Arizona First Properties and Bowles Realty Negotiate $1.5 Million Sale in Tucson
TUCSON, AZ (March 11, 2025) — Arizona First Properties, LLC, Tom DeSollar, EMS, Broker and Bowles Realty & Investments, LLC, Charlie Bowles MIRM, Broker are pleased to announce the sale of 2475 E Water Street in Tucson.
The sale price was $1,449,000 ($210 PSF), with new Conventional Financing used. This transaction closed on March 6, 2025.
This office building was 6,900 square feet on a 38,500 square foot lot at the Northwest Corner of Tucson Blvd. and Water Street across the street from the Tucson Association of Realtors offices.
The building, constructed in 1959, was totally gut renovated in 2014 and was in excellent condition. The buyer was Tucson GOVT Properties, LLC, an Ohio-based organization, with John M. Hoty as the manager. The property is to be leased to GSA for VA use. The Seller was 2475 Water Street, LLC, with Wendy Swager as the manager.
DeSollar and Bowles represented the seller, and the buyer was self-represented.
To learn more, subscribers can see RED Comp #11779.
PHOTO by Ben Otto: 2475 E Water Street in Tucson, AZ
Southern Arizona Senior Housing Expert Facilitates Sale of Assisted-Living Home and Business
Assisted Living Home, 8850 E. Calle Bolivar, Tucson
TUCSON, AZ (March 6, 2025) — Mark Biery, JD, CCIM, with Berkshire Hathaway, has successfully closed the sale of an assisted-living home and its operating business located at 8850 E. Calle Bolivar on the east side of Tucson.
The asset closed on February 20, 2025.
Originally built in 1967 as a single-family residence, the property was licensed for ten beds and operated for many years under the name Klein’s Home Care. The sellers, looking to retire and downsize, decided to put the business on the market.
“The biggest challenge during this listing and sale was the business’s accounting records. While the sellers provided excellent care and ran a well-regarded home, the accounting system was outdated and difficult to interpret. Additionally, because their financials were combined with those from a second care home, banks were hesitant to offer financing. It was hard to assess the business’s financial performance, which led the buyers to pay cash for the operation. As a result, we sold the business for just $1,000, despite it generating around $20,000 annually.”
The buyers, a local husband-and-wife team already owning three other care facilities in Southern Arizona, plan to continue operating the property as an assisted-living home.
To learn more, subscribers should refer to RED Comp #11761.
Alturas Capital Partners Acquires Montesa Plaza in Tucson, Arizona
Montesa Plaza, 50-190 S Houghton Rd., Tucson
Tucson, Arizona (March 5, 2025) – Alturas Capital Partners, an Idaho-based real estate investment and operating company, is pleased to announce the acquisition of Montesa Plaza, a 75,643-square-foot multi-tenant retail center spanning 7.2 acres in Tucson, Arizona. Montesa Plaza becomes Alturas Capital Partners’ first acquisition of 2025 and third multi-tenant retail asset in Tucson, reflecting the company’s continued expansion in the region. The property was 95% occupied at closing, providing strong in-place cash flow from a diverse tenant base. The center offers an additional upside through leasing and developing a vacant pad site.
The asset sold for $14.2 million ($188 PSF).
The acquisition comes against the backdrop of robust market conditions in Tucson. The Tucson retail market vacancy rate is approximately 5%, and unemployment hovers around 4%, in a metropolitan area of roughly 1.1 million residents. These favorable economic indicators have contributed to healthy retail performance citywide and provide a solid foundation for Montesa Plaza’s long-term success. Given the strong demographics and economic trends, Alturas Capital Partners continues to target Tucson and similar growth markets in its investment strategy.
Nathan Thinnes and Darren Tappen of Kidder Mathews facilitated the acquisition, whose collaboration with Alturas was instrumental in reaching a successful closing. Alturas also worked closely with its lender partner, Bank of Utah, and local leasing partners at Larsen Baker to complete the purchase smoothly.
“This transaction came together as a direct result of the strong relationships we’ve built in the Tucson market over the last year,” said Joshua Utke, Director of Acquisitions at Alturas Capital Partners. “Montesa Plaza is a strategic addition to our portfolio – its stable cash flow and high occupancy align perfectly with our investment criteria, and the opportunity to develop the vacant pad building will allow us to create further value for the community and our investors. We want to thank Nathan Thinnes and Darren Tappen of Kidder Mathews for representing the seller and working diligently with us, our leasing partners at Larsen Baker for their ongoing support in Tucson, and Joseph Packard of Bank of Utah for providing financing for this acquisition.”
Looking ahead, Larsen Baker will act as the leasing broker for Montesa Plaza, leveraging their local expertise to fill the remaining vacancy and attract new tenants. Alturas Capital Partners will immediately begin exploring plans for the vacant pad site, aiming to introduce a new tenant that complements the center’s tenant mix and serves the needs of the East Tucson community. We welcome any inquiries from prospective users and their brokers.
Additionally, brokers with potential acquisitions in the Tucson market are encouraged to connect with Alturas Capital Partners to discuss collaboration. For inquiries, please contact Joshua Utke at joshuautke@alturas.com.
To learn more, subscribers should reference RED Comp #11769.
