Richmond American (Rick Morris, Land Acquisition) purchased 50 platted and engineered lots at Mountain Vail Estates for $1.501 million ($30,000 per lot). This is the first half of approximately 94 lots being re-platted by the seller, MC 140 LLC, an affiliate of Diamond Ventures.

Buyer will develop the lots for construction. This is not Richmond’s first acquisition in this southeast subdivision with 501-lots in the Houghton Corridor.

Lot sizes were reported to be about 80 percent 50’x115’ and 10-15 percent 60’ wide lots.

To learn more, see RED Comp #3968.

Richmond American also purchased 34 platted lots at Linda Vista Heights for $884,000 ($26,000 per lot) in this northwest submarket of Tucson for development. Lots are 50’x110’ and 50’x 120’.

Charlie Bowles of Bowles Realty & Investments in Tucson handled the transaction for the seller.

To learn more, see RED Comp #3956.

At Eagle Point Estates, in the western submarket of Tucson, DR Horton purchased 8-SFR lots for $318,000 ($39,750 per lot). This was a part of a rolling option agreement for 83-lots at Eagle Point Estates. The seller, Tierra Valencia of Tucson is an affiliate of the Estes Companies (Bill Estes III, manager).

DR Horton began construction at Eagle Point Estates back in January 2015 and are over half-way to completion, with 42-lots remaining

Dan Feig and Aaron Mendenhall of Chapman Lindsey represented DR Horton in the transaction.

To learn more, see RED Comp #3959.

By: Abdul Ahmed in All About Arizona News

It seems that the Scottsdale SkySong development will be getting a Starwood-brand hotel very soon. The news about the upcoming hotel was first announced by the officials of Arizona State University Foundation in the early part of July. However, they needed the approval of the City Council. With a 6-1 vote held on July 6^th the Council signed off on the project. The opposing vote was cast by Councilman David Smith. The criticism that Smith had was related to how SkySong was straying away for its initial purpose of being a technology center.

The Mayor of Scottsdale, Jim Lane, said that even though he first opposed the SkySong project (on similar concerns that Smith shared) the development of hotels were always a part of the agreement.

According to Don Couvillion, the vice president of real estate for the ASU Foundation, the upcoming hotel is expected to be a Starwood brand. He also went on to say that the developer of the hotel paid $75,000 for a franchise agreement with Starwood and wants to move forward with the project in order to not face problems due to Starwood’s merger with Marrriott International.

If the ASU enters a lease with the developer of the hotel by the 6^th of July, 2017, the foundation is expected to pay around $42,000 per year to the city as rent for the 100,000- square-foot hotel.

Westin, Aloft, Sheraton, and Elements are included in the Starwood’s brand. However, it has not been announced which brand will be opening at SkySong. It is confirmed that the hotel will have 120 rooms and the restaurant on the ground floor will be open to the public.

The CEO of Plaza Cos., Sharon Harper, said that since the inception of the complex they have planned for a hotel as it will attract more national and regional business.

SkySong was launched back in 2004. It was joint venture with ASU, Scottsdale, and Plaza Cos. A total of $40 million was paid by Scottsdale for nearly 40 acres of land. The first two office buildings opened up in 2008. An apartment complex (325-unit) opened in 2014 and this was followed by a third office tower in 2015. A fourth office building along with a restaurant complex is under construction.

The Greater Phoenix Economic Council shared a recent analysis in which SkySong is predicted to have an economic impact of $32 billion, and in 30 years is expected to generate more than 10,000 jobs.

To read full story click here

Charges 2 LLC (Brandon Rodgers, member) purchased a 5,000-square-foot industrial building located at 1140 N Rosemont Blvd in Tucson from Richmond Hills Investments LLC (Jesse Chen, trustee) for 343,000 ($69 PSF). The buyer purchased to lease property.

Built in 1998 the industrial warehouse building is on a 19,424-square-foot lot zoned C-2. The buyer purchased it for lease.

Brandon Rodgers, CCIM, Principal with Cushman & Wakefield | Picor, represented and was a principal in the buying entity and James Robertson, MBA, CCIM, with Realty Executives Tucson Elite represented the seller in the transaction.

For additional information, Rodgers can be reached at 520.748.7100 and Robertson should be contacted at 520.878.1629