TUCSON, ARIZONA — Coronado Villas, at 9225 East Tanque Verde Road, a 432-unit multifamily property in Tucson, Arizona has sold. Senior Managing Director Art Wadlund and Associate Director Clint Wadlund of the Tucson Berkadia office completed the $43 million sale at a price-per-unit of $99,537.

The seller was Prime Residential, based in San Francisco, and the buyer was Oregon-based Tokola Properties.

“Tokola Properties was looking to purchase a quality property in Arizona,” Art Wadlund said. “With apartment occupancy increasing and job growth accelerating in the Tucson area, the buyer recognized the opportunity Coronado Villas presented to be located within a growing multifamily market.”

Built in 1994, Coronado Villas one-, two- and three-bedroom units feature a washer/dryer, double-sided wood burning fireplaces and vaulted ceilings in select units. Community amenities include a fitness center, three swimming pools and spas and a clubhouse. Saguaro National Park East is situated four miles from the property, and top employers in the area include Tucson Unified School District and the Arizona National Golf Club with convenient access to Catalina Highway.

For more information, Art Wadlund can be reached at 520.299.7200 and Clint Wadlund is at 520.615.1100.

To learn more, see RED Comp #4335.

TUCSON, ARIZONA – Copper Street Armor Factory, LLC of Tucson (Todd Meeks, manager) doing business as Spartan Armor Systems, purchased a 12,800-square-foot industrial building and excess land at 1830 & 1840 W Copper Street in Tucson for $702,000 ($55 PSF). The building was built in 1993 and includes a 3,000-square-feet, two-story office sitting on 1.45 acres with approximately .7 acres of excess land in the Grant Road Industrial Park.

Meeks purchased the growing business of Spartan Armor Systems several years ago, that manufactures a variety of ceramic plates for ballistic protection, or bulletproof vests. The company had outgrown its leased space where it employed about 20 people when it decided it was time to buy.

Finding for the purchase was provided through an SBA Loan program.

The bulletproof vests are popular for police officers, security personnel, repo-men, investigators, pawn brokers, gas station attendants, avid shooters, hunters, preppers, and anyone else who wants to protect themselves from danger.

With the Spartan body armor, the operator has increased mobility, increased comfort and a decrease in weight, while minimally sacrificing armor coverage from other products. The ultra-thin plates in Spartan armor, are cut from genuine lab-certified Omega Armor that offers advanced Level III protection.

Rob Glaser, SIOR, CCIM, Principal with Cushman & Wakefield | Picor, represented the seller, LLDK, LLC and Robert Nolan with Oxford Realty Advisors, Inc., represented the buyer in the transaction.

For additional information, Glaser can be contacted at 520.546.2707 and Nolan should be reached at 520.232.0200.

TUCSON, Arizona — CopperSands Inc. of Phoenix (Ron Leach, Sr. Vice-President) purchased 9.25 acres at the northwest corner of Cortaro Farms and Shannon Road in Tucson for $1.675 million ($4.16 PSF).

The property was purchased for construction of CopperRidge Healthcare Campus, a Skilled Nursing Care Campus for seniors. The company currently owns and operates 1,000-beds in multiple facilities in metro Phoenix and is expanding regionally into Tucson, Las Vegas, and Texas.

Charles “Ched” Eckart, Jr. of Red Hawk Partners in Phoenix represents the buyer / developer, and explained the company’s site selection process. “Due to the specialized use, as a skilled care campus by CopperSands, we first seek 8-12 acre parcels for the campus environment. We then conduct a market study of the area to determine need, vicinity to hospital(s) and nearness to a major thoroughfare,” said Eckart. “We had three sites selected in Tucson and this was the company’s first choice.”

The process took an 11-month escrow to finalize and also secure a special use zoning overlay from Pima County for hillside development and as a skilled care nursing facility.

Phase I designs include 150,000-square-feet, with over 250,000-square-feet in phase 2 completion. Phase I will have an 80-unit independent living facility, with 40 additional units in phase 2, for a total of 120-units when complete. In addition, there will be a 60-bed skilled nursing facility in phase I and a 56-bed memory care facility to come in phase 2.

CopperSands provides short term rehab, long term care, and specialty care such as memory care, osteopathic and respiratory care programs within its skilled nursing program that provides a high standard of individualized care and commitment to outstanding results and excellent quality of senior living care.

Gary Wenger of Wenger & Associates of Phoenix is developer and Architect for the project. General Contractor will be FCI Constructors, Inc. of Grand Junction, Colorado and Glendale, AZ.

Rick Borane of the Volk Company in Tucson represented the seller, Stonesfair Financial Corporation in the sale.

For additional information, Eckart should be reached at 480.236.2588 and Borane should be contacted at 520.326.3200.

To learn more, see November 22, 2016 RED Comp #4322