7458 N La Cholla Blvd, Tucson
7458 N La Cholla Blvd, Tucson

When 2030 East, LLC of Tucson (Eddy Chernecki) sold the Lasertel building and land next door at 7775 N Casa Grande Hwy in Marana, this past October, the 45-day IRS window for identification of a replacement property began. Jon O’Shea and Rob Fischrup of Vast Real Estate Solutions in Tucson hit the ground running and were able to identify more than 15 properties for completion of a 1031 exchange.

O’Shea says, “Vast is more than a real estate broker, we function more like an asset management and investment management firm and as such we broker the deal, provide due diligence, financing and property management, for our clients. The company provides more diversification and professional management and consulting than is normally available to individual real estate investors. We take the ‘boutique’ approach, which allows us to focus on the specific needs of our clients.”

The diversification of this portfolio met the client’s two basic criteria, that of cash flow and upside potential. Going from one tenant in one property, the client has able to move up to 14 tenants in 6 properties that will be leased and managed by Vast Real Estate Solutions.

In general an asset management company is engaged primarily in the business of investing in, and managing a portfolio. Vast handles all aspects for management of a real estate portfolio.

Here’s the deal:

2030 East, LLC purchased 17,865-square-feet at 7430, 7458 & 7464 N. La Cholla Blvd in La Cholla Corporate Center in Tucson from 220 Properties, LLC of Tucson (Gregory Wood, et al) for $3,550,000. The property was 100% leased to Simpleview, Inc. Jon O’Shea and Rob Fischrup of Vast Real Estate Solutions brokered the deal. This was an off market transaction.

2030 East, LLC purchased 4,040 square-feet at 7494 N. La Cholla Blvd in La Cholla Corporate Center in Tucson from Kash, LLC of Austin, TX for $875,000. The property was 100% leased to Genesis OB/GYN. Jon O’Shea and Rob Fischrup of Vast Real Estate Solutions represented the investor and the seller was represented by Tom Knox of Cushman & Wakefield | Picor. This was also an off market transaction.

2030 East, LLC purchased 8,810-square-feet at 5232 E. Pima St in Tucson from Source One Investments, LLC of Tucson (Manuel Bracamonte) for $750,000. The property was 28% leased at the time of sale. This was an all-cash transaction. Since closing, Aubrey Finkelstein with Vast Real Estate Solutions leased the remaining two spaces 4,369-square-feet to United Contractors and another 1,900-square-foot space to a comic book company bringing it also to 100% occupancy.

Also negotiated with 5232 E Pima Street from Source Three Investments of Tucson (Manuel Bracamonte) was the 8,476-square-feet at 9302 E. 22nd Street in Tucson for $1,450,000. The property was 100% leased to Saguaro East Medical Group at time of sale. Jon O’Shea and Rob Fischrup of Vast Real Estate Solutions represented the investor and the seller was represented by Tom Knox of Cushman & Wakefield | Picor. This was an off market transaction.

2030 East, LLC purchased 36,052-square-feet at 155 Calle Portal in Sierra Vista, AZ from Sierra Vista Medical Center, LLP (Steve Walsh) for $1,710,000. The property was 61% leased at the time of sale. Jon O’Shea and Rob Fischrup of Vast Real Estate Solutions handled the transaction. This was an off market transaction.

2030 East, LLC purchased 15,348-square-feet at 650 E. Wilcox in Sierra Vista, AZ from David Berg for $850,000. The property was 100% leased at the time of sale. Jon O’Shea and Rob Fischrup with Vast Real Estate Solutions represented the buyer and the seller was represented by Frank Moro and Roy Sutton with First West Properties in Sierra Vista.

Eric Lamb with Wells Fargo provided financing.

O’Shea, Fischrup and Finkelstein should be reached at (520) 624-9400. Moro and Sutton can be contacted at (520) 458-1666 and Knox is at (520) 546-2701.

To read more on the downlegs of the 1031 exchange click here: http://realestatedaily-news.com/?p=4644 and here http://realestatedaily-news.com/?p=6480

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