The office building at 5102 E Pima Street in Tucson sold for $420,000 ($105 PSF) in a sale leaseback transaction to a private investor, Alexandra Siegal of Steamboat Springs, CO. The seller was Vast Commercial Real Estate of Tucson under an affiliate One Eighty Three Investment Group, LLC (Jon O’Shea and Rob Fischrup, principals).

This article has been archived, please login for access or subscribe now by going to the subscribe tab at the top of page.

[mepr-show rules=”58038″]The 3,986 square foot building was fully occupied by two tenants when it sold, the seller Vast Commercial and Tool Force One. Vast will continue to occupy their portion of the building that includes the second floor in a sale leaseback agreement with the buyer.

The transaction was the buyer’s upleg in a 1031 exchange, who recently also purchased the Southwest Professional Plaza offices at 2122-2224 N Craycroft Road in Tucson for $2.2 million in which Vast represented the seller. For full story on Southwest Professional Plaza sale click here.

The property was built in 1974 and had undergone a complete renovation prior to the purchase. The seller bought the property in March 2012 to owner occupy.

Loui Antonucci of Keller Williams in Steamboat Springs, CO represented the buyer and Jon O’Shea of Vast Commercial Real Estate was self-represented in the transaction.

O’Shea can be contacted at (520) 780-4743. Antonucci can be reached at (970-871-1960.[/mepr-show]

[ismember]Sale date was 8/26/2013. Escrow was 2 weeks.  Property sold at a 9% cap rate.[/ismember]

This article has been archived, please login for access or subscribe now for a free trial.

Alexandra Siegal of Colorado purchased the Southwest Professional Plaza at 2122 – 2224 N Craycoft Road in Tucson for[mepr-show rules=”58038″]$2.2 million ($84 PSF) from 2222 Craycroft, LLC of Tucson (Eddy Chernecki, managing member). The 26,258 sq. ft. in six buildings were constructed from 1967 to 1972 and sold 86% occupied with softer medical tenants.

According to public records, tenants included Standard Insurance & Realty, Immune Recovery & Wellness, Patient Care Advocates, New Path Natural Healing, Providers Direct, Nails Naturally by Joyce, Personaleyes Prosthetics, Better Bodies PT, Arizona Naturopathic Physicians, IBC Business Solutions, La Frontera Arizona, Presidio Counseling, and Southwest Ambulance or Tucson as well as professional practices such as Dr. Richard Stag, DDS, Dr. Ross Burton, DDS and David Hancock, DC.

The property was in good condition when it sold with recently completed tenant improvements.

Jon O’Shea of Vast Commercial Real Estate in Tucson represented the seller. Loui Antonucci of Keller Williams in Steamboat Springs, CO represented the investor.

Vast Commercial Real Estate has been retained for property management and leasing by the new owner.

O’Shea should be contacted at (520) 780-4743. Antonucci can be reached at (970) 871-1960.[/mepr-show]

Login for additional information available to subscribers:
[ismember]Market time for sale was 2 months with a 70-day closing. Seller reported property sold with no deferred maintenance. Property sold with a GSI of $380,741 and NOI of $200,000 and sold at a 9% cap rate. Average lease rate was $14.50 / SF / MG. [/ismember]