LAO-Tucson Closes on $12.61 Million of Land Sales in Northwest Tucson

TUCSON, Arizona — Will White and John Carroll with Land Advisors Organization (LAO) closed this week on $12.61 million in land sales in Rancho Vistoso and Gladden Farms in Northwest Tucson submarket.

A New York-based land investment REIT, JEN Arizona 32, LLC and affiliate TerraWest Communities (Mike Jesberger) purchased Blocks 5H and 5I (190 Acres) at Rancho Vistoso Neighborhood 5 in Oro Valley for $6.3 million.  The buyer plans to plat the parcels for a mix of production lot sizes. The Seller was VPII Loan, LLC.

Richmond American acquired 19 paper lots in Rancho Vistoso Neighborhood 10T for $850,000 ($44,737 perplatted and engineered lot). The 19 lots are a Vistoso infill parcel sold by Tempe-based, Grace Holdings, LLC (Bernadette Wolfswinkel, manager).

“Rancho Vistoso goes all the way back to the 1980’s and 90’s, so Vistoso is some of the best infill in the region at this point. It has a proven track record of some of the strongest pricing power and pace in the Tucson metro area. It is surrounded by supporting amenities, employment and the views and aesthetics of that area are amazing. Homebuilders continue to scout opportunities in that masterplan because they are having great success. As the options become limited in Rancho Vistoso, we expect land to continue to trade at a premium that reflects the strong attributes of the project,” commented White.

Richmond also closed on it’s second deal at Gladden Farms in 2018 for another 105-finished lots for $5.46 million ($52,000 per lot). The lots were sold by the developer, Gladden Phase II, LLC (Crown West Realty, Dean Wingert). Will White and John Carroll of Land Advisors Organization in Tucson handled the transaction and have the marketing assignment on all of Gladden Farms.

“Gladden Farms has closed 347 lots YTD. It is not surprising that new blocks are trading at volume, it is a fantastic community in a strong growth area. North Marana has huge momentum and will continue to capitalize on the constraints of the metro area for many years to come.”

White added, “The great thing about the Tucson market is that it is showing strength in almost every component. We are seeing much better economic news and supply is tight on all fronts which is providing a very stable situation. We like to look at burn rate and this year there has been a big push to affordability and building specs to get ahead of timing concerns and get cost efficiencies. This all leads to the build out of communities faster than everyone was anticipating. Bottom line is we need more land in production in all areas of Tucson or we can simply expect price increase all around from land to housing over the next 24 months.”

For more information, White and Carroll should be reached at 520.514.7454.

To learn more, see RED Comp #6278, #6290 and #6289.




Washington Developer Buys Goodyear Land for Multifamily Project

Estrella Commons Property Sells for $3.8+ Million

Phoenix, Arizona –  IDM Companies, a Vancouver, Washington-based real estate company, has purchased 14.72 acres near the southeast corner of Interstate 10 and Estrella Parkway in Goodyear.  The company paid $3,848,186 for the land and plans to develop 352 apartment units on the site called Acero Estrella Commons.

“This property provides a terrific, live-work-play environment for multifamily development,” says Ramey Peru with Colliers International in Greater Phoenix. “It is situated next to a Walmart Super Center and walking distance to Safeway, Walgreens and nearby restaurants.  Job growth in the area has been robust, which enables future residents to enjoy a complete lifestyle without long commutes.”

 

IDM Companies intends to break ground on its Acero Estrella Commons multifamily project in January 2019 with expected completion in mid-2020 . The Estrella Commons land features 700 feet of frontage along Estrella Parkway.  The property is located just one-third of a mile from a full diamond interchange of Interstate 10.  The neighborhood is home to a sizable Fulton Homes development of single-family dwellings, as well as a Christopher Todd community of single-family rental homes.

IDM Companies purchased the property from Evergreen Devco of Phoenix.  Peru, Chaz Smith and John Finnegan of Colliers International in Greater Phoenix represented Evergreen in the sale transaction.  Torrey Briegel of Phoenix Commercial Advisors represented IDM Companies.

IDM Companies was founded in 1993 and began developing in the Portland, OR area.  The company now operates throughout the Pacific Northwest and Southwest regions.

Evergreen Devco is a national, fully diversified real estate company specializing in retail, commercial and multifamily development, asset management, property management and leasing.  The company has completed more than 500 development projects in more than 175 municipalities throughout the United States.




Mountain Oyster Club Completes $1.4 Million World Class Kitchen Remodel

TUCSON, Arizona — Dean P. Cotlow of Cotlow Company and President of the Mountain Oyster Club (M.O. Club) announced the completion of a recent complicated remodel of the 82-year old kitchen at the M.O. Club building. With the goal of keeping the Mountain Oyster Club open during construction, with semi-trailer sized kitchens, there were many surprises discovered during the remodel due to the age of the facility. The Club celebrated its reopening Oct 12th.

Seaver Franks were the architects and Barker Contracting completed the construction. The end result is nothing short of a world class kitchen at a cost of $1.4 million for the new kitchen at the Mountain Oyster Club.

