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The Ledges at West Campus, an apartment complex just north of the Pima Community College campus west of I-10, has been sold to national real estate firm Tara Investment Group for more than $33 million. CBRE Group sold the 205-unit property as Tara Investment Group was looking to establish a foothold in the Tucson market. Built in 1997, The Ledges previously operated as “by-the-bed rental student housing,” but Tara is working to convert these and run them as a more conventional “multi-family community.”

“Tucson has been one of our top targets for several years and we are excited to enter the market with The Ledges at West Campus,” said Elizabeth Meier, principal of Tara Investment Group. “We look forward to finish repositioning the community as conventional apartments and explore other investment opportunities in the region.”

Tara Investment Group has already expressed interest in acquiring additional properties throughout the Tucson area, and for good reason. According to CBRE, Tucson had the third strongest multi-family rent growth of all US metros in the second quarter of 2021, with a 14.6% year-over-year increase. In addition, CBRE reported multi-family occupancy increased 100 basis points year-over-year to 96.8%, the highest occupancy rate on record.

“The community’s location provides residents with direct access to employment in downtown and along I-10 as well as Pima Community College and the University of Arizona. The Ledges at West Campus presented a unique investment opportunity in one of the strongest multifamily markets in the country,” said Jeff Casper with CBRE.

 

SALES

 

Steve Freeman and Laura Freeman purchased 15,330 square feet of multifamily space located at 1841-1883 S. San Jose Dr., 1640-1672 W. San Juan Trail and 1880-1884 S. San Antonio Dr. in Tucson. Sentinel Villas, a 21-unit apartment complex, was purchased from Sentinel Villas, LLC for $1,840,000. Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented the buyer in this transaction. Timothy Bathen, with Arizona Acquisition Strategies, represented the seller. 

 

TKL Properties, LLC, acquired 27,113 square feet of industrial space located at 4725, 4742 and 4749 S. Irving Ave. in Tucson. Six industrial buildings, offering warehouse, office, showroom, storage and shop space, were purchased from Lead Properties, LLC, for $1,450,000. Ron Zimmerman, Principal and Industrial Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction. Clint Buckelew with Buckelew Realty, represented the buyer. 

 

Rancho California Center, LP purchased a 94,831-square-foot, sale/leaseback investment property located at 6885 E. Southpoint Rd. in Tucson on 12.11 acres. The single-tenant, triple-net leased investment was purchased from Teritom Holdings, LLC, for $11,250,000. Stephen D. Cohen, Principal, and Industrial Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction. Ronald King and Joseph McDermott, with Kidder Mathews of California, represented the buyer. 

 

Winding Creek Apartments, LLC, acquired three, midtown Tucson apartment complexes from Eastgate Apartments, LLC, Jerrie Street Apartments, LLC, and Executive Apartments, LLC. The three-property portfolio sale includes 71 units and 34,070 square feet of multifamily space. Eastgate Apartments (1175 N. Jefferson Ave.), Jerrie Apartments (1031 N. Jerrie Ave.) and Executive Apartments (5530 E. Bellevue St.) were purchased for $5,025,000. Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented both parties in this transaction. 

 

East Elm Managing, LLC purchased 7,392 square feet of multifamily space from Firstelm, LLC. Elm Street Apartments, an 11-unit complex located at 630-650 E. Elm St. in Tucson, was purchased for $1,650,000. Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented both parties in this transaction. 

 

Keith Christopher Burk and Valeisha Rae Burk purchased 6,847 square feet of industrial space located at 2023 W. Price St. in Tucson, from Alex Bernard Galvez for $687,500. Ron Zimmerman, Principal, and Industrial Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction. Michael Coretz, with Commercial Real Estate Group of Tucson, LLC, represented the buyer. 

 

Frost Holding Company Number Two, LLC, purchased a 1.66-acre land parcel from La Canada SW, LLC. The vacant land property, located at 5171 N. La Canada Dr. in Tucson, was purchased for $350,000. Rob Tomlinson, Principal, and Retail Specialist with Cushman & Wakefield | PICOR, represented both parties in this transaction. 

 

Leases

 

Thomas J. Nieman and Richard M. Kleiner, MBA, Principals, and Office Specialists with Cushman & Wakefield | PICOR, co-represented lease of 13,950 square feet for a medical practice on the second floor of 7470 N. Oracle Road, LLC. The subject property is Units 27, 28, 31, 32 & 42 in the Oracle Medical Plaza Condominiums Phase II, located at 7470 N. Oracle Rd. in Tucson. 

 

Sonora Quest Laboratories, LLC, renewed their lease with Four Brothers Properties, LLC, for 1,920 square feet of medical office space located at 1150 S. Highway 92, Suite A in Sierra Vista, AZ. Richard M. Kleiner, MBA, Office Specialist with Cushman & Wakefield | PICOR, represented the tenant in this transaction. 

 

Amazing Lash Studio leased 1,394 square feet of retail space at Crossroads Festival Shopping Center at 4811 E. Grant Road, Suite 115 in Tucson, from Crossroads Canada LLC. Greg Furrier, Retail Specialist, and Diane Carlson, with Cushman & Wakefield | PICOR, represented the tenant in this transaction. Isaac Figueroa with Larsen Baker, LLC, represented the landlord. 

 

OMNI Homes International, LLC leased 958 square feet of retail space from ROK Colonia Verde, LLC, located in Colonia Verde Shopping Center, 7189 E. Tanque Verde Road, Suite C118 in Tucson. Dave Hammack, Principal, and Retail Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Bruce Suppes with CBRE, Tucson, represented the tenant. 

 

Nodes Up renewed their lease with Spirits, LP for 714 square feet of office space at 3131 N. Country Club Road, Suite 110 in Tucson. Molly Mary Gilbert and Ryan McGregor, Office Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction.