Joseph Bernard Investment Real Estate Handles Two Multifamily Properties in Tucson
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Joseph Bernard Investment Real Estate Handles Two Multifamily Properties in Tucson TUCSON, ARIZONA — Eastpointe Apartments at 8477 E Broadway Blvd, Tucson, AZ 85710 sold for $2.76 million ($56,224 per unit) to ZFI LLC, Tucson East LLC, KMS Properties LLC, and Caneel Investments AZ, LLC. The property consists of 48 one-bedroom units and one two- bedroom unit. Built in 1981 on a 29,000-square-foot lot at Broadway and Sarnoff in Eastside Tucson submarket. The transaction closed April 30, 2020. Bradshaw Apartments, the seller, was self-represented and Joe Boyle with Joseph Bernard Investment Real Estate represented the investors. For more information, Boyle can be contacted at 480.305.5600. Villa Del Rey Apartments, at 4302 E Fairmount St., Tucson, AZ 85712 sold on May 1, 2020 for $1.955 million ($81,458 per unit) to the Olson Family Trust and Holsinger Family Trust. The 24-unit property consists of 18 two-bedroom units and 6-
three-bedroom units, built in 1979, on a 25,860-square-foot lot. All units are also individually parceled for future condo conversion. The seller, ML Investments, LLC and the investors were represented by Jospeh Chaplik of Joseph Bernard Investment Real Estate. To learn more, Chaplik can be reached at 480.305.5600. Cantera Real Estate Closes on Two Land Deals in Marana and Tucson TUCSON, ARIZONA — Thrac Paulette of Cantera Real Estate, a firm specialized in all aspects of land acquisition, sales, development and entitlements, handled two recent transactions. Paulette represented the sellers, Mark & Diane Anderson on 11.25 acres in the highly sought after area in Northwest Tucson at Twin Peaks Road and I-10. The property is four GR-1 zoned parcels that sold for $210,000 ($18,667 per acre). The all-cash deal closed in 20 days April 23rd. The land is currently located in unincorporated Pima County with the potential of being annexed into the Town of Marana with the possibility to rezone for 22 SFR lots, or keep in the
County for up to 12-lots, with all utilities 9except sewer) located on Twin Peaks Road. The buyer, Jeff Utsch, is a licensed real estate agent with Realty Executives Arizona Territory. For more information, Utsch can be reached at 520.977.7946 and Paulette should be contacted at 520.904.5055. To learn more, see RED Comp #7754. In a separate transaction, Paulette represented an affiliate of Cornerstone Homes (John Agressi, manager) in the acquisition of a 36,840-square- foot infill lot at 3139 E Bellevue Street in Tucson. The property was being used as a mobile home lot with two mobile homes and a duplex that will be move and razed for redevelopment. Property sold for land value at $357,000 ($9.69 PSF). Zoned R-3, the buyer intends to redevelop the lot for a multifamily infill project. Mikey Girard with Long Realty represented the seller, Crestdale Townhomes, LLC of Tucson. For more information, Girard can be found at 520.77.7400 and Paulette should be reached at 520.904.5055. To learn more, see RED Comp #7703.
Class A Assets in Top MSAs Still Top Target for Self Storage Investors PHOENIX, Ariz.– Cushman & Wakefield announced today it has completed the sale of Garfield Storage located in central Phoenix. Situated in the core, Downtown Phoenix area, Garfield Storage was developed in 2017 and totals 83,710-rentable-square-feet of Class A, institutional quality, storage space. The store is located at the interchange of Interstate 10 and 16th Street and offers visibility to over 300,000 cars per day. The buyer was the William Warren Group, a Santa Monica-based self storage owner/operator who will operate the project under its brand name StorQuest Self Storage. Greg Wells and Paul Boyle with Cushman & Wakefield’s Self Storage Advisory Group handled the transaction on behalf of the seller, an affiliate of Hibernia Capital Advisors, a private real estate and development firm based in Phoenix. Mark McLoone of Hibernia Capital says “We are still positive on the storage industry, it simply felt to be the right time to sell our project in downtown Phoenix. While there are parts of the Valley that may experience some supply issues, we will continue to explore opportunities because we believe in the strength and longevity of the Phoenix market.” “Even in uncertain economic conditions, Class A, well-located self storage assets in top MSAs are in high demand,” said Greg Wells. “This transaction is an example of the strength of the asset class and its compelling long-term cash flow
opportunities and value creation.” “We are extremely pleased to complete this transaction given the added challenges present from the COVID-19 pandemic. The ability to execute today is a great accomplishment by all parties involved,” said Bill Hobin, CEO of William Warren Group. “The central Phoenix location of this asset fits in nicely with the broader StorQuest Self Storage portfolio and with its freeway visibility adds brand value to all of the other StorQuest locations in the Phoenix MSA.” The Cushman & Wakefield Self Storage Advisory Group is a full service real estate platform dedicated to the self storage asset class. The group offers investment advisory, valuation, consulting, feasibility and data services in all major markets in the U.S. store features dual entry on the ground floor, as well as two levels of subterranean parking.
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