Herbert Residential and adjacent Armory Park Villas, in downtown Tucson, have sold for $20.4 million.
Holualoa Cos. and partner Peach Properties bought the 144-unit Herbert and nine-unit Armory complexes in 2012.
Herbert, 202 E. 12th St., was built in 1974 for senior housing and after residents relocated to a new facility, it was acquired and underwent extensive renovations.
“We are very pleased with the results we saw from Herbert Residential since we redeveloped the property, and it is gratifying to be able to close our involvement with a beneficial transaction for both buyer and seller,” said Lani Baker, chief financial officer of Holualoa Companies. “Herbert Residential has emerged as a true destination living environment for Tucson residents, and we’re confident the new ownership will continue to enjoy the benefits of such a high-profile project.”
The buyer is Second Tucson Ventures LLC.
Both properties are located in the Armory Park neighborhood.
Art Wadlund and Clint Wadlund, with Berkadia, were the brokers on the sale.
Other recent commercial transactions include:
- Oracle & Magee LLC bought part of the Entrada del Oro shopping center at 7861 N. Oracle Road from The Wright-Pantano LLC for $4.2 million. Rick Borane and Terry Dahlstrom, with Volk Co., handled the sale.
- Estrada Cosmetic Enterprise LLC bought retail space at 860 E. 19th St. and 922 and 924 S. Tyndall Ave. from Fourteenth Street LLC for $900,000. Joey Castillo and Kevin Volk, with Volk Co., represented the buyer. Pat Welchert, of Alpha Commercial Real Estate Services, represented the seller.
- Vault at Houghton Road LLC bought 10.4 acres of land at the southeast corner of Golf Links and Houghton roads from Tucson Electric Power Co. for $690,000. Denise Nunez and Victoria Filice, with NAI Horizon, represented the buyer. The seller was represented by Brandon Rodgers and Molly Gilbert, with Picor.
- Battery Systems Inc. leased 12,687 square feet at Keenan Commerce Center, 2800 N. Flowing Wells Road, from Keenan Investment Company LLC. The transaction was handled by Gary Emerson, of GRE Partners LLC.
- Oleksii Lytvyn LLC, doing business as International Ballroom, leased 3,000 square feet in Plaza Sonora, 2840 W. Ina Road. Ben Craney and Sam Nalli, with NAI Horizon, handled the lease.
- Taco Giro leased 1,750 square feet at 13160 E. Colossal Cave Road from Vail Station and Birch Bay LLC. Craig Finfrock, with Commercial Retail Advisors, represented the landlord.
