David Huckemeyer of Parker, CO bought the store front retail property at 414-416 E 9^th Street in Tucson for $425,000 ($153 PSF). On Tucson’s modern Streetcar route in historic business, restaurant and entertainment district, near the University of Arizona.

The 3,000-square-foot building with loft was vacant and a former theater, built 1926, on a 3,920-square-foot lot. It is located adjacent to the Historic Coronado Hotel Apartments, a 42-unit apartment building in Central Tucson that recently removed section 8 for conversion to student housing.

Huckemeyer we were told is also an owner in the Coronado Hotel Apartments conversion project and purchased the storefront for a potential wine bar.

Carbon Cabo, LLC of Huntington Beach, CA purchased the Coronado Apartments located at 402 E 9th Street in Tucson, from Coronado Apts. LLC of Tucson for $1.4 million ($37,838 per unit) in May 2015. The 42-unit property consists of an approximately 15,768-square-feet apartment building in three-stories, built 1928.

Tony Reed of Long Realty Company represented the seller, Thor Resources of Tucson (John Thornton, manager). Matt Bollinger and Johanna Roberts also with Long Realty Company of Tucson represented the buyer.

For more information, Reed can be reached at 520.577.7400 while Bollinger is at 520.886.7500 and Roberts can be called at 520.404.8352.

To learn more, see RED Comp #3623 and RED Comp #2958 for the Coronado Hotel Apartments sale.

Minnesota-based, Dominion Apartments, Inc., one of the country’s largest affordable housing development and management companies, purchased the La Posada Apartments at 6300 S Headley Road and the Cabo Del Sol Apartments at 5600 S. Midvale Park Road in Tucson for a total of $11.54 million ($42,426 per unit).

Both properties were identical with 136-units having been developed by the seller, Greater Coastal Management of Houston, Texas, in 1999. The unit mix for each property consists of (26) 1BR/1BA – 575 SF, (32) 2BR/1BA – 775 SF, and (74) 3BR/1.5BA – 1,000 SF.

The apartment homes are gated communities, with playground, laundry rooms, pool and spa, patios and balconies, fitness room, clubhouse, and computer lab with internet. Bother are on bus line and pet friendly communities.

Both properties were 118,200-square-feet in rentable building area. La Posada Apartments selling for $6.18 million ($45,478 per unit) was 92% occupied, and Cabo Del Sol Apartments selling for $5.36 million ($39,375 per unit) was 90% occupied at time of sale.

Both buyer and seller, Greater Coastal Management, develop and manage affordable housing communities throughout the Southern United States.

Hamid Panahi, Steve Gebing and Cliff David of Marcus & Millichap in Phoenix handled the transaction for both buyer and seller.

For more information, Panahi, Gebing and David should be reached at 602.687.6700.

Login for additional information. To learn more, see RED Comp #3624 and RED Comp #3625.

[mepr-show rules=”58038″]Each property was sold at a 6.6% cap rate.[/mepr-show]

Brenna Lacey of Volk Company represented the seller, Walgreen Arizona Drug Co., in its sale of 70,481-square-feet of land to Fry’s Food & Drug Stores at the southwest corner of Rita Road and Houghton Road in Tucson. The sales price was $930,000 ($13.20 PSF). The land was purchased for a planned Fry’s Fuel Center. To learn more see RED Comp #3622.

Debbie Heslop, CCIM, and Dave Hammack of Volk Company represented the seller, D.D. Dunlap Companies, Inc., in its sale of 90 West River Road, Tucson The property, which consists of an approximately 5,081-square- foot building on approximately 20,204-square-feet of land, sold for $950,390 ($187 PSF). The purchaser was Skinner Capital Investments, LLC, who plans retrofit the premises for a Southern Arizona Urgent Care Plus facility scheduled to open in April. Buyer had obtained permits prior to closing. Aaron LaPrise of Cushman & Wakefield PICOR Commercial Real Estate represented the purchaser. To learn more see RED Comp #3590.

Alfred Padilla, Jr. purchased a former medical building at 100-104 E Ajo Way in Tucson to retrofit the premises for a real estate office. The 2,100-square-foot building on .26 acre is a former medical office that had been vacant for several years when it sold for $100,000 ($48 PSF). The building includes a 400-square-foot storage room that the buyer says will be converted in to a lounge area for Al Padilla Realty, expected to be open for business May 1^st. To learn more see RED Comp #3636.

Aaron LaPrise of Cushman & Wakefield | Picor represented the seller Tara Mahayana Buddhist Center in the sale of 1701 E Miles Street in Tucson for $205,000 ($66.32 PSF). Pinnacle Realty Investments (Jarrett Reidhead) purchased the vacant building, a former Buddhist meditation center, to renovate for student housing. The buyer was represented by Rick Bailey of Tucson Integrity Realty. To learn more see RED Comp #3619.

For additional information, Brenna Lacey and Debbie Heslop at Volk Company can be reached at 520.326.3200. Aaron LaPrise at Cushman & Wakefield Picor should be contacted at 520.546.2770. Rick Bailey at Tucson Integrity is at 520.331.8050 and Al Padilla Jr. currently with Tierra Antigua Realty is at 520.370.6363.