Southern Arizona XXVI CCIM Market Forecast Competition promises to be as exciting an afternoon for real estate fans as Super Bowl LI for sports fans

TUCSON, Arizona — This year’s 26^th Annual Southern Arizona CCIM Forecast Competition will be sponsored by Platinum Sponsors, University of Arizona’s, Master of Real Estate Development (MRED) in conjunction with Larsen Baker, LLC. A unique partnership of exchange between the local Southern Arizona CCIM Chapter and the UA MRED program formed several years ago, with CCIM instructors participating in real-life applications with MRED students.

The Southern Arizona CCIM Forecast Competition is the longest-running event of its kind in the nation and is expected to draw 350 to 400 attendees this year. Craig Finfrock, CCIM, President Elect 2018 / Vice President is heading up this year’s competition, along with Melissa Lal, CCIM, President 2017, Suzie Ong, CCIM, Secretary, and Mark Hays, candidate CCIM.

This year’s inductee into the CCIM Tucson Legends will be Humberto Lopez, Co-founder and Chairman of the Board at HSL Properties. Over the past 40 years, HSL has become the largest multifamily property owner in the Southwest. The keynote speaker will be John Oliver, Director of Customer Services and Global Accounts, Surface Mining & Technology Division for Caterpillar, Inc. will speak about the Company’s decision-making to move its new regional headquarters to Tucson.

The XXVI Annual CCIM Forecast Panels will assemble and this year’s competition looks to be intense but fairly-matched. Last year’s champions will try to preserve their titles against new contestants who have been preparing all year for this competition, in hopes of ‘taking home the gold’ trophy.

Expecting to hear good news, here’s how the competition panels break out with 21 total panelists all confident they hold best home field advantage:

The 2016 Retail category Winner, Gary Heinfeld, CCIM, Principal of Advisors in Real Estate, Inc. will return to be matched against challengers, Melissa Lal, CCIM, of Larsen Baker, Michael Laatsch of CBRE and Andria Burke, MAI, Appraiser at Wells Fargo Bank, N.A. Heinfeld predicted a 6.37% retail vacancy rate while the actual rate came in at 6.40%.

Last year’s Office category Winner, Aubrey Finkelstein, Associate at Vast Real Estate Solutions will be up against competition from challengers, Dave Volk, Vice-President of CBRE, Tari Auletta, CCIM, Associate with Keller Williams Realty and Charles Singleton, MAI, at Singleton Valuations. Finkelstein predicted an 11.99% office vacancy while actual rate came in at 11.00%.

The 2016 Land category Winner, Aaron Mendenhall, Associate with Chapman Lindsey Commercial Real Estate, will face-off against challengers, John Carroll, Associate with Land Advisors Organization and Roy “Thrac” Paulette, Principal of Cantera Real Estate. Mendenhall predicted 2,949 residential permits for the year while actual number came in at 2,928 permits.

In the Multifamily category, the 2016 Winner, Lance Parsons, CCIM, Partner at ABI Multifamily will fend off Jason Hisey, Principal of The Hisey Group, and Allan Mendelsberg, Associate with Cushman & Wakefield | Picor. Parsons predicted 6.95% vacancy rate for the multifamily sector while the actual rate was 6.87%.

The 2016 Industrial category Winner, Russ Hall, SIOR, GSCS, Principal at Cushman & Wakefield | Picor will be opposing challengers Gary Emerson, Principal at GRE Partners, Dave Gallaher, CCIM, Principal of Tucson Industrial Realty and Beverly Weissenborn, MAI, Principal with Weissenborn Appraisal. Hall had predicted an industrial vacancy rate of 7.24% while actual vacancy rate was at 7.80%.

In the Finance category, last year’s Winner, Mike Trueba with Commerce Bank of Arizona will attempt to protect his title from challengers, Justin Martinez of the National Bank of Arizona, and Jim Hunter of BBVA Compass Bank. Trueba had predicted a 10-year Treasury bill rate of 2.62% at year end and the actual rate was 2.45%.

The XXVI Annual CCIM Market Forecast Competition promises to be as exciting an afternoon for real estate fans as the Super Bowl LI game will be for sports fans, without all the commercials.

If you haven’t reserved yet, there may still be time. Registration and networking begins at 11:15 am; Program starts at 12:00-4:30 pm followed by a networking cash bar reception from 4:30–5:30 pm. Tuesday, February 21^st at the Marriott Tucson University Park, 880 E 2nd Street Tucson AZ 85719. – LUNCH SERVED & FREE PARKING!

Printable Registration Form 2017 to register or contact Aaron Reid at 520.382.8791 or by email sazccim@TucsonRealtors.org

The following commercial leases were reported to the Real Estate Daily News for the Tucson Lease Report from June 15 thru 19, 2015.

