REAL ESTATE Texas-based BuildersFirstSource acquires Arizona building materials supplier for $400M

La Encantada shopping mall sold for $165M

Jeff Gardner

Inside Tucson Business

La Encantada, the open-air shopping mall in the Catalina Foothills, was sold for $165 million in September. The 246,000-square-foot mall is known for supporting highend retail, home to stores such as AJ’s Fine Foods, Pottery Barn, Blanco Tacos + Tequila, Crate & Barrel, lululemon and more.

JLL Capital Markets represented the seller, Macerich Company, which owns multiple shopping malls throughout the country. This is Macerich’s second major sale in Arizona this year, a er selling the majority of its Paradise Valley Mall in Phoenix for $95 million.

“In addition to sales of these properties, we are successfully executing on a robust land and pad sale program, om which we expect to generate an additional $100 million during 2021-2023,” said Ed Coppola, president of Macerich in a press release. “Our focused disposition efforts are designed to allow us to recycle capital into key densification and diversification activities, as we continue to realize our town center strategy at a number of Macerich properties across the country.”

Town West Realty, HSL Properties and Iridius Capital came together to purchase the property, with a $102 million loan om Goldman Sachs.

Located at the intersection of Skyline Road and Campbell Avenue, La Encantada was completed in 2003 and regularly ranks in local polls as one of Tucson’s favorite shopping destinations.

“This asset is the crown jewel of Tucson retail,” said JLL Capital Markets’ Patrick Dempsey, who led the sale, in a release. “Many stores at La Encantada are exclusive to the area, with a draw expanding the entire market. Lack of available land for new development in the Foothills Retail submarket makes La Encantada an irreplaceable property.”

SALES

Amerco Real Estate Company purchased 11.85 acres of industrial land at Tangerine Commerce Park Lot 7 in Tucson. The vacant land parcel was purchased om Tangerine/I-10, LLC for $4,207,071. Jesse Blum, Industrial Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction.

Sonora Behavioral Health Hospital, LLC, purchased a 16,999-square-foot medical office building located at 3130 E. Broadway Blvd. in Tucson. The single-tenant investment property was purchased om LC3130, LLC, for $3,922,000. Thomas J. Nieman, Principal, and Office Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction. Jeremy Adams with Jones Lang LaSalle Brokerage, Inc., Atlanta, represented the buyer.

Mirror Mirror Medical Aesthetics and Wellness purchased a 2,436-squarefoot, eestanding building located at 1880 W. Orange Grove Rd. in Tucson. The building, situated on 1.44 acres, was purchased om JCM Tucson, LLC, for $465,000. Aaron LaPrise, Principal, and Retail Specialist with Cushman & Wakefield | PICOR, handled the transaction.

Mister Car Wash, the largest car wash company in America and locally based in Tucson, purchased 1.38 acres of retail land located at the southwest corner of Rancho Sahuarita Blvd. and Sahuarita Rd. in Sahuarita, AZ. The vacant land parcel was purchased om Rancho Sahuarita Commercial Ventures, LLC, for $1,257,382. Aaron LaPrise and Dave Hammack, Principals, and Retail Specialists with Cushman & Wakefield | PICOR, represented both the buyer and seller in this transaction. Additional opportunities for MCW can be sent to Aaron LaPrise.

Stone 14, LLC, purchased a 7,553-square-foot, multifamily apartment complex located at 2620 N. Stone Ave. in Tucson. Stone Apartments, a 14unit casita-style property, was purchased om Stone Apartments, LLC, for $1,040,000. Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented both parties in this transaction.

324 3rd Ave LLC, purchased two, four-plexes located at 331-337 S. Railroad Ave. and 322-328 S. Third Ave. in Tucson. The Railroad and Third property, an eight-unit apartment complex totaling 6,552 square feet of multifamily space, was purchased om Austin RE Holdings, LLC, for $965,000. Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented both parties in this transaction.

Punahou Tucson Three, LLC, purchased a 5,632-square-foot, multifamily apartment complex located at 1302-1310 N. Richey Blvd. in Tucson. Richey Apartments, an 8-unit property, was purchased om JSS Richey, LLC, for $830,000. Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction. Desiree Palmer, with ABI Multifamily, LLC, represented the buyer.

Dodge Fairmount LLC, purchased two, four-plexes located at 1412-1418 N. Dodge Blvd. and 3701-3707 E. Fairmount St. in Tucson. The Dodge and Fairmount property, an 8-unit apartment complex, totaling 4,287 square feet of multifamily space, was purchased om Austin RE Holdings, LLC for $685,000. Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented both parties in this transaction.

