CBRE has completed the sale of the ReCommunity Recycling Center located at 3780 E. Ajo Way in Tucson, Ariz. The asset commanded a sale price of $7 million ($130 PSF).

Mike Sandahl, David Blanchette, CCIM and Wyatt Campbell in CBRE’s Tucson office negotiated the transaction on behalf the buyer, S Bragaw II, Bragaw II and Octavius Properties LLC (Lauri & Christopher Bond, managing members) a joint venture of three Alaska-based partnerships and the seller, Delaware-based Olyver Land, LLC.

“This was a unique opportunity for an investor to purchase a stable asset with a high-quality tenant in a rapidly growing industry,” said Sandahl. “ReCommunity is an industry leader in recycling, offering “green” solutions for the betterment of the communities they serve.”

The sale included 53,783 square feet of warehouse space, and 5,258 square feet of office space on 7.1 acres. The property is wholly leased and operated by ReCommunity Holdings, Inc. ReCommunity, which has a long-term lease at the property, is the nation’s largest pure play recycler.

In early 2012, development began on the raw land at the southwest corner of Alvernon and Ajo to construct the 59,000 square-foot, build-to-suit complex for ReCommunity, which holds the sole recycling contract for the City of Tucson. The state-of-the-art facility began operating just months later in June of 2012.

The plant can process 25 tons of newspapers, beverage cartons, steel, aluminum and glass per hour.

“The sale of the ReCommunity Material Recovery Facility is a real Tucson development success story,” said Blanchette, who provided site selection services and represented Olyver Land in the initial purchase of the land in 2012. “The predecessor of ReCommunity was announced as the winning recycling contract in the summer of 2011. That gave developers just seven short months to develop the raw land into the 53,000 square foot Industrial complex you see today. The City of Tucson, Pima County and Barker Morrissey Contracting worked tirelessly to deliver the project to ReCommunity on time in June of 2012. Tucson now has one of the most modern and efficient recycling facilities in the country, which will serve Southern Arizona for many years to come.”

ReCommunity also operates recycling and recovery facilities in Phoenix and Scottsdale. The company has a total of 36 facilities operating in 13 states across the country.

To learn more Sandahl should be reached at 520.323.5115, Blanchette can be reached at 520.323.5138 and Campbell is at 520.323.5173.

For additional information login or see RED Comp #2622.

[mepr-show rules=”58038″] Sale date: 2/13/2015. $200,000 down, buyer financed the balance with conventional financing. APN: 132-20-151[/mepr-show]

Multifamily sales of properties in the South and Central submarkets were active in the month of February totaling $8.3 million in sales volume.

SOUTH SUBMARKET

Lakewood Townhomes LLC of Casabasas, CA (Carolyn Felger, manager) sold the196-unit Lakewood Townhomes & Apartments in 133,938-square-feet at 4200 E Benson Hwy in Tucson for $5.85 million ($29,847 per unit). One-bedroom (53%) and two-bedroom (47%) townhomes (built 1963) are all single-story and feature large kitchens with breakfast areas. Private patios and balconies look out onto lush, natural landscapes. Complete laundry facilities are provided for convenience. Grounds include a lake, basketball court, playground, shaded park, and covered picnic areas on an 18.71 acres.

Art Wadlund and Clint Wadlund of Berkadia in Tucson represented the seller. To learn more Wadlund should be contacted at 520.299.7200. For additional information see RED Comp #2693.

UNATCO / Zeller IRA of Joliet, IL bought the 16-unit apartment at 5075 S 6^th Avenue in Tucson for $375,000 ($23,438 per unit) from Schuyler & Parakeet LLC of Tucson (Gary Zimbler, manager). Rodeo View Apartments consists of 16 one-bedroom units in a 12,800-square-foot building (built 1983) on .54 acres. Units are individual electric metered, with on-site laundry and parking area.

For additional information see RED Comp #2703.

Villa Vequero Apartments at 221 E Olive Street in Tucson was purchased by Southwest Equities LLC of Tucson (Gary Zimbler, manager) for $248,000 ($20,666 per unit) from the Cook Family Trust (Ronald & Barbara Cook, trustees). The 12-unit apartment complex (built 1988) is located south of Irvington Road and east of Old Nogales Highway. The property overlooks Rudy Garcia Park with numerous retal and office options along Irvington Road. The units are comprised of two 1-bedroom/one tbah units at 563-square-feet and ten 2-bedroom/1-bath units at 737-square-feet, all evaporative cooled, laundry facility and on-site management. The 2-story buildings consist of 8,670-suqare-feet on a .17 acre lot.

For additional information see RED Comp #2610.

CENTRAL SUBMARKET

Hinchcliffe Shire LLC of Pasadena, CA (Michael Bransby, member) purchased the 10-unit apartment complex at 405 N Granada Avenue in Tucson for $875,000 ($87,500 per unit) from John F Carroll also of Tucson. The property consists of 10 stand-alone casitas (built 1908) totaling 6,779-square-feet on a 1.01 acre lot. Property comprises eight 1-bedroom and two 2-bedroom/ 1 bath units.

For additional information see RED Comp #2696.

