Sunday, June 24, 2018

Real Estate Daily News

The Trinity Mixed-Use Project Ready To Begin Construction this Fall

TUCSON, ARIZONA – A joint venture between R+R Development, LLC (Randi Dorman and Rob Paulus, members) and Bourn Properties, LLC (Don Bourn, manager), Trinity Project Investors LLC, closed on the first takedown from Trinity Presbyterian Church of Tucson for $700,000 ($21 PSF). The 33,198-square-foot lot is located along University...

Major Road Projects move forward for SR 189, I-17 and SR...

PHOENIX, Arizona  – A major freight corridor in southern Arizona that moves trucks to and from Mexico for produce and other goods will undergo a full build-out of improvements over the next few years now that the State Transportation Board formally approved the funding for the project. The board approved...

Real Estate Daily News

Two Alarm Fire at The Mark at Tucson Student Housing Construction...

TUCSON, Arizona -- Tuesday morning's fire at The Mark at Tucson is estimated to have caused in excess of $1 million in damage. The fire destroyed major portions of the multi-story student housing building scheduled to open fall 2019 while still under construction, as well as significantly damaging/destroying construction...

Ally Bluechel joins NAI Horizon as Marketing Specialist

PHOENIX, ARIZONA – NAI Horizon, having just celebrated its 25th anniversary in the Valley in 2017, continues its growth in Arizona with the hiring of Ally Bluechel as Marketing Specialist. Bluechel will provide support to NAI Horizon brokerage teams by developing materials for marketing proposals. She will also create and...

Real Estate Daily News

ESL Completes Acquisition of Universal Avionics HQ in Tucson for $21.3...

TUCSON, Arizona -- Universal Avionics Systems Corporation (“UA”) completed its acquisition by Elbit Systems Ltd. (NASDAQ and TASE: ESLT) with the $21.3 million (133 PSF) sale of its headquarters at 3260 E Universal Way in Tucson. As part of the $120 million acquisition of the assets and operations of...

Raytheon receives U.S. Patent No. 10,000,000

Laser radar data system is latest innovation in company's near century-long history WASHINGTON, DC -- The U.S. government has granted the 10 millionth patent in the nation's history to Raytheon (NYSE: RTN). The patent covers a system for obtaining real-time readings on speed and distance from the data stream created by...

Rio Nuevo: TCC Improvements Under Discussion Include Arena Football

TUCSON, Arizona – A recent article on TIBO website is reporting Rio Nuevo is currently working on landing an Arena Football League (AFL) expansion team that would play at the Tucson Convention Center in Downtown Tucson.  At last month’s Rio Nuevo meeting, the board approved up to $400,000 in additions that...

Shenkarow’s 20-Story Speedway and Campbell Gateway Gets Nod of Approval

TUCSON, Arizona – Tuesday evening, the Tucson City Council approved the development of a 20-story mixed use tower at the northwest corner of Speedway and Campbell Avenue to be  developed by Richard Shenkarow and partners. The building could be completed by 2022 at an estimated cost of about $300...

Iconic Donut Shop, Le Cave Opening Across from Police Substation

TUCSON, ARIZONA -- Empty Box, LLC purchased a 2,515-square-foot former Jack in the Box, located southeast of Alvernon Way at 3950 E. 22nd St. in Tucson from an affiliate of 4-D Properties, 3950 E. 22nd Street, LLC for $637,500 ($253 PSF). Naomi and Chris Pershing purchased the Le Cave’s Bakery...

Texas Roadhouse, Starbucks and Iconic Restaurant Brand Sign Leases at...

More Retailers to be Announced Soon at Scottsdale’s Latest Shopping Destination Scottsdale, Arizona -- Starbucks, Texas Roadhouse and an additional, iconic restaurant brand have all signed leases this month to open restaurants at The Block at Pima Center, paving the way for vertical construction to begin.  Further lease announcements are...

O’Reilly Auto Parts Coming to Shoppes at Continental Ranch in Marana

Marana, Arizona -- O’Reilly Auto Enterprises, LLC, dba O’Reilly Auto Parts, purchased a 44,431-square-foot PAD located at 9090 N. Silverbell Road, Marana, AZ for $650,000 ($14.63 PSF). The PAD is in the Safeway anchored shopping center known as Shoppes at Continental Ranch at the southeast corner of Twin Peaks...

CBRE Completes Sale of two Phoenix-area apartment communities totaling $8.81 Million

Phoenix, Arizona – CBRE completed the sale of two Phoenix-area apartment communities totaling $8.81 million. Indigo Lofts, a 65-unit multifamily community located in Mesa at 715-737 E. Brown Road commanded a sale price of $7.25 million ($111,538 per unit). Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE Phoenix Multifamily Investment...

Tucson Lease Report June 11-15, 2018

The following commercial leases were reported to the Real Estate Daily News for the Tucson Lease Report from June 11-15, 2018. OFFICE – 250 WILLIAMS CENTRE, TUCSON Brad Anderson, Farmers Insurance leased 1,330-square-feet at 250 Williams Centre.  Andrew D. Sternberg and Phil Skillings with NAI Horizon Tucson represented the Landlord and...

First Time Buyer in Arizona from Hawaii Acquires Tempe City Center

PHOENIX, Arizona – Cushman & Wakefield announces the sale of Tempe City Center, a 162,640-square-foot office building located at 1400-1470 East Southern Avenue, between Rural Road and McClintock Drive in Tempe.  The asset is comprised of an eleven-story office tower, three single-story office buildings, and two single-story retail buildings...

Sale of 376-Unit Fairways at Cave Creek Apartment Community

Phoenix, Arizona – CBRE announced the sale of Fairways at Cave Creek, a 376-unit value-add multifamily community, located at 2140 W. Thunderbird Rd. in Phoenix. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the seller in the transaction. The buyer is Los Angeles,...

South Dodge Business Center in Tucson Fetches $6.5 Million

Tucson, Arizona -- Presson Corporation of Phoenix (Daryl Burton, manager) purchased nine buildings totaling 124,863-square-feet at 3601, 3621, 3631, 3641-3681 E. 44th St. and 3200, 3210, 3220, 3230, 3250, 3300, 3320 S. Dodge Blvd.  in Tucson for $6,491,160 ($52 PSF). The South Dodge Business Center is located near Butterfield Industrial...