Southwest Appraisal Associates (SAA) of Tucson (Steven Cole, MAI, principal) has completed construction on its new office building at 6019 E Grant Road in Tucson. Built on the last remaining lot in Old Farm Executive Park that was purchased in May 2014 by Steven Cole for $43,000 ($14 PSF) intended for construction of a new 2,100-square-foot office building. The Spanish Colonial style building is located adjacent to SAA’s former office at 6021-6023 E Grant Road.

SAA has been in business since 1982 providing real estate appraisal and consultation services to clients in Tucson and all other areas of Arizona, except Maricopa County. Assignments in all aspects of the real estate appraisal field have been completed by the firm. These include commercial, shopping centers, office buildings, airport properties, medical buildings, single-family and multi-family residential, restaurants, special purpose properties and vacant land.

The firm also specializes in absorption studies, feasibility studies, and marketability studies. SAA has completed multiple assignments for government agencies such as Arizona Department of Transportation, Pima County and the City of Tucson. This includes condemnation and right-of-way appraisals.

Venture West of Tucson was contractor for the new construction and completed the project in three months and one week to the day.

One week after SAA moved into its new building, it closed on its former office building at 6021-6023 E Grant Road for $312,000 ($128 PSF). The buyer, Vel Associates, LLC (Naren Velu, manager) will also be an owner user of the property as a software development firm.

Doug Marsh with Oxford Realty Advisors of Tucson represented the buyer, Vel Associates. Gary Best with Keller Williams Southern Arizona represented the seller and Steven Cole on the purchase of the lot at 6019 E Grant.

To learn more Best can be reached at 520.444.0799 and Marsh is at 520.232.0200. Cole at Southwest Appraisal Associates can be contacted at 520.327.0000.

For additional information, login to reference RED Comp #1950 and #2996.

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.

Login or see RED Comp #2712 for additional information

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.

Login or see RED Comp #2713 for additional information.

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]

Office transactions listed by submarkets:

EASTSIDE SALES
Willard and Everly Rens have purchased a 2,562-square-feet office building at 627 N Swan Road in Tucson. The seller was Victor Schwanbeck. The property has seven private offices, plenty of parking and conference room, reception and waiting room. It will be occupied by Answers For Life, a pregnancy center. Peter Canacakos of Long Realty represented the seller in this transaction. The asset commanded a sale price of $215,000 ($84 PSF).

Recover and Realign, LLC of Tucson ( Jeruel Hewitt) a massage therapist, has purchased approximately 2,616-square-feet of medical office space at 6552 E Carondelet, Building F, Units A & B, Tucson, at the San Rafael Medical Center. The seller was James and Vicky Sherman. Doug Richardson of Tucson Realty & Trust Co. represented the buyer and Jeff Casper and Dave Montijo of CBRE represented the seller in the transaction. The asset commanded a sale price of $143,880 ($55 PSF).

Tucson Tax Team, LLC of Tucson (Mona Coury, manager) has purchased a 1,604-square-feet office condominium at Old Farm Executive Park located at 6111 E. Grant Road in Tucson. The seller, 6111 Partners LLC, was represented by CBRE’s David Montijo and Damian Wilkinson. The buyer was represented by Jeff Casper with CBRE. The asset commanded a sale price of $270,000 ($168 PSF).

CENTRAL SALES
Barrio Holdings, LLC of Tucson (Eric Oxman, manager) has purchased the 9,464-square-foot office building located at 721 N 4^th Ave. in Tucson from Bernard and Sylvia Rabinovitz. Tom Knox, SIOR, with Cushman & Wakefield | Picor, represented the seller. Tony Reed with Long Realty Commercial Division represented the buyer in the transaction. The asset commanded a sale price of $975,000 ($103 PSF).

NORTHWEST SALES
Zapazoo Properties, LLC of Oro Valley (Atty D Smith, manager) has purchased a 1,550-square-feet office condo at 1840 E Innovation Park Dr. at the Rancho Vistoso Innovation Corporate Center in Oro Valley. The seller, MG DDS Holdings, and the buyer were represented by Jordan Simon of Venture West. The asset commanded a sale price of $295,000 ($190 PSF).