempe, AZ.  2404 N. Scottsdale Road is a single-tenant building leased to Title Max, and 2412 N. Scottsdale Rd. is a multi-tenant automotive repair building, with three tenants, including Luxury Legends, Babbitt Motor Werks and Euro Motor Works.

“This acquisition is consistent with our infill investment strategy, which in this case involved buying a well cash-flowing retail center in a rapidly gentrifying neighborhood,” says Personne. “The Scottsdale Road address and attractive basis add to the long-term redevelopment potential of the property.”

The seller, a private owner based out of California, was represented by Mark Wilcke with NAI Horizon.  ViaWest Group was represented by Andrew Fosberg with CBRE.