TUCSON, Arizona — Delectables Restaurant & Catering (Donna DiFiore, owner) sold 533 N. Fourth Ave. in downtown Tucson recently for $1.48 million ($310 PSF) ending a 44-year run downtown.

Difiore is transitioning the business into a catering-only business and paid $342,000 ($127 PSF) for the building at 427 E Limberlost Dr. for this purpose.

The Delectable business was bought by Difiore in 1982, and the building on 4^th Ave in 1988.

The buyer is an investor from Scottsdale (Barrett Silver) who first approached Difiore in April with a tenant in tow, Bocos Tacos y Tequila that opened in the 4^th Ave space this week, within about two weeks for remodeling, obtaining liquor license and COO.

John Ash with CBRE Tucson represented the investor in the transaction.

Carl Mickler and Colette Barajas of Centra Realty in Tucson represented Difiore in the sale and the purchase of the new building on Limberlost.

Mickler told us, Delectables occupied approximately 75% of the 4,778-square-foot building and leased space to four other tenants including Metropolis The Salon, Bare Wax & Massage Studio and the Flower Shoppe on 4th Avenue.

The Limberlost property was a former bistro and a wedding event venue complete with a commercial kitchen perfect for a catering business such as Delectables. The sellers were Vilasini and Anjali Suniti Bal who were self-represented in the transaction.

For more information, Mickler should be reached at 520.850.6345 or Barajas at 520.882.0767. Ash can be contacted at 520.323.5177.

To learn more, login and see RED Comps #5022 and #5032. To see more properties like these available, go to RED Listing Registry.

[mepr-show rules=”58038″]Sale date for both properties was 7/19/2017. Documents #2017-2000504 and #2017-2000569. Both were 1031 exchanges.[/mepr-show]

TUCSON, Arizona — High demand in the Tucson multifamily market saw cap rates tick up slightly this quarter by 2.57%; from a Q1 average of 8.55% to a Q2 average-to-date of 8.77% based on all multifamily property sales. There doesn’t seem to be any slowdown in sight as sales volume remained about the same quarter to quarter.

Sales this month negotiated by Tony Reed at Long Realty include these four transactions with an aggregate of 67-units and $3.5 million.

Phoenix investors, Christopher & Kathleen Dimitruck bought the multifamily property at 725 E 10th Street in Tucson in a $1.35 million ($79,412 per unit / $130 PSF) sale. The 17 railroad housing style units were built in 1921 of brick construction on .69 acres. The property is in the Central submarket, within 4 blocks of the University of Arizona. Unit mix consists of (9) Studios and (8) 2-bedroom units.

Tony Reed with Long Realty in Tucson represented the seller, First Tucson LLC of Boston, MA (Phil De Normandie). Benjamin Lair with My Home Group represented the buyers.
To learn more, see RED COMP #4946.

Reed represented First Tucson LLC also in the sale at 2340 E 8th Street in Tucson, in the Sam Hughes Neighborhood, for $737,500 ($81,944 per unit / $129 PSF) to California investor, Robert Bujarski of Encinitas CA. The nine units consist of seven 1-bedrooms and two 2-bedrooms in 5,735-square-feet (built in 1928) on 1.22-acres in the Central submarket.

Robert Redding with Centra Realty in Tucson represented the buyer in the transaction while Reed was the listing agent.

To learn more, see RED Comp #4854.

AZ Commons LLC of San Diego, CA (Kevin Easterly, manager) purchased a value-add multifamily property at 3653 E 2nd Street in Tucson for $1 million ($33,333 per unit / $43 PSF). The 30-units in 23,324-square-feet were built in 1978 on .84 acres in the Central submarket. Unit mix consists of thirty 1-bedroom units with covered parking, pool and A/C.

Chuck Corriere with Keller Williams of Southern Arizona represented the seller, Ramiro and Arcella Valencia of Tucson and Tony Reed with Long Realty represented the buyer in this transaction.

To learn more, see RED Comp #4931.

The Phillip and Kristen Voorhees Family Trust bought the multifamily property at 5630 East 2nd Street in Tucson for $425,000 ($38,636 per unit / $65 PSF). The property consists of 11-units in 6,528-square-feet (built 1969) on .88-acres. There are ten 2-bedroom units and one studio unit, located in the Eastern submarket of Tucson.

Tony Reed with Long Realty represented both buyer and seller, Winthrop N Isaacsen Separate Property Trust of Tucson in this transaction.

To learn more, see RED Comp #4861.

MARANA, AZ — Taking its name from one of the longest living trees in the Arizona desert, the 129,000-acre Ironwood Forest National Monument, a true Sonoran Desert showcase, is expanding. Arizona Land and Water Trust (Diana Freshwater, president) recently secured 602 additional acres for $963,000 ($1,599 per acre).

Keeping company with the ironwood trees are mesquite, Palo Verde, creosote and saguaro, blanketing the monument floor beneath rugged mountain ranges named Silver Bell, Waterman and Sawtooth. In between, desert valleys lay quietly to complete the setting. The newly secured property was surrounded on three sides by the national monument, with no other access.

Arizona Land and Water Trust works closely with local, state and federal agencies, as well as private landowners and land trusts, to protect Arizona’s vanishing landscapes and wildlife habitat. The Trust helps structure, negotiate, and complete land transactions that help protect natural areas such as this property.

Carl Mickler with Centra Realty of Tucson represented both buyer and seller, the Torrance Potter Family Trust, in the transaction. Located in northern Marana, west of Silverbell Road, the property has physical access to Ragged Top Road.

Elevations in the national monument range from 1,800 to more than 4,200 feet. Three areas within the monument, the Los Robles Archeological District, the Mission of Santa Ana del Chiquiburitac and the Cocoraque Butte Archeological District, are listed on the National Register of Historic Places.

Known for its primitive camping, hiking, mountain biking, wildlife and plant viewing, horseback riding, photography, sightseeing, wildflower viewing in spring, hunting, birdwatching, fossil and geologic sightseeing, historic and archaeological sites, Ragged Top Mountain is the biological and geological crown jewel of the national monument.

Several endangered and threatened species live here, including the Nichols turk’s head cactus and the long-nosed bat. The national monument also contains habitat for the cactus ferruginous pygmy owl. The desert bighorn sheep dwelling in the region are the last viable population indigenous to the Tucson basin. The area holds abundant rock art sites and other archaeological objects of scientific interest. Humans have inhabited the area for more than 5,000 years. More than 200 sites from the prehistoric Hohokam period (600 A.D. to 1440 A.D.) have been recorded in the area. In more modern times, the area was a source of minerals and continues to support active mining operations today.

For additional information, Mickler should be contacted at 520.882.0767.

To learn more, see RED Comp #4107.