SCHOOL – 601 E. FORT LOWELL RD., TUCSON, AZ
Seneca Preparatory Academy Foundation leased 13,000-square-feet at 601 E. Fort Lowell Rd. in Tucson from Sacred Heart Roman Catholic Parish. Rob Tomlinson, Retail Specialist with Cushman & Wakefield | PICOR, represented the landlord and David Blanchette with CBRE, represented the tenant in this transaction. [mepr-show rules=”58038″]Asking lease rate: $10.00 SF/YR NNN[/mepr-show]

RETAIL – 8616 E. BROADWAY BLVD., TUCSON, AZ
Humana / Preservation on Main, Inc., dba lora Primary Care, leased 8,400-square-feet in the Berkshire Village Shopping Center at 8616 E. Broadway Blvd. in Tucson from J.M.K. Family Properties, LP.  Rob Tomlinson, Aaron LaPrise and Greg Furrier, Retail Specialists with Cushman & Wakefield | PICOR, handled this transaction.

FLEX SPACE – 3700-3716 E. COLUMBIA ST., TUCSON, AZ
Johnson Controls Inc. has leased 7,380-square-feet of flex space at 3700-3716 E. Columbia St. from, Holualoa Columbia Industrial LLC. The landlord was represented by Bill DiVito and Jesse Blum with CBRE’s Tucson office.

RETAIL – 3904 E. GRANT RD., TUCSON, AZ
Humana / Preservation on Main, Inc., dba lora Primary Care, leased 5,700-square-feet at 3904 E. Grant Rd. in Tucson from Grant and Alvernon Realty Trust.  Greg Furrier and Rob Tomlinson, Retail Specialists with Cushman & Wakefield | PICOR, handled this transaction.

RETAIL – 3880 E. FRY BLVD., SIERRA VISTA, AZ
Freedom Smoke USA has leased 4,725-square-feet at 3880 E. Fry Blvd., Sierra Vista, from KLO Properties, LLC.  Robert Nolan of Oxford Realty Advisors handled the transaction. [mepr-show rules=”58038″]$12.00 SF/YR NNN; Tenant phone: 520.396.3990[/mepr-show]

FLEX SPACE – 2901 E. ELVIRA RD, TUCSON, AZ
DHL Global Forwarding has renewed their 4,000-square-foot lease of flex space at 2901 E. Elvira Rd. from Holualoa Tucson Airport I, LLC. The landlord was represented by Bill DiVito and Jesse Blum with CBRE’s Tucson office.

FLEX SPACE – 3280 E. Hemisphere Loop, Tucson, AZ
Primadonna Linens has leased 3,216-square-feet of flex space at 3280 E. Hemisphere Loop from Tucson Property Investors. The tenant was represented by Mark Hays with Tierra Antigua Realty. The landlord was represented by Tim Healy and Bob DeLaney with CBRE’s Tucson office.

OFFICE – 2260 N. ROSEMONT BLVD., TUCSON, AZ
Therapy Group of Tucson, PLLC leased 2,755-square-feet at 2260 N. Rosemont Blvd., Suite 100 in Tucson Medical Park from TMC Holdings, Inc.  Rick Kleiner, MBA, and Tom Knox, SIOR, Office Specialists with Cushman & Wakefield | PICOR, represented the landlord and Gary Best, CCIM, with Keller Williams Southern Arizona, represented the tenant in this transaction. [mepr-show rules=”58038″]Tenant Phone: 520.232.2021[/mepr-show]

RETAIL – 2040 W. Orange Grove, Tucson, AZ
Farmers Insurance has leased 1,100-square-feet of retail space at 2040 W. Orange Grove Rd. from La Cholla Plaza. The tenant was represented by Bruce Suppes with CBRE’s Tucson office. The landlord was represented by David Carroll with Romano Real Estate.

OFFICE – 100 N. STONE AVE, TUCSON, AZ
Roach Law Firm, LLC has leased 1,065-square-feet of office space at 100 N. Stone Ave. from Holualoa Pioneer LLC. The tenant was not represented in the transaction. The landlord was represented by Bruce Suppes and David Volk with CBRE’s Tucson office.

INDUSTRIAL – 1100 E. AJO WAY, TUCSON, AZ
Julia Palfreyman, Attorney-At-Law, leased 860-square-feet in the Ajo/Evans Business Park, 1100 E. Ajo Way, Suite 212 in Tucson from Ajo/Evans Business Park, LLC. Jeff Zellet, Commercial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. [mepr-show rules=”58038″]Asking lease rate: $0.50 -$0.54 SF/MO NNN[/mepr-show]

OFFICE – 5930 E. PIMA ST., TUCSON, AZ
Rich Reiners, American National Insurance leased 558-square-feet at 5930 E. Pima St., Suite 144 in Tucson from 5930 E. Pima, Inc. Jeff Zellet, Commercial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. As[mepr-show rules=”58038″]king lease rate: $14.00 SF/YR Modified Gross[/mepr-show]

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THE FOLLOWING INDUSTRIAL PROPERTIES BY SUBMARKET WERE BOUGHT FOR INVESTMENT PURPOSES:
SOUTH SUBMARKET
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[mepr-show rules=”58038″] Tin Cup Properties of Tucson (John Lashley) purchased the 8,439 sq. ft. industrial building at 220 E 27th Street in South Tucson for $300,000 ($36 PSF). The seller, Archie and Janice Anderson Revocable Living Trust had been an owner occupant. Property was built in 1979, has 7 grade level doors, and is on a fenced .58 acre lot zoned SB-2A. Vacant at time of sale, property was an investment purchase to be leased to multi-tenants. Ron Zimmerman with Cushman & Wakefield | Picor represented the buyer and is also leasing the property. Since property sold, 2,100 sq. ft. has already been leased to two separate tenants. Zimmerman should be contacted at (520) 748-7100.

