MARANA, ARIZONA — KB Home closed on 92 lots (40’X120′) in the eastern half of Block 27 of Gladden Farms for $4,600,000 ($50,000 per finished lot). The lots were purchased from Gladden Phase II, LLC (Crown West Land Group, Dean Wingert, Vice President).

Gladden Farms is a 1,350-acre master planned community in northern Marana, just west of Interstate 10 between Tangerine and Moore Roads. The master-plan has been a top performing community in the Tucson area in 2020 and is one of the most active projects in the Northwest Tucson submarket. The community is home to 5 builders, Meritage Homes, Richmond American, Lennar, Pulte, and KB Home.

This closing represents the final portion of a phase of 405 lots that have been sold and commenced construction in just the past four months at Gladden Farms. The project is currently engineering new plats for several hundred additional lots that will be marketed over next few months.

Will White and John Carroll of Land Advisors Organization in Tucson handled the transactions and have the marketing assignment on all of Gladden Farms.

“The activity at Gladden Farms is off the charts,” said Will White.  “There is more demand for new lots than can be supplied to the region’s homebuilders. The effort going forward will be to expedite the approval of new plats and ensure the homebuilders have a smooth runway to accommodate their increased sales pace.”

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

To learn more, see RED Comp #8241.

Phoenix, Arizona – CBRE announced that an industrial property, Desert Gateway II, in Phoenix sold to San Francisco-based real estate investment firm Catalyst Real Estate for $13.5 million.

Mark Shaffer, Geoff Turbow and Anthony DeLorenzo of CBRE represented Catalyst Real Estate in the off-market transaction. The seller, a private investor, was self-represented. The CBRE Debt and Structured Finance team of Jim Korinek, Shaun Moothart, Dana Summers, Doug Birrell, and Bob Ybarra advised Catalyst on its financing options for the transaction.

Located at 747 and 777 West Pinnacle Peak Road, Desert Gateway II was originally built in 2018 and is comprised of two multi-tenant buildings totaling 36,004- and 40,870-square-feet. The class A property features 20’ clear height, 12’ by 14’ overhead doors and air conditioning throughout the office and warehouse space. Suites range from 2,252- to 6,778-square-feet.

“Phoenix is a high-growth market where investors can acquire newly-developed assets with strong cash flow at a relative discount to coastal markets,” said Turbow. “With strong industrial market fundamentals, multi-tenant industrial assets are highly desirable and can provide a significant hedge against economic headwinds.”

Added Korinek, “In the COVID 19 environment, lenders are focusing nationwide on the attractiveness of financing industrial properties as most other asset classes appear relatively less secure. An ‘A’ quality industrial property like Desert Gateway in a desirable market like Phoenix attracts intense attention from lenders including life insurance companies, banks, and CMBS lending platforms. Desert Gateway was a beneficiary of that interest.”

The Phoenix industrial market’s momentum continued into the third quarter with 2.16 million square-feet of positive net absorption, its 42nd consecutive quarter of gains according to a CBRE research report. Currently, 11.8 million square-feet of industrial space is underway across the Phoenix market. At the end of the quarter, 54.2 percent of the space under construction was committed to by tenants currently located in the market and new entries to Phoenix.

TUCSON, ARIZONA — Vast Commercial Real Estate Solutions (Vast), a full-service commercial real estate and investment brokerage firm, brokered the sale of an office condo at 7540 N La Cholla Boulevard, Tucson, AZ 85741. The condominium sold for $338,375 ($192 PSF).

Located north of Ina Road in the La Cholla Corporate Center, a 230,000-square-foot professional office complex. The asset closed on October 28, 2020.

Jon O’Shea of Vast represented the seller, Vector Properties, LLC. The buyer, John Thomason Price Revocable Trust was represented by Mark Hays with Tierra Antigua. The seller was an owner user dba Vector Impressions and the buyer will be the same as an administrative office for billing.

For more information, O’Shea can be contacted at 520.780.4743 and Hays can be reached at 520.444.5401

To learn more, see RED Comp #8198.