These three sales I thought were unique, one-of-a-kind sales in Tucson this week, although all are unique for different reasons, I just found them interesting little properties.

Taiwan Investor Sells Tokyo Rice Bowl on Campbell
Wei-Chuan Lei and Yu Hua Shao Lei of Taiwan have owed the property at 2807 N Campbell, home of Toyko Rice Bowl Restaurant for 20-years. The Tokyo Rice Bowl has been in the building for almost the same amount of time.

Jason Wong, CCIM, who represented the Lei family 20-years ago when they acquired it, recently purchased it from them for $240,000 ($209. PSF). The 1,146-square-foot building (built 1975) will continue to be leased to Tokyo Rice Bowl.

There were no other agents involved in the sale. To learn more Wong should be reached at 520.603.1191.

Drawing Studio Purchases Former Ted’s Country Store
Brenna Lacy of Volk Company represented The Drawing Studio in its purchase of the former Ted’s Country Store at 2760 N Tucson Blvd in Tucson. The property consists of a 3,136-square-foot building (built 1980) on 39,412-square-feet of land, allowing room for future expansion of the non-profit’s facilities.

The purchase price was $460,000. The seller was the Contes Family Trust (Theodor & Angeline Contes, Trustees) which was represented by Buzz Isaacson of CBRE in Tucson.

Brenna Lacy also serves on the board of directors for the non-profit. To learn more Lacey can be reached at 520.326.3200 and Isaacson is at 520.323.5151.

Fruit Stand at Speedway & 6^th Avenue Sold
Rob Tomlinson of Cushman & Wakefield | Picor represented the seller of the fruit stand and residence at 1101, 1125 N 6^th Avenue and 135 E Speedway in Tucson. Mary A Gruber, LLC (Michael Goodman) purchased the 1,153-square-foot structure that sits on a 16,041-square-foot lot for $150,000 for land value.

The seller was Miller & Holmes of Hudson, WI who for the past 55 years has rented the fruit stand and house built in 1918. Paying $500 per moth at time of sale.

To learn more Tomlinson may be contacted at 520.546.2757

The Del Norte Shopping Center at 902 – 954 West Prince Road in North Central Tucson sold for $1.15 million ($42 PSF) to California investors, Marlene and Louis Morago of Sacremento, California.

The 27,543-square-foot center, located at the northwest corner of Prince and Fairview, was built in 1961 and sold with 21 potential tenants, 92% occupied. Tenants at time of sale included Labor Max, Metro PCS, Coin and Gold Shop, Brazilian Jiu-Jitsu, CNS Lock & Key Locksmiths, Herbal Life, Monte Carlo Hair Salon, Alvarez Taxes / Insurance and Realty, Gwenneth’s Shoe & Leather Repair, Phil’s Barber Shop, Bonanza Cleaners, Ely’s Vac & Sew, Desert Cloudz Vapor, Prince Market, and La Guelaguetza Mexican Food Restaurant. Some of these tenants have been at this location for more than 30-years.

The buyers intend to update and reposition the property.

Roger Breckenridge, Associate Broker with Long Realty at River & Campbell handled negotiations for buyer and seller, The Wonders Living Trust (William and Judith Wonders, trustees).

To learn more Breckenridge should be contacted at 520.918.5813. Also refer to RED Comp #2488 for additional information.

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[mepr-show rules=”58038″]Sale date: 1/29/2015. Seller carryback with $200,000 down. Property sold with average lease rates of $8.70 / SF / MG and a 6.75% reported cap rate.[/mepr-show]

Multifamily property sales ended 2014 on a strong note and continued into the new year without skipping a beat. With a current 8.87% vacancy rate in metro Tucson and interest rates remaining low, there’s a healthy appetite for multifamily properties of all sizes in urban areas.

These following multifamily sales closed within the past two weeks.

EASTERN SUBMARKET

Equilibrium Croftwood LLC of Tucson (Sofonias Astatke, managing member) purchased a 52-unit apartment at 1005 S Craycroft in Tucson from Seattle-based Croftwood Apartments LLC for $1.18 million ($22,700 per unit). The property was an off-market transaction when it sold. Built in 1978, the 30,521-square-foot apartment complex sits on 1.5 acres at the northeast corner of Craycroft Road and Beverly Street. The property consists of 85% one-bedroom and 15% two-bedroom units. The buyer reported they plan to update property interiors and some exterior work that has been deferred.

Allan Medelsberg, Investment Specialist with Cushman & Wakefield | Picor in Tucson, represented the seller and Sofonias Astake with Equilibrium Realty of Tucson represented the investor.

To learn more Mendelsberg can be reached at 520.546.2721. Astatke should be contacted 520.250.8977, or for more information see RED Comp #2508.

CENTRAL SUBMARKET

Five 3-bedrooms/ 2 bath units at 1114 E Adams Street in Tucson was purchased by Todd Baily of Tucson for $415,000 ($83,000) in a probate sale involving multiple parties. The 5,733-square-foot property is masonry construction, built in 1966, with central evaporative cooling and forced air gas heating.

Tom Campbell with Long Realty Company in Tucson handled the transaction for both parties. To learn more, Tom should be reached at 5202.419.8200, or for more information see RED Comp #2495.

Armen Babalov and Nikolay Matirosvan of Tucson purchased a triplex at 1631 E 13th Street from the Carabetta Living Trust of Tucson for $240,000 (80,000 per unit). The 2,785-square-feet building has all two-bedroom / two-bath units, built in 1977 near the University. All units are 928-square-feet with washer/dryer hook ups, and lots of off street parking. The seller owner managed the property for 23 years.

David Walsh of Realty Executives Tucson Elite represented the seller and Lesya Mykytic with Real Estate Marketing Professionals of Tucson represented the investor. To learn more Walsh can be contacted at 520.877.4940. Mykytic can be reached at 520.721.1478, or for more information see RED Comp #2496.

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[mepr-show rules=”58038″]Sale date: 2/3/2015. Croftwood Apartments was stabilized at 75% occupancy and sold with an estimated $30,000 in deferred maintenance. Broker reported property sold on a price per unit in this all cash deal. APNs: 128-06-064 & 065

Sale date: 1/30/2015. 1114 E Adams sold at a 7.37% cap rate in this all cash transaction. Average rent on units was $850 at time of sale. APN: 123-15-164A.

Sale date: 1/30/2015. 1631 E 13^th Street sold at a 7.89% cap rate in this all cash transaction. Average rent was $692 per unit at time of sale. APN: 124-11-085.[/mepr-show]