Top Commercial Deals this Week: From Apartments to Warehouses

TUCSON, ARIZONA, March 3, 2023 — The top commercial deals this past week at Cushman & Wakefield | PICOR was the sale of The Beverly on Fifth, a residential property in Central Tucson, and an industrial lease. The Multifamily Team of Allan Mendelsberg, and Joey Martinez represented both parties in the sale transaction of The Beverly on Fifth. The top lease was of industrial space within Southwest Tucson, with Robert C. Glaser, Industrial Specialist, representing the landlord in the transaction.

Cushman & Wakefield | PICOR had a successful week with notable sale and lease transactions in the Tucson area. The Beverly on Fifth, a residential property located in Central Tucson, sold for $6.7M, $191,629 per unit, and $202 per square foot. Beverly On Fifth Owner, LLC purchased this 35-unit property from Dry Desert, LLC. Built in 1970 with recent renovations, the property has 35-units consisting of a mix of 1-3 bedrooms. The units come equipped with individual washers and dryers, dishwashers, stainless steel appliances, A/C, and private balconies with patios. The multifamily team, Allan Mendelsberg, Principal, and Joey Martinez, Principal, represented both parties in this transaction.

The Beverly on Fifth is located in Central Tucson, making it an ideal location for tenants seeking employment, entertainment, and shopping options. The property is only a few miles away from Carondelet St. Joseph’s hospital, El Dorado Medical Center, and Park Place Mall retail trade area. Additionally, several K-12 schools are located within one mile of the property. With its prime location and range of amenities, the property is highly attractive to a large demographic of tenants such as families, retail staff, and medical professionals.

In addition to the sale of The Beverly on Fifth, Cushman & Wakefield | PICOR’s Robert C. Glaser, SIOR, CCIM, Principal, Industrial Specialist, represented the landlord in this top commercial lease deal. Cactus Portable Storage, LLC renewed their lease with Stag Industrial Holdings, LLC for 64,303 square feet of industrial space at 6161 South Palo Verde Road, Suites B & C in Tucson. This warehouse/distribution facility is located in the Airport Submarket within close proximity to I-10, I-19, and Tucson International Airport. This attractive concrete tilt building is ideally suited for distribution purposes.

To learn more about the sale transaction, see RED Comp #10491.

North First Medical Plaza Central Tucson Sells for $1.95 Million

North First Medical Plaza, 4701-4747 North 1st Ave., Tucson, AZ

TUCSON Arizona — North First Medical Plaza a multitenant complex, located at 4701-4747 North 1^st Avenue in Tucson sold for $1.95 million ($75 PSF). The seller, Wetmore Land Corporation of Tucson (Gerald & Phyllis Altschuler) was the developer and builder of the 18 office condominiums that it self-managed and leased for 30 years.

The property is located south of River at Bromley Street and 1^st Avenue in the central submarket of Tucson. It was fully leased at time of sale with two of the condos combined for a total of 16 health related tenants.

Tenants include such businesses as Lab Express; Advanced Dermacare; Arizona Biomedical Services; Kneaded Massage Therapy; Arizona Foot Specialists, Alvernon Allergy & Asthma; Sage Holistic Counseling, Lab Corp; Pediatric Ophthalmology And The Center For Adult Strabismus; Advanced Spine Care Center, Artistic Health, Eye Associates; Healthquest Chiropractic; Where Healing Begins Naturally, and Dental House Calls.

Esther Empens with Tierra Antigua Realty in Tucson represented the seller. Samantha Kalil with OMNI Homes International represented the buyer, North First 19 LLC and affiliate of Pelican Management.

For more information, Empens should be contacted at 520.271.5585 and Kalil can be reached at 520.474.1777.

To learn more, see RED Comp #4475.

ABI Multifamily Brokers Apartment Sale in Hotspot Central Tucson

Villa Delano Apartments, Tucson, AZ (source: ABI)

TUCSON, Arizona – ABI Multifamily, a brokerage and advisory services firm that focuses exclusively on apartment investment transactions, announced the $1.5 million sale ($46,875 per unit / $53.38 PSF) of the 32-Unit Villa Delano Apartments at 123 W Delano Street in Tucson.

The property, originally built in 1980, sits on nearly 1.4-acres of land near the intersection of West Fort Lowell and Oracle Roads; with 4 total buildings, and features all spacious 2-bedroom, 2-bath units with a weighted average size close to 900-square-feet. Unit features include private balconies, fireplaces, vaulted ceilings and skylights (select units).

“The buyer was in search of a stable asset with upside potential,” states Lance Parsons, Senior Vice President at ABI, who co-represented the buyer and seller with Ryan Kippes, Vice President at ABI. “This pride of ownership, one owner property, is located in the middle of all the major economic development occurring in the Central Tucson/University Submarket, which includes: Comcast’s new 1,100 person call center to Caterpillar’s new Downtown Regional Headquarters to World View’s Space Port project. In addition to tremendous economic activity, the property features all large 2-bedroom units which is a highly sought after unit type for both renters and investors.”

The buyer in this transaction is a private individual based in Colorado.

The seller in this transaction is Tucson-based Vasquez Construction Company.

The ABI Multifamily brokerage team of Lance Parsons and Ryan Kippes represented both buyer and seller in the transaction.

For more information, Parsons should be contacted at 520.265.1945 and Kippes can be called at 520.265.1895.