SRS Actual Property Companions accomplished the $22 million sale of Silverbell Plaza, a 97,540-square-foot retail middle positioned at 2480-2500 N. Silverbell Street and 2106-2180 W. Grant Street in Tucson.
John Redfield, a senior vice chairman with SRS’ Funding Properties Group in Newport Seaside, California, and SRS Senior Vice President Alan Houston in Phoenix represented the vendor, a personal investor from Arizona. The client, a Washington-based non-public investor who was in a 1031 trade, was represented by Gary Gallelli Jr. and Adam Rainey of Gallelli Actual Property.
Located on 8.45 acres, the property was 97% occupied on the shut of escrow and anchored by Walgreens and Safeway. Extra tenants embrace Anytime Health; Leslie’s Poolmart; PNC Financial institution; Wingstop; H&R Block; and 14 different native, regional and nationwide companies.
“Silverbell Plaza is a high-quality, grocery-anchored middle, and the vendor has had a real pleasure of possession for greater than 20 years,” Houston mentioned.
“Our SRS staff labored with our consumer to totally perceive the asset’s historical past, stability and positioning out there and proactively marketed Silverbell Plaza to our intensive nationwide investor database.”
Redfield added, “This was a major instance of a purchaser and vendor working collectively by means of escrow throughout an unsure time out there. Each events stored their long-term objectives in focus to assist full this transaction. This was a real staff effort throughout, and a very good showcase of SRS leveraging its funding gross sales and leasing specialists, and dealing collectively to create a profitable scenario for each side.”
Silverbell Plaza has greater than 205,000 residents and 135,000 workers inside a 5-mile radius, and new residential developments are in numerous phases of development close by. The middle can be 2 miles from Pima Neighborhood School and 4 miles from Downtown Tucson and the UA.
Gross sales
Institutional Property Advisors, a division of Marcus & Millichap, introduced the sale of Elevate, a 144-unit residence property in Tucson. The asset traded for $21.8 million, or $151,389 per unit.
“Earlier possession enhanced all of the frequent space facilities and carried out a two-tiered inside renovation program,” mentioned Clint Wadlund, IPA senior director.
“A multifamily asset like Elevate will proceed to draw potential residents with its enticing facilities and handy location in East Tucson,” added Hamid Panahi, IPA senior vice chairman. Wadlund, Panahi, Steve Gebing, Cliff David and Lane Schwartz of Marcus & Millichap represented the vendor, Sheiner Group/Residing Nicely Properties, and procured the client.
The property is near Tucson’s historic Outdated Spanish Path, which provides residents quick access to the Broadway Boulevard hall and Tucson’s Eastside. Notable close by employers embrace Afni, the Davis-Monthan Air Power Base, Agero, Alorica, and the College of Arizona Tech Park at Rita Street. There are roughly 44,400 jobs inside a 5-mile radius.
Constructed in 1985 on 4 acres, Elevate is a three-story, six-building property with a enterprise middle, swimming pool and health middle. Residences have non-public balconies or patios, outsized/walk-in closets and all-electric kitchens. The common unit dimension is 817 sq. ft.
Vine Tucson LLC bought Vine Residences, a 6,722-square-foot funding property at 315-317 N. Vine Avenue, Tucson. The eight-unit residence property was bought from BRAD Land Buyers LLC/The Martin and Stacey Cohan Revocable Belief for $1,425,000. Allan Mendelsberg, principal and Joey Martinez, multifamily specialists with Cushman & Wakefield | PICOR, represented each events on this transaction.
Lease
Livestream Buying Inc. leased 8,000 sq. ft of business house at 2055 E. seventeenth Avenue, Tucson, from R2 Ewaste LLC. Paul Hooker, SIOR, principal, industrial specialist with Cushman & Wakefield | PICOR, represented the owner on this transaction. Joseph Castillo with Volk Firm represented the tenant.
Kealii Molina and Simon Frohnsdorff, dba Hawaii All-Stars Arizona, leased 5,587 sq. ft of business house at Palo Verde Enterprise Middle, 3820 S. Palo Verde Street, Suite 108, Tucson, from Pegasus Tucson Proprietor LLC. Industrial specialists with Cushman & Wakefield | PICOR dealt with this transaction. Paul Hooker, SIOR, principal, and Andrew Keim represented the owner. Alex Demeroutis and Jesse Blum represented the tenant.
Securitas Safety Providers USA Inc. leased a 3,351-square-foot workplace at 5151 E. Broadway Boulevard, Suite 410, Tucson. Thomas J. Nieman and Richard M. Kleiner, MBA, principals and workplace specialists with Cushman & Wakefield | PICOR, represented the owner, Tucson 5151 Investments LLC. Bruce Suppes with CBRE, Tucson, represented the tenant.
Correct Villains expanded its lease for an extra 1,577 sq. ft of workplace house at Williams Centre, 310 S. Williams Boulevard, Suite 310, Tucson, from DHS Property Investments Ltd. Partnership. Ryan McGregor and Thomas J. Nieman, principal, workplace specialists with Cushman & Wakefield | PICOR, represented the owner on this transaction.
Vacasa Arizona LLC leased 1,100 sq. ft of business house, at Ruthrauff Commerce Middle, 2450 W. Ruthrauff Street, Suite 198, Tucson, from Pegasus Tucson Proprietor LLC. Paul Hooker, SIOR, principal, and Andrew Keim, industrial specialists with Cushman & Wakefield | PICOR, represented the owner on this transaction. Bruce Suppes and Diane Carlson with CBRE, Tucson, represented the tenant.
American Print Firm LLC leased 920 sq. ft of business house at Alternate Place Enterprise Middle, 1870 W. Prince Street, Suite E-49, Tucson, from Pegasus Tucson Proprietor LLC. Paul Hooker, SIOR, principal, and Andrew Keim, industrial specialists with Cushman & Wakefield | PICOR, represented the owner on this transaction.
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