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By
Macario Juarez Jr.
ARIZONA DAILY STAR
August 24, 2003
The
Retreat at
Speedway
, a 304-unit apartment complex at 7401
E. Speedway, has a new owner. Management
Solutions of Fountain Green,
Utah
, bought the
Houston
entity that previously owned the property, Simjah Interests LLC. Art
Wadlund of Hendricks & Partners negotiated the sale. The structure of
the sale allowed Management Solutions to keep the price confidential. But
it probably was in excess of $20 million. That's because the complex,
which opened about a year ago, cost about $20 million to build. And
documents filed with the Pima County Recorder's Office show that the new
owner took out a $17 million loan on the property.
Earlier
this year, the
East Side
property, near
North Prudence Road
, reached an occupancy rate of 90 percent - an impressive number
considering the flat market for rentals.
This is the first
Tucson
investment for Management Solutions. It has large property holdings in
Oklahoma
and
Texas
.
More
Recent Sales:
Brooklyn
Properties bought the 42,221-square-foot Academy Medical Center, 310
N. Wilmot Road, for $6.2 million from Academy Medical Center LLC and 310
Wilmot LLC. Tom Knox, of PICOR Commercial Real Estate Services negotiated
the sale.
Carnes
Properties LLC bought the 18,765-square-foot
Dorado
Office Park
at
1605-1611 N. Wilmot Road
for $1.97 million from Dorado Office Park LLC. Lori Casey, Doug Marsh,
Andrew Sternberg and Robert Nolan of Oxford Realty Advisors represented
the buyer. Barry Kitay and Lynn Taylor of Whirlygig Properties represented
the seller.
Mashburn
Cos. of
Phoenix
bought a 2,400-square-foot building - a former Pizza Hut - at the
northwest corner of
East 22nd Street
and
South Craycroft Road
for $610,000. PICOR's Greg Furrier represented the buyer and seller, 4-D
Properties.
Amir
Vazirinezhad bought two parcels of vacant land - 9,250 square feet and
27,897 square feet - in the 3100 block of
East Ajo Way
. He paid $31,000 to Richard Schaffer for the smaller piece and $145,000
to James Murphy, James Corbett and Ellen Adelstein for the larger one.
Tucson Realty & Trust's Welchert and Keeley negotiated the
sales.
*
Send real-estate news to Mac
Juarez
Jr., Business,
Arizona
Daily Star,
P.O.
Box 26807
,
Tucson
,
AZ
85726
,
or fax to 573-4144 or e-mail to mjuarez@azstarnet.com.
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