DOWNTOWN TUCSON

Stone Avenue Homes LLC, an affiliate of Holualoa Companies (Michael Kasser, president), closed on commercial land, a downtown parking lot, at the southeast corner of Stone Ave and Ochoa Street in downtown Tucson for $1.042 million ($50.84 PSF). The 20,490-square-foot parking lot was purchased for development of row housing from De La Warr Investment Corporation of Tucson, an affiliate of Arizona Autoparks. (Geoffrey Shepard, president).

Details of the project, including number of units, was not available at time of publication. Evan Eglin of Eglin + Bresler Architects in Tucson is working on the initial plans and should know more next week.

Holualoa Companies is a real estate investment firm headquartered in Tucson, focused on the successful acquisition, repositioning, redevelopment and disposition of underperforming real estate assets. Its investments span the United States and Europe and include office, retail, industrial, multi-family, hotel and mixed-use investment properties. Holualoa Companies is an experienced, opportunistic investor for its own account and on behalf of a select group of private investors.

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NORTHWEST SUBMARKET

AOMS OVB Realty, LLC an affiliate of Arizona Oral & Maxillofacial Surgeons (Dr. Nicholas Coles and Dr. Robert Wood, managers) bought land at Innovation Park for $244,125 ($33.28 PSF) from Innovation Corporate Center (Jordan Simon, manager). The 7,336-square-foot lot represents half of a four-unit multitenant office building being constructed by Venture West, a leading commercial developer in Tucson.

Jordan Simon, manager, at Venture West explained that the buyer already occupies space at Tanque Verde Place, another of Venture West’s projects and wanted to find a second location in the Northwest. “After showing them every office up and down Oracle Road, they kept coming back to the opportunities and benefits a built-to-suit at Innovation Park offered,” Simon told us.

Being strategically located just north of Northwest Medical Center and Oro Valley Marketplace in Oro Valley Simon told us the majority of recent interest has been for medical use, but it is a mixed-use development offering 100,000-square-feet of professional office sites, in buildings from 1,500 to 40,000-square-feet.

In addition to this sale there are another two or three other buyers at this time at Innovation Park.

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To learn more Simon can be reached at 520.722.9292.

[mepr-show rules=”58038″]201 S Stone Ave parking lot – Sale date 3/5/2015, all cash deal. APN: 117-13-176, 177 & 178
1876 E Innovation Park Drive – Sale date: 3/5/2015. Buyer put $165,134 down and financed the balance with conventional financing. APN: 219-55-005 & 006.[/mepr-show]

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The office building at 5820 S Nogales Hwy in Tucson sold for[mepr-show rules=”58038″] $265,000 ($56 PSF) to Aguiles, LLC, (Narciso Holguin) a mobile home parts dealer. The seller was Charles and Margaret Yessian of the 4,761 square-foot building in two building in 1969 and 2007. The buyer purchased to owner occupy a small portion and to lease the remainder. There were no brokers reported in the transaction.

The Law Offices of Sidney Wolinsky, an immigration attorney at 290 N Meyer Avenue in Tucson sold for $291,000 ($125 PSF). The seller was 290 North Meyer, LLC of Tucson (Roger C Wolf,

manager) and the buyer was Palacio Ruelas, LLC of Tucson (Todd Hale, manager). The 2,328 square-foot office (built 1953) on a 4,452 square-foot lot, has been occupied by the law office since 1974 and sold occupied as a triple net investment.

Holguin can be reached at (520) 807-5995. Wolf can be contacted at 520-617-0249. Hale is at (520) 629-4433. Wolinsky is at (520) 622-5832.[/mepr-show]

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[ismember] 5820 S Nogales, Hwy: sale date 9/9/2013. Buyer put $40,000 down and seller financed the balance. APN:138-10-023A

290 N Meyer Ave: sale date 9/30/2013. no down payment. Seller was an attorney at the firm prior to sale. APN: 117-10-099.[/ismember]

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Rivendell Properties LLC et.al., affiliates of Bond Commercial Properties purchased the manufacturing facility at 7775 N Casa Grande Hwy. in Marana as a triple net sale commanded[mepr-show rules=”58038″] $9.65 million ($137 PSF). The 70,348 square-foot building is 90% occupied by Lasertel, with the balance leased to Proto Tech, a machine shop and supplier to Lasertel.

Bond Commercial Properties, based in Anchorage, Alaska represents commercial interests in Alaska, Arizona, New Mexico, Nevada, and Utah, and is interested in acquiring more properties.

The building was built by Lasertel in 1997 and owned and controlled by the company until selling it to a local private investment group, 2030 East, LLC (Eddy Chernecki, managing member), in 2008. Built on 13.35 acres, the class-A property has 4,000 amps of power, a class 10 clean room and 32’ceilings, situated on I-10, in the Continental Ranch Commerce Park in Marana a part of Northwest Tucson, well positioned on the growth corridor between Tucson, Marana ad Phoenix.

Lasertel, a wholly owned subsidiary of SELEX Galileo, Inc., a Finmeccanica company is a vertically-integrated manufacturer of high-power semiconductor laser components and developer of customer laser solutions.

The company services the defense, medical and industrial industries, delivering a wide range of chips, bars, array packages and fiber-coupled devices.

The MBE-based production facility, uses state-of-the-art equipment and patented processes to deliver standard and custom laser diode solutions that meet the requirements of demanding applications.

Palmer Capital of Roseville, CA along with Vast Real Estate Solutions of Tucson brokered the transaction while Northrim Bank of Anchorage handled the financing.

Palmer Capital can be contacted at (916) 462-6300. Jon O’Shea and Rob Fishrup with Vast Real Estate Solutions should be reached at (520) 624-9400.[/mepr-show]

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[ismember] Sale date: Oct. 11, 2013.  Buyer paid 25% down, or $2,413,000. Escrow time: 60 days. Property sold with an approximate NOI of $780,000 and a reported 7.9% cap rate. This transaction was the seller’s downleg in a 1031 exchange.[/ismember]