NY-Based Firm Plans Additional Acquisitions of Value-Add Commercial and Multifamily Assets Across the Sun Belt States

NEW YORK – RockFarmer Properties, a privately owned, fully integrated vertical development and investment firm based in New York City, is pleased to announce its purchase of 6901 San Pedro Avenue, a 14,850-square-foot retail property located in San Antonio, TX for $6,400,000.

RockFarmer Properties purchased the single-box retail property from Corporate Partners Capital Group. Woodforest National Bank provided RockFarmer with a five-year, $3,904,000 loan with two years of interest-only financing. Despite the challenges of the current pandemic, RockFarmer was able to complete the transaction in just 40 days; the purchase closed on August 28, 2020.

6901 San Pedro Avenue is currently occupied by a Walgreens, which recently signed a new 15-year triple-net lease for the space with no landlord obligations; the asking price was $6.615M. In addition, the tenant has 12, five-year options to renew with rare five percent increases every five years and at each option period. The property is well-situated along a major commercial retail thoroughfare boasting more than 32,000 vehicles per day and numerous national retailers including Macy’s, H-E-B, Big Lots, Cicis, Pier 1 and more.

“San Antonio is a market RockFarmer is really excited about as we continue to search for value-add commercial and multifamily assets across the Sun Belt states,” said Brian Getzler, Vice President of Acquisitions of RockFarmer Properties. “6901 San Pedro Avenue is centrally located along one of the area’s most highly trafficked retail corridors. Paired with a strong, national tenant like Walgreen’s was icing on the cake.”

Jason Maier, senior director of Stan Johnson Company, represented RockFarmer Properties in the transaction; Kase Abusharkh, founding principal, and Jacob Abusharkh, managing principal of The Kase Group, represented the seller.

PHOENIX,  Arizona – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Sora on Rose, a 92-unit multifamily asset in Phoenix, Arizona, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The property sold for $14.5 million, which equates to $157,609 per unit.

“Located in the highly coveted uptown Phoenix submarket within walking distance to some of the most desirable dining accommodations and directly between the Camelback and Innovation Corridors, Sora on Rose is perfectly situated to sustain a competitive advantage in a region with significant barriers to future competition,” said Paul Bay, vice president investments, who along with IPA executive managing directors Cliff David and Steve Gebing represented the seller. Darrell Moffitt, senior vice president investments, procured the buyer. “The value of the asset is enhanced by the prospect of property-wide value-add opportunities,” added Moffitt.

Built in 1971, Sora on Rose is located on 2.7 acres north of the intersection of 16th Street and Bethany Home Road. Residents can walk to some of the neighborhood’s most desirable dining destinations and easily access State Route 51. The average unit size is 815-square-feet.

As two rolling option agreements reach conclusion, DR Horton reloads with the final 30 lots at Tres Pueblos Este and has only 21 lots remaining of the original 96 lots at Santa Cruz Meadows in Sahuarita after the September takedown.  The 105 lots at Village at Barnett in Marana,  purchased this month, are under development to further homesite supply for the home builder.

In Sahuarita, DR Horton, Inc. purchased 15 SFR lots from Tucson Land, LLC as part of a rolling option at Santa Cruz Meadows in Sahuarita. The transaction closed on September 15 for $963,000 ($64,200 per lot). A family community, homes at Santa Cruz Meadows are in the Sahuarita School District with Wrightson Ridge Elementary at 2.3 miles, Sahuarita Middle School at 2.4 miles, and Sahuarita High School at 2.4 miles.

The lots are primarily 7,000-square-feet finished lots. After this takedown, DR Horton has 21 lots remaining from the original 96 lots in the option.

Randy Emerson of GRE Partners represented the seller, Tucson Land, LLC and Dan Feig of Chapman Lindsey represented the buyer.

For more information, Emerson can be reached at 520.396.4812 and Feig is at 520.747.4000.

Readers can click here for the DR Horton 3D Tour.

To learn more, see RED Comp #8103.

In Tucson, DR Horton also closed out its rolling option at Tres Pueblos Este with 30 SFR remaining lots for $1,644,402 ($54,800 per lot). This was the fifth and final takedown of 102 finished lots.

Located just North of Bilby Rd off of Tucson Boulevard in South Central Tucson, Tres Pueblos Este was platted and sold to Forestar (USA) Real Estate Group of Texas, an affiliate of DR Horton, to finish and  land bank for DR Horton.

To learn more, see RED Comp #8087.

In Marana, DR Horton purchased Phase 1 of The Village at Barnett, a new subdivision at the northeast corner of Barnett and Sanders Roads in Marana. The phase consisted of 105 platted and engineered lots and were purchased for $2,415,000 ($23,000 per lot). The seller in the transaction was RB Land Barnett Partners, LLC (Randy Bury, Manager) that will now turn its focus to the sale of Phase 2 which consists of 146 fully improved lots. The purchase signals a new push of development activity on the west side of Interstate 10 in this area.

The transaction was handled by Will White and John Carroll of Land Advisors Organization in Tucson. Land Advisors is also marketing Phase 2 of The Village at Barnett.

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

To learn more, see RED Comp #8090.