The following commercial leases from Tucson and Phoenix were reported to the Real Estate Daily News from May 1 thru 5, 2017.

INDUSTRIAL – 3400 E. BRITANNIA DR., TUCSON
Faxitron Bioptics renewed their 26,691-square-feet industrial lease at 3400 E. Britannia Drive in Tucson. Bill DiVito and Jesse Blum of CBRE represented the landlord, Britannia Tucson, LLC, in the transaction. [mepr-show rules=”58038″]Tenant Phone: 520.399.8180[/mepr-show]

OFFICE – 2005 W. HOSPITAL DR., TUCSON
Northwest Medical Group, LLC has renewed their lease of 5,347-square-feet at 2055 W. Hospital Drive, Suite 255, in the Northwest Professional Plaza from Windrose Northwest Professional Plaza Properties, LLC.  Andrew D. Sternberg was with Oxford Realty Advisors when this lease was signed representing the Tenant and Roland Van Loan of Welltower, Inc. represented the Landlord in the transaction. Sternberg is now with NAI Horizon in Tucson. [mepr-show rules=”58038″]Tenant Phone: 520.547.7525[/mepr-show]

OFFICE – 4534 E Camp LOWELL DR., TUCSON
Silverado Technologies leased 3,560-square-feet of office space at 4534 E. Camp Lowell Drive in Camp Lowell Corporate Center. Jeff Casper of CBRE represented the tenant. Dean Cotlow of Cotlow Companies represented the landlord, KLB Properties, in the transaction. [mepr-show rules=”58038″]Tenant Phone: 520.903.1580[/mepr-show]

OFFICE – 899 N WILMOT RD., STE C-7, TUCSON
Arizona Department of Economic Security has leased  2,626-square-feet at 899 N. Wilmot Road, Suite C-7, from Holland Arizona Investments, LLC the Landlord.  Lori A. Casey and Cameron L. Casey of Oxford Realty Advisors handled the transaction.

INDUSTRIAL – 15475 NORTH GREENWAY HAYDEN LOOP, SCOTTSDALE, AZ
A lease for 2,080-square-feet at The Landing industrial building to Malcom Equity Group was recently consummated.  The location of the property is located at 15475 North Greenway Hayden Loop in Scottsdale, AZ. 85226. The owner of the property is K2H Scottsdale Commerce, LLC.  Jake Ertle and Steve Grossoehme of Rein and Grossoehme CRE represented the owner and Shane McCormick of Commercial Properties Inc. represented the tenant.

OFFICE – 1980 E. RIVER RD., TUCSON
5lights, LLC leased 1,944-square-feet of office space at 1980 E. River Road in St. Phillips Plaza. Jeff Casper of CBRE represented the tenant. Bruces Suppes and Ian Stuart of CBRE represented the landlord, RRP Investments, LLC, in the transaction. [mepr-show rules=”58038″]Tenant Phone: 520.202.4376[/mepr-show]

RETAIL – 3243 East Indian School, PHOENIX
A lease for 1,805-square-feet in 3243 East Indian School to One Stop Barber Shop was recently consummated.  The location of the property is east of the southeast corner of Indian School and 32^nd Street in Phoenix, AZ.  Jim Edwards of Rein & Grossoehme Commercial Real Estate represented the owner.

OFFICE – 4340 N. CAMPBELL AVE., TUCSON
Psychosomatic Fitness, LLC leased 1,682-square-feet of office space at 4340 N. Campbell Avenue in St. Philips Plaza. William Morda of Harvey Mordka Realty, LLC represented the tenant. Bruce Suppes and Ian Stuart of CBRE represented the landlord, St. Philips Plaza, LLC, in the transaction.

RETAIL – 2680 E. VALENCIA RD., TUCSON
Pizza Hut of Arizona leased 1,440-square-feet of retail space at 2680 E. Valencia Road. Peter Villaescusa and Jesse Peron of CBRE represented the tenant. Aaron Laprise of Cushman & Wakefield | Picor represented the landlord, Rogers Real Estate Holdings, LLC, in the transaction. [mepr-show rules=”58038″]Asking lease rate: $12.00 – $15.00 SF/YR NNN[/mepr-show]

RETAIL – 3250 N. CAMPBELL AVE., TUCSON
Road Runner Supplies, LLC leased 1,350-square-feet of retail space at 3250 N. Campbell Avenue at Campbell Square for a sporting goods retail outlet. Peter Villaescusa and Jesse Peron of CBRE represented the landlord, Campbell Square, LLC, in the transaction.

