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Faith Community Church (Bruce Brock, pastor) sold 23.24 acres of undeveloped land at 2501 W Orange Grove, for[mepr-show rules=”58038″]$2.79 million ($2.75 per foot) to local developer, Alta Vista Communities OG, LLC, an affiliate of Alta Vista Communities, LLC, a joint venture of Karber Holdings (Roger Karber, principal and founder of Aerie Development), Iridus Holdings (G.F. Jaggi) and Brav Holding Company (Garry Brav, President and Founder of BFL Construction) all from Tucson. The developer, plans to build an unknown number of detached rental homes ranging in size from about 640 sq. ft to 1,250 sq. ft.

The Faith Community Eastside Church (Louise Brock, pastor) then bought for $1.45 million ($73 per foot) an industrial property at 8455 E Golf Links Rd. to relocate its eastside church from 2901 S Pantano Road to its new location west of the northwest corner of Pantano Parkway and Golf Links. Prior to the sale, the property was used for GC Brown Development headquarters and A-Family Discount Storage by the seller, all affiliate companies to The Garold C Brown Limited Partnership, (Garold Brown, president) a locally owned business.

The 19,742 sq. ft. property consists of a 4,752 SF single tenant office building (built 1997) and a 15,000 SF detached warehouse (built 2007) on 2.63 acres. The 15,000 sq. ft. steel building has foam insulated ceilings and walls, two roll-up doors 12′x 14′, skylights, 2 ADA bath facilities, electrical service single or triple phase, 200-600 Amps, and a sprinkler system with alarm monitoring. The property has changed its address and is undergoing tax code revisions with the City of Tucson since it sold due to its change in tax status to a religious facility.

Ron Zimmerman of Newmark Grubb Knight Frank of Tucson represented Faith Community Church, Faith Community Eastside Church and Garold C Brown Limited Partnership.

Louise Brock of Faith Community Eastside Church can be contacted at (520) 721-5017. Pastor Bruce Brock can be reached at (520) 575-0094. For more details get in touch with Ron Zimmerman at (520) 248-0427 and Roger Karber at (520) 977-5456.

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Sunwest Supply, Inc., a Tucson-based company (William Ebert, principal) through its affiliate, 25 W Sahuaro, LLC purchased the vacant 8,500 sq. ft. steel, industrial building at 618 W Flores, for[mepr-show rules=”58038″]$460,000 ($54 per foot) from JTM Investments, LLC (Joe Middendorf, principal). The steel building was constructed in 1972, sits on a 25,885 sq. ft. fenced lot, and is build out as a warehouse with a truck well and a 900 sq. ft. office.

Since 1990, Sunwest has been a manufacturer and full service parts distributor of specialized new and remanufactured components to the mining industry world-wide. Focused on product development and machining, Sunwest currently employs 55 people, and growing. The property was purchased to accommodate its business growth.

Dan and Penny Gebhart of Re/Max Excalibur of Tucson represented the buyer and Tim Burris of Burris Hennessey of Tucson represented the seller.

Dan Gebhart can be reached at (520) 977-7975 and Penny Gebhart is at (520) 977-7982. Tim Burris at Burris Hennessey can be contacted at (520) 882-4343. Call William Ebert of Sunwest at (520) 882-5717 and Joe Middendorf at (520) 206-9175.

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CPP Star Pass, LLC an affiliate of Columbus Pacific Properties, Inc. (Brian Shirkin and Rick Margolis, partners) of Santa Monica, CA bought The Reserve at Star Pass from EDR Tucson Phase II, LP a subsidiary of Education Realty Trust, (NYSE:EDR) a real estate investment trust based in Memphis, TN for $26 million ($25,500 per bed). The 1,020-beds in 336 units, was built in 2000, to be a resort-style student apartment complex on 21.46 acres. The property was running at 65% occupancy when it sold.

CPP rebranded the property shortly thereafter to The Ranch at Star Pass, and intends to invest in new transportation shuttles to transport students the 5.6 miles to the UA as well as upgrade the on-site programming for residents. CPP is expanding into the student housing market via Class-B properties within driving or walking distance of major universities, where investments and capital improvements will increase demand.

In September 2012, Columbus Pacific Properties, Inc. under the name of CPP Tucson, LLC purchased NorthPointe Apartments at 850 E Wetmore Road, Tucson, for $29.75 million ($32,600 per bed) also from EDR. This 300-unit student property with 912-beds was 95% occupied at time of sale. CPP now claims 5,545 beds in its portfolio and is looking to become a top owner in the student housing market.

CPP engages in real estate investment, development, and lending businesses. It develops and redevelops shopping centers and residential properties in California, Arizona, New Mexico, Texas, Indiana, Nevada, Georgia, Kentucky, and Ohio. The company was founded in 1995. Since 1995, CPP has purchased and redeveloped over 5 million square feet of retail and 3,100 multi-family units and has provided over $200 million in mezzanine and equity capital, funding projects with an underlying value in excess of $1.4 billion.

The seller, EDR, exchanged NorthPointe and The Reserve for The District on 5th Street, a Class-A, LEED Silver student community, for the approximate price of $67 million ($87,000 per bed) for 764-beds and 208-units in two-, three- and four-bedroom floor plan configurations that opened September, 2012. The property is located at 550 N 5th Avenue, within walking distance to University of Arizona, built in 2012 with resort-style amenities. The District was 99% leased, with an average lease rate of $633 per bed when it closed, and sold at a 6.3% cap rate based on income for 2012-2013 academic year.

EDR is a self-administered and self-managed real estate investment trust, or REIT, with a large national footprint; it currently owns and manages 34 on- or off-campus communities with more than 25,400 beds in 23 states, and provides third-party management services for another 20 properties with more than 10,000 beds. Since 2000, the Company has developed more than 33 privatized housing communities and completed more than $2.4 billion in collegiate housing transactions both on- and off-campus. Of these transactions, EDR invested more than $1.3 billion in private equity and ranks second only to American Campus Communities in number of beds owned by student housing owners.

For more information, contact Rick Margolis of EDR at (901) 259-2500. CPP can be reached at (310) 395-2580. The Ranch at Star Pass is at (520) 624-3972 and The District on 5th is at (520) 918-6466. Contact NorthPointe Apartments at (520) 888-3838.