Continued good news in the Tucson job market has boosted confidence among apartment investors and the industry continues its hot streak.
Berkadia handled the sale of The Springs at Continental Ranch, a 196-unit complex at 7901 N. Cortaro Road.
MG Continental LLC of New York sold the complex to Scottsdale-based Bascom Arizona Ventures LLC for $20.9 million.
“Owners, investors, and managers in the Tucson multifamily marketplace have demonstrated noticeably increased optimism,” a market report prepared by Picor Commercial Real Estate says. “Expansion of investor interest is anticipated as Tucson is just beginning to see significant growth.”
The Springs has loft, one-, two-, and three-bedroom units and amenities include a clubhouse, business center, two heated swimming pools, a 24-hour sauna and fitness center.
Art Wadlund and Clint Wadlund, of Berkadia, handled the sale.
Other recent commercial transactions include:
- JK Communications & Construction Inc., doing business as Kleven Construction, leased a 1.26 acre site at 6465 E. Drexel Road from Allied Industrial Limited Partnership. Ron Zimmerman, with Picor, represented the landlord.
- Fit For Life Personal Training leased 4,540 square feet at 3525 N. Campbell Ave. from Loma Catalina Company LLC. Aaron LaPrise, with Picor, handled this transaction.
- Smoothie King leased 1,200 square feet at Marana Marketplace, 3651 W. Orange Grove Road. Michael Laatsch, with CBRE, represented the tenant and Chad Russell, with Land Advisors Organization, represented the landlord.
- Community Partners leased 7,934 square feet at New World Plaza, 5055 E. Broadway. David Montijo and Damian Wilkinson, of CBRE, represented the landlord. CBRE’s David Volk represented the tenant.
- Eat Drink Jackson leased 4,406 square feet at The Shoppes at Bears Path, 8800 E. Tanque Verde Road. Michael Laatsch, with CBRE, represented the tenant. The landlord was represented by Dave Dutson, with NAI Horizon.
- St. Joseph’s Hospital leased 2,498 square feet at 4600 Park Ave. David Montijo and Damian Wilkinson, with CBRE, represented the tenant. Picor’s Isaac Figueroa and Rob Glaser represented the landlord.