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Golf Cars of Arizona (Dereck Makowski, manager) bought the property at 4924 East 22^nd Street in Tucson for $170,000 ($71 PSF). The former BAP Import Auto Parts consists of a 2,400-square-foot metal building is on a 13,601-square-foot lot.

Buyer purchased the property to occupy it for expansion of Golf Cars of Arizona located at 4888 East 22^nd Street.

The seller, the Richard and Elizabeth Betes Living Trust was represented by Billy Mordka of Harvey Mordka Realty in Tucson and the buyer was represented by Thomas DeSollar of Arizona First Properties in Tucson.

For additional information, Mordka can be contacted at 520.298.8500 and DeSollar is at 520.219.1204.

To learn more, see RED Comp #3901

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Since third quarter 2012, investors nationally have continued to exhibit a strong appetite for multifamily properties, a fact borne out by the sales in Pima County for the first half 2013. From duplexes to larger $26 million complexes, it seems that investors are preferring Class-B and -C multifamily properties over other commercial real estate here, and with cap rates ranging from 6% – 8%, what’s not to like? These are the final two multifamily sales closing in Q2, links to other significant apartment sales that occurred in Q2 can be found at the bottom of this article

Country Club Court at 2152 – 2156 N Country Club Road in Central Tucson sold for

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$815,000 ($32,600 per unit). The 25 units were all two-bedrooms / one-bath in six buildings totaling 18,312 sq. ft. (built 1958) of masonry construction on a 1.7 acre lot in the Palo Verde Neighborhood. Amenities included A/C, fenced yards, covered parking, coin operated laundry, a large courtyard and swimming pool. Units were individually metered for utilities. Property has a walk score of 78 and a bike score of 86.

The seller, 2175 Country Club Ave, LLC of Tucson (Rex Verne Casey, managing member) financed with a seller carry back and 20% down.

Lance Parsons of Re/Max Catalina Foothills Realty in Tucson represented the seller. Billy Mordka of Harvey Mordka Realty represented the investor.

In another unrelated transaction. A 15-unit special use multifamily facility at 3701-3709 E 3rd Street in Central Tucson sold in a double escrow. In prior document, Pinnacle Realty Investors, LLC of Tucson (Jarrett Reidhead, Manager) purchased the property for $300,000 ($20,000 per unit) from Tucson Centers for Women & Children, run by the Gospel Rescue Mission of Tucson. In a subsequent transaction the following day, the property was sold to Rio Verde Ventures, Inc. of Tucson (Jeffrey Katz, Manager) for $350,000 ($23,333 per unit).

The property consists of eight buildings totaling 10,198 sq. ft. (built effectively in 1958) on .87 acres. It had seven casitas and a 5,268 sq. ft. motel style building with a shared kitchen designed for the

seller that occupied it as a non-profit for temporary accommodations for women and children in need.

The property was vacant when it sold and will be renovated by the local investor for lease and / or resale.

Both Reidhead and Katz are real estate brokers and represented themselves in the transaction.

Parsons should be contacted at (520) 749-6000. Mordka can be contacted at (520) 298-8500.  Reidhead can be reached at (520) 331-8050. Katz can be contacted at (520) 745-4646.

Additional multifamily sales for 2Q:

Mission Palms sells for $25.65 Million

Buying Copper View Video Documented

Vista Catalina Apartments Sell For Repositioning

Smaller Multifamily in Central Submarket for Quarter

Smaller Multifamily in Other Submarkets

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Please login for additional sales information.
[ismember] 2152 N Country Club was on the market approximately 4 months, at a list price of $875,000 and a 30-day close. The property was reported selling at about an 8% cap rate and with 2 vacancies at time of sale.
First transaction at 3701-3709 E 3rd St. dated 6/11/2013 recorded in document #20131620473 sold for $300,000. The subsequent document dated 6/12/2013 recorded in document #20131630404 and sold for $350,000.[/ismember]