Tag Archives: CBRE Tucson

Tanque Verde, WEB

Tanque Verde apartments in Tucson sell for $21.3M

CBRE has completed the sale of the Tanque Verde apartment complex, 428-unit multifamily community located at 7671 E. Tanque Verde Road in Tucson, Ariz. The multifamily asset sold for $21.3 million. The property was 94 percent leased at time of sale.

Michael Sandahl and Wyatt Campbell with CBRE’s Tucson office, along with Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office, represented the seller, Holualoa Companies of Tucson. The buyer was North Salt Lake, Utah-based Chartwell Capital Partners, LLC.

Tanque Verde has recently undergone significant capital improvements worth more than $5 million, including a complete re-roofing, master heating and cooling system replacements, and solar systems and water conversation measures designed to make the property as energy efficient as possible,” said CBRE’s Sandahl. “What’s more, a portion of the units have been upgraded with premium finishes. The property offers an exceptional value-add opportunity to increase revenue by continuing the existing and proven interior upgrade program.”

The Tanque Verde apartment complex was developed in two phases, in 1979 and 1981. Thirty-eight units have been upgraded with new appliances, new cabinets, resurfaced countertops, upgraded fixtures, flooring, mirrored closet doors, microwave oven/hoods, and other improvements. Situated in northeast Tucson, the community benefits from the surrounding strong employment base, class A developments and premier housing options offering residents first-class amenities in a highly desirable location.

Tanque Verde also enjoys proximity to numerous amenities, including grocery, banks, restaurants, and other retail services. Morris K. Udall Park, one of the largest and most popular municipal parks in Tucson, is located across the road from Tanque Verde Apartments, and bike trails and abundant recreation are nearby, including Sabino Canyon and the Mt. Lemmon Recreation Area.

La Canada Retail Center, courtesy of CBRE

CBRE reports recent Tucson transactions

CBRE’s Tucson office has released the following recent leasing transactions for the greater Tucson area:

Food Conspiracy Co-Op has purchased a 6,500-square-foot mixed-use property on one acre located at 425 E. 7th St. in Tucson from Hoff-7th, LLC. The locally-based, full-service consumer cooperative specializing in natural foods leased the property two years ago with an option to buy. Buzz Isaacson with CBRE’s Tucson office represented the seller in the $650,000 transaction. Food Conspiracy was represented by Quentin Bryson with Quentin Bryson Co. Realtors, Inc.

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G-Nails has leased 1,200 square feet of retail space at Crossroads East Shopping Center. The landlord, Crossroads East, was represented by Nancy McClure and Michael Laatsch with CBRE’s Tucson office. The tenant was self-represented.

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Parenting Forward in Tucson has leased 1,565 square feet of office space at 1430 E. Fort Lowell in Tucson. The landlord, a joint venture between AEH Investors III and PMH Investors III, was represented by David Montijo and Jeff Casper with CBRE’s Tucson office. The tenant was self-represented.

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Crandell Glass and Aluminum has leased 6,562 square feet of industrial space at Copperpoint Business Park located at 3591 Michigan St. in Tucson, Ariz. The landlord, San Diego, Calif.-based Copperpoint Business Park, LLC, was represented by Tim Healy and Robert De Laney with CBRE’s Tucson office. The tenant was self-represented.

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Full Circle Holdings, Inc. which will operate as ZPizza has leased 2,059 square feet of retail space at La Canada Retail Center located at 11165 N. La Canada Rd. in Tucson. The landlord, La Canada Retail, was represented by Peter Villaescusa and Jesse Person with CBRE’s Tucson office. The tenant was represented by Rob Curcio with Marquez Peterson Group. ZPizza is a pizza chain from California. This will be the first location in Tucson.

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Drivin Communications has leased 2,500 square feet of incubator space at 3760 S. Park Ave. in Tucson. The landlord, Park Ajo Associates, was represented by Tim Healy and Robert De Laney with CBRE’s Tucson office. The tenant was self-represented.

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Fidelity National Title has leased 3,700 square feet of office space at Nova Financial Center located at 6245 E. Broadway Blvd. in Tucson. The landlord, Tucson Office Plaza, LLC, was represented by David Montijo with CBRE’s Tucson office. The tenant was represented by Tom Imparato with Orion Realty Group in Phoenix.

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L & D Holdings, LLC has purchased the salvage yard at 3102-3126 E. President St. in Pima County comprising 4,044 square feet of improvements on .98 acres.  The seller was Country Club & I-10, LLC.  The buyer was represented by Ian Stuart and David Blanchette with CBRE’s Tucson office. The seller was represented by Norman Hoegger with Norman Hoegger Realty.  The buyer was previously a tenant of the property.

