TUCSON, Arizona — CODAC Behavioral Health Services will be relocating from 3100 N 1^st Avenue in Tucson to Fort Lowell Office Plaza at 360-380 E Fort Lowell Road in Tucson.

CODAC sold the building at 3100 N 1^st Avenue for $1 million ($53 PSF). The 18,729-square-foot building on 2.02 acres was purchased by CODAC in 2003 and was fully occupied for health services since that time.

Rob Tomlinson and Paul Hooker with Cushman & Wakefield | Picor represented CODAC in the sale. Rick Volk with Volk Company in Tucson represented the buyer, JFW First Ave., LLC.

CODAC will lease the 20,221-square-foot building at 380 E Lowell Road in Tucson, known as Fort Lowell Office Plaza. An affiliate of Rio West Development & Construction, 380 Holdings LLC (Walter Hoge, manager) bought the building for $970,608 ($48 PSF) to redevelop it for CODAC’s specific use. The two-story building is elevator served and has 12 covered parking spaces.

Rio West, a local General Contractor since 1994, specializes in construction, development and project management for office, medical, retail, industrial and specialty type projects. Whether providing construction management for multi-million dollar projects or General Contracting Services for tenant build-outs, Rio West is well-known for delivering proven experience and expertise consistently to clients. Rio West has also proactively embraced a growing interest in Green building practices, designs and products, becoming a LEED Accredited Professional.

Tom Nieman, Office Specialist with Cushman & Wakefield | PICOR, represented the Rio West and the seller, a private investor, in the sale transaction.

Nieman also represented Rio West as landlord, in the lease negotiation while Paul Hooker represented the tenant, CODAC Behavioral Health Services.

CODAC was able to leaseback the building on 1^st Avenue while renovations are being completed at Fort Lowell Office Plaza.

For additional information, Nieman can be reached at 520.546.2728, Tomlinson is at 520.546.2757 and Hooker can be contacted at 520.546.2704. Volk is also reachable at 520.326.3200.

To learn more, login and see RED Comp #4365 and RED Comp #4509.

[mepr-show rules=”58038″]Property at 3100 N 1st Ave sold 12/9/2016 for $1 million; property at 380 E Fort Lowell Rd sold 1/25/2017 for $970,608.[/mepr-show]

TUCSON Arizona — North First Medical Plaza a multitenant complex, located at 4701-4747 North 1^st Avenue in Tucson sold for $1.95 million ($75 PSF). The seller, Wetmore Land Corporation of Tucson (Gerald & Phyllis Altschuler) was the developer and builder of the 18 office condominiums that it self-managed and leased for 30 years.

The property is located south of River at Bromley Street and 1^st Avenue in the central submarket of Tucson. It was fully leased at time of sale with two of the condos combined for a total of 16 health related tenants.

Tenants include such businesses as Lab Express; Advanced Dermacare; Arizona Biomedical Services; Kneaded Massage Therapy; Arizona Foot Specialists, Alvernon Allergy & Asthma; Sage Holistic Counseling, Lab Corp; Pediatric Ophthalmology And The Center For Adult Strabismus; Advanced Spine Care Center, Artistic Health, Eye Associates; Healthquest Chiropractic; Where Healing Begins Naturally, and Dental House Calls.

Esther Empens with Tierra Antigua Realty in Tucson represented the seller.  Samantha Kalil with OMNI Homes International represented the buyer, North First 19 LLC and affiliate of Pelican Management.

For more information, Empens should be contacted at 520.271.5585 and Kalil can be reached at 520.474.1777.

To learn more, see RED Comp #4475.

TUCSON, Arizona – A Scottsdale-based company recently purchased the Peaks at Redington, a multifamily property in Tucson, Arizona. Senior Managing Art Wadlund and Associate Director Clint Wadlund completed the $14.5 million ($48,173 per unit) sale, which closed on January 19.

Berkadia represented the seller, PEM Investments, based in Scottsdale, Arizona. The buyer was SB Pacific Group of Berkeley, California.

“Peaks at Redington marks the buyer’s third acquisition in the Tucson market in the last two years,” Art Wadlund said. “This buyer has enjoyed success in the Tucson market, and this property was a natural addition to their portfolio, being less than one mile from other properties they’ve purchased.”

The property was built in 1980 and the 301 units feature one- and two-bedroom floor plans. Apartment amenities include air conditioning, ceiling fans, frost-free refrigerators and walk-in closets. Select units have fireplaces. Residents also enjoy community features such as a clubhouse with a kitchen, a fitness center, a swimming pool, a spa, a tennis court, a basketball court and laundry facilities.

Located at 7700 E. Speedway Blvd., Peaks at Redington is a short distance from top area employers including GEICO, Park Place Mall and Tucson Medical Center.

For more information, Art Wadlund can be reached at 520.299.7200 and Clint Wadlund is at 520.615.1100.

To learn more, login and see RED Comp #4479.

[mepr-show rules=”58038″]Property sold at a 6% cap rate based on income at time of sale.[/mepr-show]