Dr. Fadi Deeb and Dr. Manal Altuemi recently purchased the office building at 1505 N Swan Road in Tucson for $432,000 ($90 PSF) for redevelopment.

Plans are to demolish about half of the current 4,800-square-foot building for construction of an additional 8,400-square-foot Gastroenterology surgical center on the site.

The Class-B, 4,800-square-foot office was built in 1986 for a medical office on .72 acres, near Tucson Medical Center, south of Pima Road on Swan.

Dr. Fadi and Dr Manal currently with Consultants in Gastroenterology will be moving from 5190 E Farness Drive, in the same general area, once redevelopment is complete.

Ron Zimmerman Commercial Specialist with Cushman & Wakefield | Picor in Tucson represented the seller, Swan Office Investments (James Conway, trustee) in the transaction. Gary Andros, CCIM, of Andros Commercial Properties negotiated the purchase for the buyers.

For more information, Zimmerman can be contacted at 520.546.2755 and Andros should be reached at 520.419.5742.

Tucson-based, Holualoa Arizona (Michael Kasser, CEO) sold the Continental Professional Plaza at 1131, 1141 and 1151 S La Canada Drive in Green Valley for $3.1 million ($97 PSF).

The Continental Professional Plaza is a three (3) building medical complex located along La Canada Drive, just west of Interstate 19 in Green Valley AZ. The improvements were constructed in 1979 using a durable masonry block construction system. The buildings are mostly exterior loaded and are situated around a landscaped interior courtyard.

The property was 78% occupied at time of sale.

Continental Professional Plaza is situated on ±4.30 acres of land with a zoning classification of CB-1. Parking is provided by surface spaces at an excellent ratio of ±6:1000 square feet. Access is conveniently provided from both Continental Road and La Canada Drive.

Situated within the retirement community of Green Valley, Arizona, located within the Tucson Metropolitan area, just 20 miles south of Downtown Tucson along Interstate 19. The community offers excellent recreational opportunities, including golfing, hiking and swimming, and a great quality of life that lures residents year-round. Land use in the Green Valley area is dominated by residential development. This area features many master-planned, age-restricted subdivisions and commercial developments that are narrowly targeted on providing goods and services to the retirement population. Demand for office and medical space in Green Valley is consistently increasing as the growing senior population requires additional services.

The buyer, Jian Ming Wu and Miao Q Zhen of Ontario, CA was represented by Jeff Lin with Marcus & Millichap in Ontario, California.

The seller was represented by Eric Wichterman and Michael Coover of Cushman & Wakefield in Phoenix and Jon Jump and Chad Kouts of JVI of Tucson.

For additional information, Wichterman can be reached at 602.224.4471 x271, Coover is at 602.224.4473 and Jump and Kouts can be contacted at 520.733.0007.

To learn more, see RED Comp #3713.

The Catalina Vista Apartments at 8550 East Old Spanish Trail in Tucson sold for $1.55 million ($31,000 per unit). This was the first investment in Tucson for Greenlite Holdings LLC of Phoenix (Jonathan Lewis, manager).

The 50-unit complex has (14) 1-bedrooms approximately 643 square-feet each, (24) 2-bedrooms approximately 918 square-feet each, (12) 3-bedrooms approximately 1,137 square-feet each in 45,689-square-feet in five buildings, built 1971, on 1.48 acres. The property is located west of Camino Seco on Old Spanish Trail in the Eastern Tucson submarket.

Property was 95% occupied at time of sale. Amenities include: community pool, on-site laundry facility and all utilities paid by owner.  Each unit features dishwasher, plenty of closet space, large kitchens and dining area. Courtyard offers picnic areas w/BBQ grills and is pet-friendly.

The seller was Tucson-based OST Holdings LLC (Bernard Berk, member).

The Marcus & Millichap in Phoenix team of Hamid Panahi, Steve Gebing, Cliff David and James Crawley represented seller and investor in the transaction.

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

To learn more, see RED Comp # 3735 and login for more details.

[mepr-show rules=”58038″]Property sold at a 6.81% cap rate.[/mepr-show]