2127 E. Speedway

CBRE Releases Recent Leasing Transactions in Tucson

CBRE’s Tucson office has released the following recent leasing transactions for the greater Tucson area:

 

Chuy’s restaurants have leased 2,400 SF of retail space at Capin Plaza located at 8195 N. Oracle Rd. in Tucson. CBRE’s Jayme Fabe negotiated on behalf of the landlord, Capin Family Trust of Tucson. The tenant was represented by Peter Villaescusa and Jesse Peron, also with CBRE.

 

Barker-Morrissey Contracting has leased 6,719 SF of office space 2127 E. Speedway Blvd. in Tucson. CBRE’s Bill Di Vito and Jesse Blum represented the lease on behalf the tenant while Di Vito, Blum and Buzz Isaacson represented the landlord, Holualoa Speedway Office LLC.

 

US General Administration Services has leased 5,616 SF of office space at Monument Plaza located at 1637 E. Monument Plaza in Casa Grande, Ariz. CBRE’s Ian Stuart and David Blanchette represented the landlord, Casa Grande Internal Medicine PC. The tenant was represented by Chris Ackle with CBRE’s Phoenix office.

 

Yamaneko Dojo LLC has leased 1,500 SF of retail space at Midstar Plaza located at 4518 E. Broadway Blvd. in Tucson. The landlord, Midstar Partners LLC, was represented by Nancy McClure and Michael Laatsch with CBRE’s Tucson office. The tenant was represented by Robert Grant with KW Commercial.

 

Catholic Community Services of Arizona has leased 6,712 SF of office space at 5151 E. Broadway Blvd. in Tucson. The tenant was represented by CBRE’s Buzz Isaacson, Robert Delaney and Tim Healy. The landlord, KCI-Broadway LLC, was represented by David Volk and Bruce Suppes, also with CBRE.

 

Devereux Arizona has leased 3,143 SF of office space at Pima Professional Plaza located at 5700 Pima St. in Tucson. The tenant was represented by David Montijo with CBRE’s Tucson office. The landlord, 2222 Craycroft LLC, was represented by Aubrey Finkelstein with Vast Commercial Real Estate.

 

Bio-Medical Applications of Arizona LLC has leased 13,592 SF of office space at Fifth & Jefferson Center located at 5555 E. Fifth St. in Tucson. The tenant was represented by David Montijo and Jeff Casper with CBRE’s Tucson office and Jim Greene in CBRE’s Denver office. The landlord, Fifth & Jefferson LLC VVV LC, was represented by Melissa Lal and Andy Seleznov with Larsen Baker.

Literacy Connects

Literacy Connects Purchases Former Church Complex in Tucson

CBRE has negotiated the sale of a former church and school complex located at 200 E. Yavapai Rd. in Tucson. The 14,921 SF building, which sits on a 4-acre parcel, commanded a sale price of $375,000.

Ian Stuart with CBRE’s Tucson office represented the seller, a northern California-based green homebuilder. The buyer, Literacy Connects of Tucson, was represented by Nancy McClure and Michael Laatsch, also with CBRE’s Tucson office.

We’ve been looking for years to find the right property to pull all our programs together,” said Betty Stauffer, executive director of Literacy Connects. “This building is ideally set up to allow us to use much of what is there and open sections of the building as we complete construction.”

The seller first purchased the property in November 2005. Their initial plans to tear down the existing structure and develop green, single-family housing in its place were stalled with the market downturn. Taking into consideration current market conditions and recognizing the opportunity make good on their goal of positively impacting the Tucson community, the seller was pleased to work with CBRE and negotiate the sale to Literacy Connects.

Literacy Connects, founded in July 2011 by the merger of five literacy organizations, is about how we – as individuals, neighborhoods, organizations and businesses – share a human connection around literacy that helps us learn, grow and have a voice. Currently, the organization’s five programs operate out of separate facilities. With this purchase, Literacy Connects will be able to operate all programs out of one facility, creating a better environment for each program to share in the opportunities and resources needed to support the learning goals of individuals in our community. Literacy Connects will renovate the former the facility before taking occupancy.

Originally built in 1975, the facility was previously occupied by a private school and a church. The property currently consists of a 300+ person auditorium and eight classrooms that could be split in half to create 16. There are also two basketball courts, a playground and baseball/ soccer field on site.