Southern Arizona CCIM Chapter Conversation Corner for April

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 16th 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. 36th 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. 5th 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 8th click here.

 




Tucson Lease Report March 26-30, 2018

Tucson Lease Report March 26-30, 2018

The following commercial leases were reported to the Real Estate Daily News for the Tucson Lease Report from March 26-30, 2018.

OFFICE – 4566 N 1ST AVE., TUCSON
SMI Imaging, LLC renewed their medical office lease for 4,000-square-feet at 4566 N. 1st Ave., Suite 100 in Tucson, from Rose & Friedman Investments, LLC.  Rick Kleiner, MBA, Principal and Office Specialist with Cushman & Wakefield | PICOR, represented the landlord; Kathleen Morgan with Newmark Knight Frank, represented the tenant.

RETAIL – 1930 E TANGERINE RD., ORO VALLEY
Oro Valley Jiu-Jitsu, LLC leased 3,909-square-feet from VPOVM, LLC, in Oro Valley Marketplace, situated at the corner of Oracle and Tangerine Rds., 1930 E. Tangerine Rd., Suite 190. Greg Furrier, Retail Specialist with Cushman & Wakefield | PICOR, represented the tenant in this transaction; Dave Dutson with NAI Horizon, represented the landlord. [mepr-show rules=”58038″]Phone: 520.335.5000[/mepr-show]

OFFICE – 6565 E CARONDELET DR., STE 285A, TUCSON
Arizona Institute of Urology renewed their lease for 3,886-square-feet of medical office space at 6565 E. Carondelet Dr., Suite 285A in Tucson, from Tucson 6565 Medical Properties, LLC.  Rick Kleiner, MBA, Principal, Office Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. [mepr-show rules=”58038″]Phone: 520.618.1010[/mepr-show]

RETAIL – BROADWAY & KOLB ROADS, TUCSON
Old Pueblo Fitness has leased a 3,534-square-feet of space at JoAnn’s Center, located on Broadway Blvd. just east of Kolb. The Premises will be used as a CrossFit gym and for the sale of related products. They are scheduled to open for business August 2018.  Andy Seleznov and Melissa Lal represented the Landlord, Larsen Baker, while Derrick Sinclair, of Terramar Properties, Inc., represented the tenant. [mepr-show rules=”58038″]Phone: 520.392.8329[/mepr-show]

INDUSTRIAL – 4500 E SPEEDWAY BLVD., TUCSON
Unscrewed Theater leased 3,425-square-feet in Midway Business Park, 4500 E. Speedway Blvd., Suites 37-39 in Tucson, from Presson Midway, LLC.  Rob Glaser, SIOR, CCIM and Paul Hooker with Cushman & Wakefield | PICOR, represented the landlord; Rob Tomlinson with Cushman & Wakefield | PICOR, represented the tenant.[mepr-show rules=”58038″] Asking lease rate: $9.12 FY/YR Modified Gross; Phone: 520.289.8076[/mepr-show]

OFFICE – 5501 N ORACLE RD., STE 125, TUCSON
Amistades, Inc. renewed their lease for 2,250-square-feet at 5501 N. Oracle Rd., Suite 125 in Tucson, from Survivors Trust.  Ryan McGregor, Office Specialist with Cushman & Wakefield | PICOR, represented the tenant; Bruce Suppes with CBRE represented the landlord.

RETAIL – 3830 W RIVER RD., MARANA
Caps & Corks, Inc. leased 1,975-square-feet in Marana Marketplace, 3830 W. River Rd., Suite 100 in Tucson, from Marana Marketplace Partners, LLC.  Dave Hammack, Retail Specialist with Cushman & Wakefield | PICOR, represented the tenant; Melissa Lal with Larsen Baker, represented the landlord.

RETAIL – 8140 E 22ND ST., STE 140, TUCSON
A & J Automotive, LLC leased 1,750-square-feet 8140 E. 22nd St., Suite 140 in Tucson, from Autocare 22nd Associates, LLC.  Ron Zimmerman, Industrial Specialist with Cushman & Wakefield | PICOR represented both parties in this transaction.[mepr-show rules=”58038″] Asking lease rate: $10.00 SF/YR NNN; Phone: 520;273.6780[/mepr-show]

OFFICE – 3925 E 29TH ST., STE. 402, TUCSON
Intech Services, LLC leased 1,505-square-feet in Midpoint Business Park, 3925 E. 29th St., Suite 402 in Tucson, from Presson Midpoint, LLC.  Rob Glaser, SIOR, CCIM, and Paul Hooker, Industrial Specialists with Cushman & Wakefield | PICOR, handled this transaction.

OFFICE – 100 N STONE AVE., TUCSON
Agent. AI, LLC leased 1,503-square-feet of office space at 100 N. Stone Avenue in the Pioneer Building. Bruce Suppes and Dave Volk of CBRE represented the landlord, Holualoa Pioneer, LLC, in the transaction. [mepr-show rules=”58038″]Asking lease rate: $18.00 SF/YR Full Service Gross[/mepr-show]

RETAIL – 4514 E BROADWAY BLVD., TUCSON
Goddess Lashes, owner Brianna Martinez, leased 1200-square-feet of retail space in Midstar Plaza, 4514 E. Broadway Boulevard.  The shopping center ownership, Midstar Plaza, LLC, was represented by Nancy McClure, CBRE, and the tenant was represented by Volk Company.

