An old, adobe complex along Fourth Avenue has been bought by local investors and will be upgraded for rental units.
Casa Libre en la Solana, 228 N. Fourth Ave. is an eight-unit complex that formerly housed aspiring writers.
The property — built in the late 1800s — sold for $975,000.
“Casa Libre is truly one of the most unique assets in the Downtown Tucson area. Fronting the historic Fourth Avenue, Casa Libre is highlighted by vaulted ceilings, adobe construction and tastefully refurbished interiors,” said James Crawley, with Marcus & Millichap, who handled the sale. “Hidden amongst the retail and restaurants, the community provides residents a truly walkable lifestyle.”
He said the local buyer has experience with rehabbing other downtown area properties. No timeline is set for completion and rents will be established after the upgrades.
Casa Libre operated as a low-rent writing suites for meetings, workshops and seminars for writers.
That operation closed in 2014 and the property currently has seven rental units and one retail tenant, Tucson Herb Store.
Other recent commercial transactions include:
Rancho California Center LP bought a 94,831-square-foot property at 6885 E. Southpoint Road from Teritom Holdings LLC, for $11.2 million. Stephen D. Cohen, with Picor, represented the seller. Ronald King and Joseph McDermott, with Kidder Mathews of California, represented the buyer.
Winding Creek Apartments LLC bought three apartment complexes from Eastgate Apartments LLC, Jerrie Street Apartments LLC and Executive Apartments LLC for $5 million at 1175 N. Jefferson Ave., 1031 N. Jerrie Ave. and 5530 E. Bellevue St. Allan Mendelsberg and Conrad Martinez, with Picor, handled the sale.
Larsen Baker recently sold the Shops at Las Plazas, a multitenant retail strip at 10185 E. Old Vail Road, to 14490 Catalina Street LLC, a California investor, for $3.2 million. Tenants are Sprint Connectivity Source, Wienerschnitzel, F45 Training and ABC Pet Care. The seller, Las Plazas Partners LLC, an affiliate of Larsen Baker, was represented by Phil Voorhees from CBRE.
East Elm Managing LLC bought the 11-unit Elm Street Apartments at 630-650 E. Elm St. from Firstelm LLC for $1.6 million. Allan Mendelsberg and Conrad Martinez, with Picor, represented both parties.
Faustus Management leased 7,700 square feet at 3300 E. Sunrise Drive for Leman Academy’s executive and administrative offices. The landlord, Larsen Baker, was represented by its broker Isaac Figueroa.
Cogent3D Inc, doing business as CropTrak, leased 4,340 square feet at 4703 E. Camp Lowell from DSAK Alliance LLC. Bob Davis, with Tango Commercial Real Estate LLC, represented the tenant and Karen Farrell, with Venture West, represented the landlord.