Apartments adjacent to the PCC sold for $ 33 million, to be reused away from student accommodation | Construction and real estate
Te West Campus Ledges, an apartment complex just north of the Pima Community College campus west of I-10, has been sold to national real estate company Tara Investment Group for more than $ 33 million . The CBRE group sold the 205 unit property as Tara Investment Group sought to gain a foothold in the Tucson market. Built in 1997, The Ledges previously operated as ‘student rental accommodation in bed’, but Tara is working to convert and run them as a more conventional ‘multi-family community’.
“Tucson has been one of our primary targets for several years and we are excited to enter the market with The Ledges at West Campus,” said Elizabeth Meier, Director of Tara Investment Group. “We look forward to completing the repositioning of the community into conventional apartments and exploring other investment opportunities in the area.”
Tara Investment Group has already expressed interest in acquiring additional properties in the Tucson area, and for good reason. According to CBRE, Tucson recorded the third highest growth in multi-family rents of any U.S. subway in the second quarter of 2021, with an increase of 14.6% year-over-year. In addition, CBRE said the occupancy rate for multi-family housing increased 100 basis points year-on-year to 96.8%, the highest occupancy rate on record.
“The community location provides residents with direct access to employment downtown and along I-10, as well as Pima Community College and the University of Arizona. The West Campus Ledges presented a unique investment opportunity in one of the strongest multi-family markets in the country, ”said Jeff Casper of CBRE.
SALES
Steve Freeman and Laura Freeman purchased 15,330 square feet of multi-family space located at 1841-1883 S. San Jose Dr., 1640-1672 W. San Juan Trail and 1880-1884 S. San Antonio Dr. in Tucson. Sentinel Villas, a 21-unit apartment complex, was purchased from Sentinel Villas, LLC for $ 1,840,000. Allan Mendelsberg, Director, and Conrad Martinez, Multi-Family Specialists at Cushman & Wakefield | PICOR, represented the buyer in this transaction. Timothy Bathen of Arizona Acquisition Strategies represented the vendor.
TKL Properties, LLC, acquired 27,113 square feet of industrial space located at 4725, 4742 and 4749 S. Irving Ave. in Tucson. Six industrial buildings, providing warehouse, office, showroom, storage and store space, were purchased from Lead Properties, LLC for $ 1,450,000. Ron Zimmerman, Director and Industrial Specialist at Cushman & Wakefield | PICOR, represented the seller in this transaction. Clint Buckelew with Buckelew Realty represented the buyer.
Rancho California Center, LP has purchased a 94,831 square foot sale and leaseback investment property located at 6885 E. Southpoint Rd. In Tucson on 12.11 acres. The single-tenant, triple-net leased investment was purchased from Teritom Holdings, LLC for $ 11,250,000. Stephen D. Cohen, Director and Industrial Specialist at Cushman & Wakefield | PICOR, represented the seller in this transaction. Ronald King and Joseph McDermott, along with Kidder Mathews of California, represented the buyer.
Winding Creek Apartments, LLC, has acquired three downtown Tucson apartment complexes from Eastgate Apartments, LLC, Jerrie Street Apartments, LLC and Executive Apartments, LLC. The sale of the three-property portfolio includes 71 units and 34,070 square feet of multi-family space. The Eastgate Apartments (1175 N. Jefferson Ave.), Jerrie Apartments (1031 N. Jerrie Ave.) and Executive Apartments (5530 E. Bellevue St.) were purchased for $ 5,025,000. Allan Mendelsberg, Director, and Conrad Martinez, Multi-Family Specialists at Cushman & Wakefield | PICOR, represented both parties in this transaction.
East Elm Managing, LLC purchased 7,392 square feet of multi-family space from Firstelm, LLC. Elm Street Apartments, an 11-unit complex located at 630-650 E. Elm St. in Tucson, was purchased for $ 1,650,000. Allan Mendelsberg, Director, and Conrad Martinez, Multi-Family Specialists at Cushman & Wakefield | PICOR, represented both parties in this transaction.
Keith Christopher Burk and Valeisha Rae Burk purchased 6,847 square feet of industrial space located at 2023 W. Price St. in Tucson from Alex Bernard Galvez for $ 687,500. Ron Zimmerman, Director and Industrial Specialist at Cushman & Wakefield | PICOR, represented the seller in this transaction. Michael Coretz, of the Commercial Real Estate Group of Tucson, LLC, represented the buyer.
Frost Holding Company Number Two, LLC, purchased a 1.66 acre parcel of land from La Canada SW, LLC. The vacant land, located at 5171 N. La Canada Dr. in Tucson, was purchased for $ 350,000. Rob Tomlinson, Director and Retail Specialist at Cushman & Wakefield | PICOR, represented both parties in this transaction.
Leases
Thomas J. Nieman and Richard M. Kleiner, MBA, Directors and Office Specialists at Cushman & Wakefield | PICOR, co-representative 13,950 square foot lease for a medical office on the second floor of 7470 N. Oracle Road, LLC. The subject property is Oracle Medical Plaza Condominiums Phase II units 27, 28, 31, 32 and 42, located at 7470 N. Oracle Rd. In Tucson.
Sonora Quest Laboratories, LLC, has renewed its lease with Four Brothers Properties, LLC, for 1,920 square feet of medical office located at 1150 S. Highway 92, Suite A in Sierra Vista, AZ. Richard M. Kleiner, MBA, Office Specialist at Cushman & Wakefield | PICOR, represented the tenant in this transaction.
Amazing Lash Studio has leased 1,394 square feet of retail space at the Crossroads Festival Mall at 4811 E. Grant Road, Suite 115 in Tucson, from Crossroads Canada LLC. Greg Furrier, Retail Specialist, and Diane Carlson, with Cushman & Wakefield | PICOR, represented the tenant in this transaction. Isaac Figueroa with Larsen Baker, LLC, represented the owner.
OMNI Homes International, LLC has leased 958 square feet of retail space to ROK Colonia Verde, LLC, located in Colonia Verde Mall, 7189 E. Tanque Verde Road, Suite C118 in Tucson. Dave Hammack, Director and Retail Specialist at Cushman & Wakefield | PICOR, represented the owner in this transaction. Bruce Suppes of CBRE, Tucson, represented the tenant.
Nodes Up has renewed its lease with Spirits, LP for 714 square feet of office space at 3131 N. Country Club Road, Suite 110 in Tucson. Molly Mary Gilbert and Ryan McGregor, Office Specialists at Cushman & Wakefield | PICOR, represented the owner in this transaction.