Hispania Estates, LLC, purchased 0.82 acres of industrial land located at 1340 N. Mariposa Rd. in Nogales, AZ. The vacant land parcel was purchased om Araujo Vazquez Co., LLC, for $500,000. Cintya Denisse Angulo Garcia, Commercial Specialist with Cushman & Wakefield | PICOR, represented the buyer in this transaction. Mirna Valdez, with Century 21 Success Realty, represented the seller.

Ventana Canyon Investments, LLC, purchased 5,832 square feet of multifamily space located at 3449, 3471, 3473 N. Geronimo Ave. and 350 E. Yavapai Rd. in Tucson. Brick Homes of Geronimo, a 12-unit apartment complex, was purchased om BRInc Financial, LLC, for $1,070,000. Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented both parties in this transaction.

Biggan Properties, LLC purchased a 2,083-squarefoot office building located in Old Farm Executive Park, 6019 E. Grant Rd., Lot 73 in Tucson. The single-tenant office property was purchased om Fox Hollow Enterprises, LLC, for $387,500. Thomas J. Nieman, Principal, and

Tucson Local Media fi le photo.

INSIDE TUCSON BUSINESS.COM Office Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction. Joseph Nehls, with Sunvest Commercial, Inc., represented the buyer.

TUCSON ABI, LLC purchased 2,200 square feet of office space at 3360 N. Country Club Road in Tucson, from the 1031 Exchange Company LLC/ Partheni Enterprises, LLC for $342,000. Molly Mary Gilbert, Office Specialist with Cushman & Wakefield | PICOR, represented the buyer in this transaction. Gary Andros with Andros Properties, represented the seller.

Steve Freeman and Laura Freeman purchased 15,330 square feet of multifamily space located at 1841-1883 S. San Jose Dr., 1640-1672 W. San Juan Trail and 1880-1884 S. San Antonio Dr. in Tucson. Sentinel Villas, a 21-unit apartment complex, was purchased from Sentinel Villas, LLC for $1,840,000. Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented the buyer in this transaction. Timothy Bathen, with Arizona Acquisition Strategies, represented the seller.

TKL Properties, LLC, acquired 27,113 square feet of industrial space located at 4725, 4742 and 4749 S. Irving Ave. in Tucson. Six industrial buildings, offering warehouse, office, showroom, storage and shop space, were purchased from Lead Properties, LLC, for $1,450,000. Ron Zimmerman, Principal and Industrial Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction. Clint Buckelew with Buckelew Realty, represented the buyer.

LEASES

Staples Contract & Commercial LLC renewed their lease with Harsch Investment Properties, LLC, for 12,000 square feet of industrial space at 2901 E. Elvira Road, Suite 195 in Tucson. Jesse Blum, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. John Slattery with CBRE, Tucson, represented the tenant.

AT&T leased 2,000 square feet of retail space from HAM Midvale, LLC, located in Midvale Plaza, 1710 W. Valencia Rd., Suite 100 in Tucson. Dave Hammack, Principal, and Retail Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Kalen Rickard with Western Retail Advisors, LLC, Phoenix, represented the tenant.

Timberlake Crafts, LLC, leased 1,261 square feet of industrial from space from Eastside Center, LLC, located in Eastside Research Commerce Center, 1642 S. Research Loop, Suite 130 in Tucson. Ron Zimmerman, Principal and Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

Blazon Design and Print, LLC, leased 1,200 square feet of industrial space from Presson Corporation located in Town Central Business Park, 4937 E. 29th St. in Tucson. Robert C. Glaser, SIOR, CCIM, Paul Hooker, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

Inca’s Peruvian Cuisine renewed their lease with EREP Ventana II, LLC, for 1,200 square feet of restaurant space located in Ventana Village, 6878 E. Sunrise Dr., Suite130 in Tucson. Dave Hammack, Principal, and Retail Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

Littlest Bookshop leased 1,000 square feet of retail space at 5011 E. 5th Street in Tucson, from H.L.F. Properties, Inc. Andy Seleznov, CCIM, Retail Specialist, and Ryan McGregor, Office Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

Sandra Alicia Figueroa Montijo leased 800 square feet of industrial space from Presson Corporation located in Town Central Business Park, 4967 E. 29th St. in Tucson. Robert C. Glaser, SIOR, CCIM, Paul Hooker and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

Big 5 Corporation leased 10,800 square feet of retail

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