New apartments are being considered at a former Motel 6 on Tucson’s south side that sold for $6.15 million.
Private investors plan to remodel the property, at 1025 E. Benson Highway, into a long-term extended stay and add apartments.
“What was attractive is the land and the amount of units,” said Jigar “Jay” Desai, senior vice president with NewGen Advisory, who handled the sale along with colleagues Dan Rama, Ryan Bodine and Kishan Gohel.
The existing motel has 140 units and a portion of those will be converted to apartments and changed to an independent brand.
It sits on more than 5 acres, next to Interstate 10, with a large parking lot that could support future apartment buildings, Desai said.
No timeframe for construction has been announced.
This is the second sale for NewGen of a hotel to be turned into apartments. The company also handled the sale of the Hotel Tucson City Center and has three other hotels under contract in the Tucson market.
Other real estate transactions in the Tucson area include:
Funland Raspados and Mr. Beez Vape Emporium have leased the remaining two spaces at Manzanita Plaza, 3000 W. Valencia Road. Funland Raspados, a quick serve raspados and Mexican snack shop, leased 1,780 square feet and Mr. Beez Vape Emporium, selling electronic cigarettes and vape products, leased 1,480 square feet. The landlord, Manzanita Investment Group, an affiliate of Larsen Baker was represented by Larsen Baker brokers Isaac Figueroa and Elaina Elliott.
Schnitzer Properties LLC bought 140,000 square feet of industrial space at 5120 S. Julian Drive from AZCOMS LLC for $16.3 million. Stephen D. Cohen, Jesse Blum and Alexandra Demeroutis, with Picor, handled the sale.
Clark H and Kathryn A. Reed sold the 20-unit Sherwood Terrace, 114 E. Mohave Road, for $1.6 million to Nine Doors Down LLC, Chrislina Wealth Partners LLC and DJ Lopez LLC. Joseph Chaplik and Adam Dresher, with Joseph Bernard Investment Real Estate, handled the sale.
RR Properties I LLC bought 3,997 square feet of office space at 2918 W. Ina Road from BFD Investments LLC for $925,000. Richard M. Kleiner, with Picor, and Paul Blum, with West USA Realty Inc., represented the seller.
Ideal Tucson Holdings LLC bought a 5,709-square-foot building at 5961-5971 N. Oracle Road, occupied by Leslie’s Pool Supplies and OM Yoga, from The Gary and Sandra Palant Trust for $900,000. Greg Furrier, with Picor, represented the seller and Jeramy Price, with Volk Co., represented the buyer.
