TUCSON, Arizona — The following commercial real estate transactions totaling $7.96 million created a lot of conversation at the April meeting of the Southern Arizona CCIM Chapter, in case you missed it,  we’re publishing them here as part of our CCIM Conversation Corner.

Schotzsky’s Restaurant at 3270 E Valencia sold March 16^th for $775,000 ($229 PSF) in an all cash deal. The 3,383-square-foot building on .88 acre was included in the sale price. The buyer also purchased the franchise, furniture and fixtures in a separate transaction to continue operations as a Schlotzsky’s.  John Hamner, CCIM, with Keller Williams represented the seller. Hamner has since moved over to Re/Max Excalibur in Tucson. Teale Bloom with Phoenix Commercial Retail Advisors represented the buyer, DWG Properties LLC (Gene Denison, manager). Bobbi Rayon at Title Security handled the escrow. To learn more, see RED Comp #5649.

Time Market owner, Peter Wilke, bought the 6,639-square-foot former Scordata’s at 4405 W Speedway Blvd in Tucson for $430,000 ($65 PSF). Tari Auletta, CCIM, of Keller Williams represented the seller and Kristy Kelley with Long Realty represented the buyer. Buyer plans to convert the 6,639-square-foot building on almost 2 acres to a Time Market. To learn more, see RED Comp #5655.

Derrick Sinclair, CCIM, with Terramar Properties sold 13 semi-custom SFR lots sold at Yolanda Oasis Estate in Catalina, at Golder Ranch and Twin Lakes Road for $700,000 or $53,846 per lot. Average lot size is 30,000-square-feet. Sinclair handled the transaction for the buyer, AF Sterling, and seller. Title Security handled the escrow. To learn more, see RED Comp #5617.

Gary Andros, CCIM, of Andros Properties sold the office building at 615 W Roller Coaster Road in Tucson for $670,000 ($140 PSF). Doug Marsh and Lori Casey with Oxford Realty Advisors represented the seller, Farmers Insurance Exchange and Andros represented the buyer. The 4,769-square-foot office building was built in 1981 on .81 acres. The financing was handled by the National Bank of Arizona, Justin Martinez. To learn more, see RED Comp #5651.

F&J Ruis Holdings, LLC purchased vacant land at 507 – 547 W. Lester, Tucson, AZ from Starnoff Investments, LLC for $249,000 ($4.89 PSF).  David Blanchette, CCIM, with NAI Horizon represented the owners and Ron Zimmerman with Cushman Wakefield/PICOR represented the buyer in this transaction. To learn more, see RED Comp #5724.

The White Ohana, LLC purchased a 32,391-square-foot building on 4.26-acres at 3951 E. Columbia St. in Tucson for $3.65 million ($113 PSF).  Rob Glaser, CCIM, SIOR, Industrial Specialist with Cushman & Wakefield | PICOR, represented the seller and Ted Liles with Cresa Global, Inc., represented the buyer, Firsterra Corporation of Costa Mesa, CA. To learn more, see RED Comp #5669.

Hawkins Investment Solutions, LLC purchased a 20,000-square-foot industrial building at 3260 E. 36^th St. in Tucson, from Glazer’s Real Estate, LLC for $900,000 ($45 PSF).  Brandon Rodgers, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, represented the buyer; Stephen D. Cohen and Russell W. Hall, SIOR, GSCS, Industrial Specialists with Cushman & Wakefield | PICOR, represented the seller. To learn more, see RED Comp #5695.

The Connie Rae Simonds Trust purchased a 5,272-square-foot multitenant office building located at 3808-3818 E. 5^th St. in Tucson, from Wildcat Equities II, LLC for $582,503 ($110 PSF) as investment.  Built in 1966, the masonry building sits on a .40-acre lot. Brandon Rodgers, CCIM, Principal with Cushman & Wakefield | PICOR, represented the seller; Jim Briggs with Cornerstone Realty & Investments, LLC, represented the buyer. To learn more, see RED Comp #5699.

For more information on SOAZ CCIM Chapter and its upcoming monthly luncheon on May 8^th click here.

TUCSON, ARIZONA — According to tracking done by Real Estate Daily News and RED Comps, the Tucson office market is picking up steam as 2017 advances.

The average price per square foot for office buildings selling is once again on the rise, with Q3 reaching $145.54 per square foot, a 25.84% increase over Q2 ($115.65 PSF) and a 15.43% increase over Q3 2016 ($126.08 PSF). Sales volume is also up by 37.61% quarter-over-quarter to $41.48 million and 23.48% year-over-year, or $90.6 million to-date.

Newly constructed Marana Health Center (MHC) purchased the building at 5224 W Dove Center Road for $4.5 million ($283 PSF). The 15,915-square-foot MHC facility was a built to suit in Marana. The Dove Mountain Health Center opened in 2016 at Tangerine Road and Mountain Centre Boulevard houses integrated healthcare (Medical and Behavioral Health) services, case management, general radiology, laboratory services and an Urgent Care with extended hours of service. The seller was KJT Capital Investments, LLC; PVP Investments, LLC and Medical Funding, LLC.

For prior land sale transaction, CLICK Here.

To learn more, see RED Comp #5171.

