Tucson Real Estate: Apartment complex rebirth sign of housing demand
- Updated
Montclair Apartments was vacant during housing crisis.
A midtown apartment complex that sat vacant and boarded up during the housing crisis is now in the hands of new owners.
Montclair Apartments, a 61-unit complex, recently sold to investors for $2.4 million.
After the housing crisis, many low-income workers who lived in apartments around town left the area, forcing complexes such as Montclair to close, a 2011 Star analysis showed.
The analysis of U.S. Census Bureau data showed a spike in unoccupied homes and apartments pushed Pima County’s vacancy rate to almost 12 percent in 2010 — meaning about one in eight homes or apartments in Tucson was vacant at the time.
The current vacancy rate for conventional apartments is 6.52 percent, Picor Connect, a commercial real estate report, shows.
Montclair was sold by Louison Holdings LLC to Montclair By Bakerson LLC. It is located at 811 and 835 N. Alvernon Way.
Allan Mendelsberg and Daniel Leibsohn, with Picor, represented both parties.
Taddei Enterprises LLC, doing business as Fibracan, bought a 7,597-square-foot industrial property at 2925 E. Ganley Road from Rion Inc. for $650,000. Fibracan is a fiberglass equipment manufacturer. Stephen D. Cohen, Russell W. Hall and Kelly Fickle, with Picor, represented the buyer, and Eric Hutchens, with Hutchens Companies LLC, represented the seller.
Avery Commercial Small C LLC bought a 5,224-square-foot retail building at 6691 N. Thornydale Road from MRSM Properties LLC for $990,000. It will be the first location in the Tucson market for Clear Vision Express. Rob Tomlinson, with Picor, represented the buyer, and Terry Dahlstrom, with Volk Co., represented the seller.
Proactive Physical Therapy leased 3,040 square feet of clinic space at 1010 E. Palmdale St. Jeff Casper, of CBRE, represented the tenant, and Gary Emerson, of GRE Partners, represented the landlord, Foothills Business Ventures LLC.
Solarcity Corp. leased 4,000 square feet of industrial space at 2901 E. Elvira Road. John Grady, Jacquelain Orcutt and Carlena Grabher, of CBRE Phoenix, represented the tenant. Bill DiVito and Jesse Blum, of CBRE Tucson, represented the landlord, H and A Realty LLC.
Wal-Mart Stores East LP leased 45,000 square feet of industrial space at 6630 S. Memorial Place in Century Park. Carol Taubman, of Westgate Properties, represented the tenant. John Slattery, Bill DiVito and Jesse Blum, of CBRE, represented the landlord, Levin Family LP.
American Technologies Inc. leased 5,700 square feet of industrial space at 2200 E. Benson Highway. ATI is a full-service restoration, environmental and reconstruction contractor. Tim Healy, Bob DeLaney and William Bayless, of CBRE, represented the tenant. David Gallagher, of Tucson Industrial Realty, represented the landlord, Poets Corner LLC.
Campbell 7 LLC bought a 14,000-square-foot retail building at 3250 N. Campbell Ave. from Campbell Square LLC for $1.6 million. Isaac Figueroa, with Picor, handled the sale.
R.S. Hughes Co. Inc. leased 4,536 square feet of industrial space at 3951 E. Michigan St. Paula Osborn, of Jackson & Cooksey Inc., represented the tenant. Tim Healy and Bob DeLaney, of CBRE, represented the landlord, Copper Pointe Business Park LLC.
A midtown apartment complex that sat vacant and boarded up during the housing crisis is now in the hands of new owners.
Montclair Apartments, a 61-unit complex, recently sold to investors for $2.4 million.
After the housing crisis, many low-income workers who lived in apartments around town left the area, forcing complexes such as Montclair to close, a 2011 Star analysis showed.
The analysis of U.S. Census Bureau data showed a spike in unoccupied homes and apartments pushed Pima County’s vacancy rate to almost 12 percent in 2010 — meaning about one in eight homes or apartments in Tucson was vacant at the time.
The current vacancy rate for conventional apartments is 6.52 percent, Picor Connect, a commercial real estate report, shows.
Montclair was sold by Louison Holdings LLC to Montclair By Bakerson LLC. It is located at 811 and 835 N. Alvernon Way.
Allan Mendelsberg and Daniel Leibsohn, with Picor, represented both parties.
Taddei Enterprises LLC, doing business as Fibracan, bought a 7,597-square-foot industrial property at 2925 E. Ganley Road from Rion Inc. for $650,000. Fibracan is a fiberglass equipment manufacturer. Stephen D. Cohen, Russell W. Hall and Kelly Fickle, with Picor, represented the buyer, and Eric Hutchens, with Hutchens Companies LLC, represented the seller.
Avery Commercial Small C LLC bought a 5,224-square-foot retail building at 6691 N. Thornydale Road from MRSM Properties LLC for $990,000. It will be the first location in the Tucson market for Clear Vision Express. Rob Tomlinson, with Picor, represented the buyer, and Terry Dahlstrom, with Volk Co., represented the seller.
Proactive Physical Therapy leased 3,040 square feet of clinic space at 1010 E. Palmdale St. Jeff Casper, of CBRE, represented the tenant, and Gary Emerson, of GRE Partners, represented the landlord, Foothills Business Ventures LLC.
Solarcity Corp. leased 4,000 square feet of industrial space at 2901 E. Elvira Road. John Grady, Jacquelain Orcutt and Carlena Grabher, of CBRE Phoenix, represented the tenant. Bill DiVito and Jesse Blum, of CBRE Tucson, represented the landlord, H and A Realty LLC.
Wal-Mart Stores East LP leased 45,000 square feet of industrial space at 6630 S. Memorial Place in Century Park. Carol Taubman, of Westgate Properties, represented the tenant. John Slattery, Bill DiVito and Jesse Blum, of CBRE, represented the landlord, Levin Family LP.
American Technologies Inc. leased 5,700 square feet of industrial space at 2200 E. Benson Highway. ATI is a full-service restoration, environmental and reconstruction contractor. Tim Healy, Bob DeLaney and William Bayless, of CBRE, represented the tenant. David Gallagher, of Tucson Industrial Realty, represented the landlord, Poets Corner LLC.
Campbell 7 LLC bought a 14,000-square-foot retail building at 3250 N. Campbell Ave. from Campbell Square LLC for $1.6 million. Isaac Figueroa, with Picor, handled the sale.
R.S. Hughes Co. Inc. leased 4,536 square feet of industrial space at 3951 E. Michigan St. Paula Osborn, of Jackson & Cooksey Inc., represented the tenant. Tim Healy and Bob DeLaney, of CBRE, represented the landlord, Copper Pointe Business Park LLC.
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