SOUTH SUBMARKET

802/816 Evans, LLC of Tucson (Billie Meuschke) bought the multi-tenant industrial building at 802-816 E Evans in Solomon Industrial Park in Tucson for $450,000 ($38 PSF). The 11,850 sq. ft. building (built 1973) has 8 grade level doors and is built out to accommodate four tenants. There was 4,100 sq. ft. vacant at time of sale. The seller was Niner Holdings, LLLP of Portland, OR and no brokers were involved in the transaction.

CENTRAL SUBMARKET
R. W. and B.J. Strunk Trust acquired the industrial property at 3752 E Hardy Dr. in Tucson from Doherty Plumbing, Inc. for $220,000 ($92 PSF). Doherty Plumbing occupied the 2,400 sq. ft. building (built 1999) on a 10,800 sq. ft. lot prior to sale. The buyer purchased the property as investment for lease and had an undisclosed tenant for the property subsequent to the purchase. Property is zoned MU.

CENTRAL SUBMARKET
The 12,200 sq. ft. industrial building at 2020-2050 E Eastland in Tucson sold to Spectrum Capital Investments, LLC for $350,000 ($29 PSF) for investment. Property includes two parcels totaling .64 acre with a 20’ clear span metal building (built 1971) with over 6,000 sq. ft. of storage mezzanine, and approximately 1,200 sq. ft. of office space. Building has one grade level and one well dock, fenced yard, and 200A/240V/single phase power and 100A/208V/3-phase power. Property had a clean phase I environmental report and a C of O from the City of Tucson for warehouse usage. Two bathrooms had new fixtures. Mark Hays of Tierra Antigua in Tucson represented the seller, K&E Buildings Family, LLP. Brandon Rodgers of Cushman & Wakefield | Picor represented the buyer. Rodgers can be reached at (520) 546-2714 and Hays is at (520) 444-5401.

NORTHWEST SUBMARKET
A.D. Post Service Company of Tucson (Daniel Post) purchased the industrial property at 13830 N Adonis Road in Marana for $252,500 ($105 PSF). The 2,400 warehouse on 1.5 acre yard was constructed in 1992. It has 400 A/208V/ 3-phase power, 2 grade level doors and is zoned HI (Heavy Industrial) near I-10 and downtown Marana. The yard area has electrical, phone and sewer hookup for an office trailer. The seller was Sumac, LLC of Tucson. Buyer purchased property as investment to lease.

THE FOLLOWING PROPERTIES WERE SOLD TO INDUSTRIAL OWNER / USERS:

CENTRAL SUBMARKT
A&K Team of Tucson (Andrew Aragon, managing member) dba Revolvstore Services, an independently owned and operated service shop specializing in nothing but Volvos, bought the property at 175 W Plata in Tucson. The 5,243 sq. ft. property (built 2010) sold for $485,000 ($93 PSF) and has one grade level on a .69 acre lot with I-1 zoning. The seller was Stamoff Investments, LLC of Tucson (Richard St. Aubin, managing member). Revolvstore has relocated to the property and will be an owner occupant.

CENTRAL SUBMARKET
The 4,451 sq. ft. industrial property at 449 E Fort Lowell in Tucson sold to an owner / user for $310,000 ($70 PSF). The building was built in 1979 on a 22,412 sq. ft. lot. Tony Reed with Long Realty represented the seller, the Musse Goldbaum Living Trust and Ed Henne also with Long Realty of Tucson represented the buyer. Reed can be reached at (520) 915-5189 and Henne is at (520) 918-5989

WEST SUBMARKET
Christopher and Kylie Harvey, dba Blue Coyote Paint, purchased the property at 2251 N Dragoon in Tucson for $150,000 ($76 PSF). The 1,968 sq. ft. building (built 1988) is zoned I-1 and sits on a 16,478 sq. ft. lot. Blue Coyote Painting is a painting company specializing in the residential/commercial painting and repainting of fine Tucson homes and businesses for more than 25 years. Tony Reed of Long Realty in Tucson represented buyer and seller, MJI Company of Phoenix (Micah Strunk, managing member). Reed should be contacted at (520) 915-5189.

SOUTH SUBMARKET
Gerson’s Building Supply purchased 4,431 sq. ft. at 4726 S Country Club Rd. in Tucson from KMS Enterprises, LLC for $425,000 ($96 PSF). Gerson’s moved from 1811 S Park Avenue where it operated for more than 30 years selling used building supply materials. Brandon Rodgers of Cushman & Wakefield | Picor represented the seller and Curt Stinson with Realty Executives Tucson Elite represented the buyer in the transaction. Rodgers can be reached at (520) 546-2714 and Stinson is at (520) 877-4942.

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