Margie Lannon the owner of Homewatch Caregivers purchased an 8,000-square-foot building for $625,000 ($78 PSF) to occupy. The office is located at 4625 E Fort Lowell in northeast Tucson. The two-story building was built in 1974 on .46 acres of block construction with a secure courtyard and parking for 40+ vehicles and secure storage space. The seller, Almonte Associates (John Hollingsworth, member) was represented by Rick Kleiner and Isaac Figuroa from Cushman & Wakefield | Picor.   The buyer was represented by Gary Lovelace, Broker, at Spectrum Real Estate in Tucson.

For more information, Kleiner and Figuroa can be reached at 520.748.7100 and Lovelace should be contacted at 520.297.3639.

To learn more details, see RED Comp #5182.

Ross Capital, LLC of Woodland Hills Calif. purchased the property at 70-80 W Franklin Street in Downtown Tucson for $350,000 ($113 PSF) to owner occupy. The 3,088-square-foot freestanding building north east of Court Ave on Franklin Street is on a 6,003-square-foot lot with seven parking spaces. Jeff Casper and Buzz Isaacson at CBRE in Tucson represented the seller, Eric Cahan who owner occupied it previously as Cahan Law Firm.

For more information, Casper can be found at 520.323.5181 and Isaccson can be reached at 520.323.5151.

To learn more details, see RED Comp #5218.

Goldsmith Real Estate, a full service real estate company, purchased an office condominium at Cresta Loma for $282,500 ($182 PSF). The office, located at 5431 N Oracle Road Ste 191 in northwest Tucson was purchased to be owner occupied. The 1,551-square-foot condominium was built in 2007. David Montijo and Damian Wilkinson with CBRE’s Tucson office represented the seller, 5431 N Oracle LLC (Gary Repovsch, manager). Goldsmith Real Estate (Ellen Golden, designated broker) was self-represented in the transaction.

For more information, Montijo and Wilkinson can be reached at 520.323.5100 and Golden is at 520.219.3100.

To learn more details, see RED Comp #5106.

The principal of the Rabb Law firm purchased a 1,254-square-foot office building for $245,000 ($194 PSF) in the La Cholla Corporate Center II. Located at 7442 N. La Cholla Blvd. in northwest Tucson, the property was built in 2005 and sold move-in ready. The seller, Noble House Partners, LLC (Patricia Noble, member) purchased to occupy and was represented by Jordan Simon and Karen Ferrell at Venture West Real Estate Services. Gordon Wagner with NAI Horizon in Tucson represented the buyer in the transaction.

Simon and Ferrell can be reached at 520.722.9292 and Wagner should be contacted at 520.326.2200.

To learn more details, see RED Comp #5208.

Pinnacle Realty Investors (Jarrett Reidhead, manager) purchased a 1,255-square-foot condo in La Cholla Corporate Center for $185,000 ($147 PSF). Located at 7526 N La Cholla Blvd.in northwest Tucson, the property was built in 2004.  The buyer purchased to owner occupy the property. Kristy Kelley with Long Realty represented the seller, M&L Robinson, LLC (Michael Robinson, member) and Jarrett Reidhead with Tucson Integrity Realty was self-represented in the transaction.

For more information, Kelley should be reached at 520.918.6539 and Reidhead is at 520.331.8050.

To learn more details, see RED Comp #5041.

TUCSON, Arizona — The Saint Augustine Diocese School at 415 S 6^th Avenue in Tucson sold to an investment group comprised of Marcel Dabdoub and Ron Schwabe for $1.5 million ($95 PSF).

The two-story building, known as the Diocese School Building, is a contributory historic building that closed as a school 10-years ago and has been vacant for about 5 years.

The buyers, major developers in Downtown Tucson, purchased the vacant property to rehab into 30 residential units with retail on the ground floor. The 15,736-square-foot building, built in 1948, will be renovated into two-thirds residential use, 18 loft units upstairs and one-third retail.  The 1.37 infill acres is platted for four 4-plexes which will add an additional 16-units and a two-level parking structure on the large lot.

“Retail on ground level was tenant inspired by a Phoenix restaurant / bar owner,” Schwabe said.  “Retail space downtown is in very high demand these days.”

The seller, Saint Augustine Cathedral Roman Catholic Parish, was represented by Pat Welchert with Cushman & Wakefield | Picor at time of sale, and now with Alpha Commercial Real Estate Service in Tucson.

Welchert can be reached at 520.360.9394, for more information.

To learn more, see RED Comp #4685.

Another Dabdoub and Schwabe investment group bought the former Wig-O-Rama building at 98-112 E Congress Street Downtown Tucson for $950,000 ($89 PSF).

The 10,630-square-foot two-story building was built in 1915 on a 9,900-square-foot lot at Congress and Scott Avenue. The building was vacant at time of sale. There are five tenant spaces currently that buyers plans to split one space for six tenants.

Although Schwabe wasn’t ready to announce any tenant names, he said there’s plenty of demand downtown, and several restaurants have shown an interest in this space. “We could lease these spaces quickly, but we’re trying to create a synergy between the tenants there,” Schwabe said. “We’re currently talking to The Loft Cinema to do a one screen trial here.”

Kristy Kelley with Long Realty represented the sellers, Suk Hoo and Myung Soo Kim. Schwabe with Peach Properties in Tucson represented the investors in both transactions.

For additional information, Kelley should be contacted at 520.299.2201 and Schwabe is at 520.798.3331.

To learn more, see RED Comp #4665.