Malad Family Limited Partnership of San Diego, CA purchased an 18-unit apartment complex at 3700 N Fairview Avenue in Tucson from Max Performance, Inc. of Tucson (Ken Wilson, director) for $650,000 ($36,111 per unit). Fairview Village Apartments is an 8,460-square-foot master leased community located in central Tucson (built 1980) and comprised of all one-bedroom / one bath units. Individually metered, the lessee is responsible for all routine maintenance. The master lease expires 2018 and includes small rental increases each year, with renewal options after expiration. Allan Mendelsberg, Investment Specialist with Cushman & Wakefield | Picor, represented the buyer and the seller in this transaction.

For additional information see RED Comp #2700.

Arnold Industries LLC of Tucson (Robert & Thomas Arnold, members) purchased four-unit rental complex at 430 N Norris Avenue in Tucson for $301,000 ($75,250 per unit) from Anthony Vaccaro of Tucson. The 2,976-square-foot property (built 1954 & 1965) is on a .21 acre lot. Located near the University of Arizona, new streetcar, downtown Tucson dining and lounge scene. The 2-story rear house features a private fenced yard and the 2-story apartments feature private patios. Property was 100% leased at time of sale. Vito Teti of Long Realty Company represented the seller and Yishi Garrand of Habitation Realty represented the investor.

For additional information see RED Comp #2708.

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[mepr-show rules=”58038″]4200 E Benson Hwy – Sale date: 2/26/2015, APNs: 140-35-207 thru 406, 407A & 407B. All cash deal. Property sold at a 6.65% cap rate.
5075 S 6th Ave – Sale date: 2/27/2015, APN: 137-01-003B, $10000 down, seller carryback. Property was marketed at a 10% cap rate.
221 E Olive St – Sale date: 2/12/2015, APN: 137-03-089, All cash deal. Property was marketed at an 8.03% cap rate.
405 N Grande – Sale date: 2/27/2015, APN: 116-19-040A, 048A, Buyer paid $575,000 down and seller carried back the balance.
3700 N Fairview Ave.- Sale date: 2/27/2015, APN: 106-05-122C. All cash deal. Property sold at a 7.83% cap rate.
430 N Norris Ave. – Sale date: 2/17/2015, APN: 125-07-302A. All cash deal.[/mepr-show]

La Estancia adds a 25.5 acre commercial block

SBH La Estancia, an affiliate of Sunbelt Holdings, a privately-held Scottsdale developer, acquired a 25.55 acre commercial block platted at La Estancia for $1.012 million. In August 2013, Sunbelt purchased the 480-acre La Estancia master planned community at the northwest corner of Kolb and I-10 for a complimentary mix of uses in this Southeast Tucson metro area.

Sunbelt paid $17.1 million for the 480-acre master-planned community, block platted for residential, commercial, light industrial, public facilities, recreational and open space. This 25.55 acres platted commercial completes the land acquisition from Tucson developer, R.B Price & Company (Richard Price, managing member).

When fully developed La Estancia will consist of 1,500 – 2,000 homes, 51 acres commercial use and 24 acres of light industrial space, plus parks and open spaces; there’s even 10-acres reserved for an elementary school in the Vail School District. The community sold with 664 platted lots of varied sizes, ranging from 40’ x 110’ to 65’ x 110’.

Sunbelt has now completed the infrastructure along the two main roads and reports dry utilities are in place, and storm drains should be finished by the end of this month or early April. Homebuilders should be excited as they finish up in other areas, La Estancia will be a welcomed addition to pent up demand for lot inventory in the area.

Will White with Land Advisors Organization of Tucson handled the original transaction for buyer and seller, La Estancia 525, LLC (Richard Price, managing member). Land Advisors Organization will also be handling the marketing and disposition of lots to homebuilders. To learn more White can be reached at 520.514.7454.

Login to also see RED Comp #2490 for additional information.

Marana Main Street making progress quickly

Boffo Properties, LLC purchased block 1 at Marana Main Street at the northeast corner of Sandario Road and Denny Street in Northwest Tucson for $305,000 ($7.04 PSF). The buyer is Dr. Michael Fair, DDS who plans to build a 4,000 – 5,000-square-foot dental office to owner occupy on the 43,323-square-foot pad.

Marana Main Street Project is a new 28-acre planned project in the Town of Marana just north of the Marana Town Hall and Municipal Complex that will be the gateway to Marana and a visible link from Interstate-10 to the Town of Marana, with access and exposure from the interstate and associated exit #236.

The new development includes an attractive combination of retail, dining, office, and lodging facilities. A 70 foot tall monument sign with a 12′ x 18′ double sided digital display will be a beacon to Marana Main Street and the Town of Marana and be available for use by participating project businesses.

The developer, Marana Main Street Development Corporation, a Tucson-based company (Chris Monson, manager) also has under construction an 8,000-10,000-square-foot multi-tenant retail building for lease and is under discussion with a hotel group that has shown interest in the site. McDonald’s was first to open at Marana Main Street last fall.

Ben Craney, Scott Soelter and Dave Loui of NAI Horizon in Tucson represented the seller and are handling leasing for the project. To learn more contact Craney at 520.603.4013, Soelter at 520.204.6969 and Loui at 520.603.4013.

Login to also see RED Comp #2545 for additional information.

[mepr-show rules=”58038″] La Estancia – Sale date: 1/30/2015. We were unable to determine down payment, if any. APN: 141-36-695

Marana Main Street dental office lot – 1/30/2015. Buyer paid $183,000 down and financed the balance with new loan(s). APN:217-28-020G a split of 217-28-020C [/mepr-show]