Gramercy Property Trust Inc. of New York (NYSE:GPT), a real estate investment trust, has closed on the acquisition of an approximately 220,000 square foot food-grade cold storage and distribution facility located at 3701 S Avenue 3 ½ East in Yuma, Arizona. The sale price reported was $17.85 million ($81 PSF).

Yuma County boasts the longest growing season in the country and is where 90% of the nation’s leafy vegetables are grown from November through March. The building is 100% leased through September 2033 to Eastbound Farms, the leading organic food company in North America.

Built in 2001, the property had expansions added in 2004 and 2006, with 43 dock-high doors with levelers, locks, shelters and seals. Clear height is 32’-40’, and 26’ in production areas. The current 220,000 square-feet is expandable to 270,000 square-feet on 37.42 acres. With 186,405 square-feet capable of 34 degrees F or higher. There is 11,657 square-feet office/employee area with walkable utility service area with production scale positions, production wash line and refrigeration production area. Raw receiving pressure coolers, raw product cooler, and refrigerated shipping docks.

Property sold in a sale leaseback agreement with year 1 net operating income of approximately $1.4 million (8.0% initial cap rate, 9.25% GAAP cap rate) with fixed annual rent escalations throughout the lease term. The facility was acquired all-cash.

Gramercy Property Trust Inc. is a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing industrial and office properties net leased to high quality tenants in major markets throughout the United States. The Company also operates an asset management business that manages for third-parties, including our joint venture partners, commercial real estate assets throughout the United States primarily leased to financial institutions and affiliated users.

Visit the Company’s website at www.gptreit.com or contact Investor Relations at (212) 297-1000

Frontier Towing, a locally-owned and operated business, purchased the property at 3570 S Dodge Blvd in Tucson for $500,000 ($45 PSF). The 11,200 sq. ft. building (built 1983) on 1.7 acres was purchased for expansion of the buyer’s adjacent business at 3630 S Dodge Road in Tucson. The property had been vacant for about 18 months when it was sold by James LaDuc of Tucson.

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[mepr-show rules=”58038″]The industrial property consists of a 2,200 sq. ft. office and 9,000 sq. ft. warehouse. Ceiling height is 12-16 feet with six grade level doors, zoned CI-1 with fully fenced yard.

Frontier Towing began in 1969; the current owner, Jim Mooney, purchased the business in 1993. It is a 24 hours / 7 days a week (even on Christmas) full service towing company. They operate a fleet of over 35 tow trucks and equipment ranging from light duty, medium duty and heavy duty as well as equipment transport for backhoes, wheel loaders or D9s. They transport vehicles and equipment, not only in Arizona, but all over the southwest.

The company also offers transportation and recovery service for 4×4 vehicles anyplace.

Because of Frontier’s ability to tow anything, from lower sports cars to monster trucks, semi-trucks, dump trucks, motor homes, backhoes, dozers, loaders, excavators, containers and more, they have the City of Tucson’s towing contract. Mooney claims they have towed everything from Zambonis to rhinoceroses for the City. Yes, you read that right, rhinoceroses.

When Reid Park Zoo had to move their two resident rhinoceroses into a new home at the zoo, they called on Frontier Towing. A cage weighing 6,000 pounds was specially constructed, to hold each of the 6,500 pound rhinoceros, and an attempt to restrain the rhino like in a horse trailer was made. But the rhinos, being unaccustomed to either the cage or any lack of mobility had different ideas and weren’t so thrilled about the move. So a job that was to take no more than 4 hours, ended up taking twice the time, well past the zoo’s opening hour that morning, and causing patrons to have to wait while the rhinos were been transported from one end of the zoo to the other.

When I said, hopefully you were compensated well for all the extra complications, Mooney responded, “We couldn’t charge the Zoo anything, it’s the Zoo! We couldn’t do that.” That comment seemed to summarize the owner’s attitude on the importance of giving back to the community. Whether its  transporting generators to hurricane victims on the East coast, as they did in one of the latest hurricanes. Or providing other service, such as recently donating a car to DM’s On Base Autobody for repair and to be give away to a needy military family. Community service and good business just go hand-in-hand at Frontier Towing.

Frontier Towing can be reached at (520) 748-1100, the next time you need a tow or to move anything out of the ordinary.

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[ismember]Sale date: 9/25/2013. Buyer name on affidavit: Stump Ranch, LLC, Charles, Joseph, and James Mooney, members. All cash transaction. Building has HVAC in office, evap and gas heat in warehouse. Power is 208V, 400A, 3-phase. Real Estate Taxes (2012) $13,896. Amenities: 2 awning covered work areas, 2,400 SF west bay as 16 ft clear height, 14 grade door, plus 600 SF mezzanine. [/ismember]

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Maracay Homes, an Arizona-based home builder took down the first of 54-lots at Tortolita Vistas this week. This first takedown was for 7 lots at $160,000 per lot, or $1.12 million. The lots are oversized lots and will allow Maracay to have a model ready here for early next year.

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[mepr-show rules=”58038″]Maracay will join A.F. Sterling at Tortolita Vistas, who is wrapping up with only a few homes remaining to finish.

When we spoke with Tom Lemmon, VP of Land Acquisition at Maracay Homes to discuss the recent closing of the 122 acres at Rancho Vistoso “Donut Hole” he mentioned with excitement the opening of Tortolita Vistas. “It is an extraordinary community and Maracay plans to take full advantage of the opportunity,” Lemmon said.

Meanwhile, the home builder continues construction and takedowns at the Preserve at Dove Mountain, taking down an additional 7-finished lots in September for $395,500 ($56,500 per lot) following four lots in August from Miramonte at Dove Mountain. All takedowns were at the option price for finished lots.

To read the full story on the $23 million Rancho Vistoso sale click here.

Will White with Land Advisors Organization of Tucson represented Maracay Homes on these transactions and all the Maracay communities in the Tucson area.

White can be contacted at (520) 514-7454. Visit also www.maracayhomes.com for more information on Maracay Homes’ new communities opening 2014.

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Sale date 10/4/2013 for $1,120,000, (980,000 down) for first phase of 54 lots at Tortolita Vistas.  Options at the Preserve at Dove Mountain: 9/16/2031, 4 lots. 9/30/2013, 3 lots. 8/30/2013, 4 lots. All were $56,500 per finished lot. [/mepr-show]