The top sale this past week at Cushman & Wakefield | PICOR was of 32nd Street Apartments, an investment property located in central Tucson where our Multifamily Specialists, Allan Mendelsberg, Principal, and Joey Martinez represented both parties in this transaction. The top lease was of a 43,065 square foot (SF) industrial space, also located in central Tucson, where our Industrial Specialists Stephen D. Cohen, Principal, and Robert C. Glaser, SIOR, CCIM, Principal represented the landlord in this transaction.
C&W | PICOR recently sold the 32nd Street Apartments for $1,005,000, $83,750 per unit, and $155.81 per SF. The Multifamily Specialists, Allan Mendelsberg, Principal, and Joey Martinez represented both parties in this transaction. Wiley Coyote LLC purchased this 12-unit apartment property from Tuaz Management Group LLC.
32nd Street Apartments is located at 419-423 East 32nd Street in Tucson and consists of ten 1 BD/1BA, one 2BD/1BA, and a studio unit. This was a value-add opportunity and the purchaser plans to renovate and increase rents at the property to bring up the asset’s value. Most of the units have backyards and assigned parking spaces. In close proximity to the I-10 interstate, it makes commutes to Tucson’s destinations convenient for the tenants.
The top lease this past week was of a 43,065 SF of industrial space at 1625 South Euclid Avenue where our Industrial Specialists, Stephen D. Cohen, Principal, and Robert C. Glaser, SIOR, CCIM, Principal, represented the landlord in this transaction. This property, like 32nd Street Apartments, is similarly located in central Tucson which allows for convenient access to all areas of town through I-10, I-19, or Aviation Highway. It was leased by Walnut Industries, Inc and was built in 1974, and it includes a large 39,497 SF warehouse, a 3,568 SF office space, a fenced yard, 2 double dock doors, and AC/EVAP cooling.