The iconic home of the Club at 6400 E El Dorado Circle in Tucson has a long rich history of its own. It was originally built as a home for Miss Florence L. Pond, daughter of a distinguished lawyer in Detroit. The building, called Stone Ashley, was planned by Grosvernor Atterbury, a well-known New York Architect. It was constructed of block and native fieldstone by the M. M. Sundt Construction Company for a price of $67,000. The estate consisted of 318 acres that extended approximately one mile on Speedway and a half mile along Wilmot. Approximately 20 acres of beautifully landscaped grounds surrounded the 17-room residence, the rest was natural desert. Miss Pond made Stone Ashley and the grounds available to servicemen and other groups in the area during WWII for concerts, other programs and swimming.

In 1947, Miss Pond put the property up for sale with an asking price of $300,000 unfurnished, and eventually sold it for $200,000 including furnishings. After approximately $400,000 in renovations by architect Bernard J. Friedman and the M. I. Poze Construction Company, which included the addition of a third floor to the main building and other building improvements, which would house up to 80 guests, it opened in 1949 as the El Dorado Lodge. Also added at that time, were tennis courts, a heater for the pool, putting greens, badminton courts, shuffleboard courts, horseshoe pitching facilities, an 18-hole golf course, horse stables, corrals and a residential community.

The El Dorado Guest Lodge promoted itself as a place “…where breathless scenery, age-old traditions and the pleasures of today combine…”

It later became the Palm Court Restaurant before being purchased by Charles Kerr, former Maitre d’ of the Tack Room Restaurant and opening as Charles Restaurant in 1979. Charles attempted to return the mansion to its original English manor style with slate floors, wonderful fireplaces and a beautiful beamed ceiling. He was also responsible for the addition of a first-class kitchen. What had once been elegant guest rooms were now offices for various Tucson businesses. In 1984, an additional 2 story office building was added to the northeast side of the existing buildings, which copied the style and materials of the original structures.

Most recently, for a period of about 2 years the original mansion housed a French restaurant that went by the name of the original home, Stone Ashley.

While many changes have taken place over the years, much hasn’t. You still enter the property by way of the tall Italian Cypress lined road and the original paneled front door of the Pond mansion, believed to have cost $1,500 in 1936. A few of the fruit trees remain from what was a family citrus grove of grapefruit, sour orange and olive trees. To the right of the front entrance, the bath house with 2 dressing rooms still remains although the pool has been replaced with a parking lot. Many of the decorative gardens, fountains and other exquisite touches that made this estate one of the show places of the southwest can still be found inside and out.

Likewise, the Mountain Oyster Club prides itself in holding true to its rich heritage. Many of the original “Los Viejos” are no longer with us, but the M. O. Club has attracted a colorful array of westerners that hold true to the club’s traditions. You will still find the custom woven carpet, good ‘ol boys in the bar willing to share a story or two, and your right to wear your blue jeans and park your pickup or stock truck in the lot as well as the motto “cerveza y huevos para todos.” Changing times are even dealt with by applying the swift old western style of justice, as those who have allowed their cell phones to ring have found out, when they picked up the tab for a round of drinks. Also unchanged, is a collection of fine western art, southwestern hospitality, fine wines and spirits, and an enticing menu that includes fine cuts of beef prepared to satisfy the palates of those that know a thing or two about whence it came and how good it can be when it is prepared correctly.

There are many colorful stories of how the Mountain Oyster Club came to be. There is probably a thread of truth in most of them. The most common versions say that it was begun by a group of cowboys, playboys, ranchers, polo players, race-horse types, and others whose unacceptable behavior had gotten them thrown out of all of the respectable establishments in Tucson. Whether the real reason for its’ creation was to give ranchers and their wives a place in town where they could feel at home in their boots and Levi’s and shoot out the lights without offending the rest of the membership or some other less interesting purpose, we know it began in 1948.

A group of six men have been given the blame or credit as the case may be for creating a list of original invitees. The club opened for business November 1, 1948, in the basement of the Santa Rita Hotel in downtown Tucson, a location deemed “The Passion Pit.” The club was relocated to the neighboring Pioneer Hotel in 1965. The Mountain Oyster Club was forced to find a new location ten years later when the Pioneer Hotel ceased operations. After extensive renovations, in November of 1975, the club reopened in the historical Jacome home, then owned by well know accountant and member, C.T.R. Bates. This mansion at the corner of Stone Ave. and Franklin became the home of the M. O. Club for the next 30 years.

In 2003, with another lease renewal looming, the club sought a place to purchase, the investment of a permanent home for the Club. Unable to negotiate the purchase of the current facilities, the search began for a new home; a historical building and ample parking were the top priorities. In January 2004, the Mountain Oyster Club moved out of downtown to its current location near Speedway and Wilmot on Tucson’s East side. The new facilities house the club and several commercial office rental spaces.

To learn more about the Mountain Oyster Club go to https://mountainoysterclub.com/