INDUSTRIAL – 3755 E 34TH ST., STE 115, TUCSON
Martinez Construction leased 1,400-square-feet at 3755 E. 34th St., Suite 115 in Tucson, from Rodgers Investment Fund, II, LP.  Max Fisher, Industrial Specialist with Cushman & Wakefield | PICOR, handled this transaction. [mepr-show rules=”58038″]Asking lease rate: $7.20 – $7.80 SF/YR Modified Gross[/mepr-show]

RETAIL – 3900 W COSTCO DR., MARANA
Tim Rehrmann leased 1,300-square-feet of retail space from Costco Plaza, LLC for TimsTradeIn.com, the new home builder showroom located at I-10 & Orange Grove Rd., 3900 W. Costco Drive, Suite 168, in Marana. Greg Furrier and Diane Carlson, Retail Specialists with Cushman & Wakefield PICOR, represented the landlord.  Tim Rehrmann, New Home Builder Specialist with Keller Williams Southern Arizona, represented the tenant. [mepr-show rules=”58038″]Asking lease rate: $16.00 -$18.00 SF/YR NNN[/mepr-show]

RETAIL – 3755 E 34TH ST., STE. 107, TUCSON
Detroit Auto Detailing, LLC leased 1,200-square-feet at 3755 E. 34th St., Suite 107 in Tucson, from Rodgers Investment Fund II, LP.  Max Fisher, Industrial Specialist with Cushman & Wakefield | PICOR, handled this transaction. [mepr-show rules=”58038″]Asking lease rate: $7.20 – $7.80 SF/YR Modified Gross; Phone: 520.347.3972[/mepr-show]

INDUSTRIAL – 1101 W GRANT RD, STE 206, TUCSON
1A Smart Start renewed their lease for 1,200-square-feet in Grant Interstate Commons, 1101 W. Grant Rd., Suite 206 in Tucson, from the Sloat Family Partnership, LLLP.   Stephen D. Cohen and Russell W. Hall, SIOR, GSCS, Industrial Specialists with Cushman & Wakefield | PICOR, handled this transaction.

OFFICE – 3125 E 2ND ST., TUCSON
Tom DeBerry, State Farm Insurance Agent, leased 1,000-square-feet of office space at 3125 E. 2nd St. in Tucson, from Agare, LLC.  Isaac Figueroa, Office and Investment Specialist with Cushman & Wakefield | PICOR, represented the tenant in this transaction. [mepr-show rules=”58038″]Asking lease rate: $14.67 – $15.00 SF/YR Modified Gross; Phone: 520.298.7111[/mepr-show]

RETAIL – 4343 N ORACLE RD, STE 125, TUCSON
Landmark Barber Studio leased 960-square-feet at 4343 N. Oracle Rd., Suite 125 in Tucson, from Wetmore Plaza Shops, LLC.  Dave Hammack, Retail Specialist with Cushman & Wakefield | PICOR, represented the tenant; Melissa Lal with Larsen Baker, represented the landlord.

RETAIL – ORACLE FT. LOWELL CENTER, TUCSON
The Patio Connection has renewed their lease at Oracle Ft. Lowell Center, located on the NE corner of Oracle Rd. and Ft. Lowell Rd. Andy Seleznov and Melissa Lal represented the landlord, Larsen Baker.[mepr-show rules=”58038″] Phone: 520.293.5110[/mepr-show]




SFR Lot Sales Slow Finish to 2014

lots salesNationally, mortgage applications to purchase newly built homes dropped dramatically in November, signaling a slowdown in sales for the nation’s builders. Application volume fell 22% from October, according to the Mortgage Bankers Association. This change does not include any seasonal adjustments, but when compared to one year ago, the applications are down 11.9%. While home lot sales usually slow in the winter months, the numbers appear to echo sentiment from some home builders that there is a lesser urgency in this last quarter of the year.

A few exceptions and bright spots to the lot sales and housing market in Southern Arizona were found in Stone Canyon and Madera Highlands.

Fairfield Homes purchased the first 20 platted lots from Terry Klipp and partner, Bob Morken of Terramar Properties for $1 million ($50,000 per lot) at the Enclave at Stone Canyon.

Located in Stone Canyon in Rancho Vistoso, north of Tortolita Mountain Circle and east of Hohokam Village Place in Oro Valley, the property is also known as the Stone Canyon Donut Hole due to its vicinity to Stone Canyon Golf Course. Surrounded by the Stone Canyon Golf Course, the subdivision sits on approximately 28 acres of vacant property and feature single-story homes on lot sizes ranging from 10,000 to 15,000-square-feet and 80’ frontage. Fairfield’s lots are situated on holes 1, 2, 3 and 4.

The property features two points of ingress and egress, from Rock Haven Place on the south and Hohokam Village Place on the north.

To learn more Klipp and Morken can be reached at 520.577.7800. Fairfield Homes should be contacted at 800.830.5135.

Richmond American Homes of Arizona, a subsidiary of MDC Holdings, Inc. (NYSE: MDC), continues to takedown the 56-SFR lots at Madera Highlands Villages in the Town of Sahuarita, recently buying its second takedown of five lots for $413,122 ($82,624 per lot). The seller is MK Company Southwest LLC of Scottsdale.

The Madera Highlands Villages at Madera Highlands are roughly 1-acre lots and feature a distinctive collection of single and two-story floor plans. New homes showcase beautifully appointed exteriors and open, inviting layouts with features, such as tile flooring, stainless-steel appliances and granite kitchen countertops.

Will White of Land Advisors Organization in Tucson handled the transaction for the seller.

To learn more White should be reached at (520) 514.7454 for more information and Richmond American can be contacted at (520) 544.2700.