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As 2013 progresses, the commercial real estate market continues to settle into a “new normal,” largely reflected by the number of bank owned properties, or REOs, lenders can clear off their books each month. There were five REO sales in Pima County from January 1 to February 28, 2013.

The Bank of Oklahoma sold an 8,142 sq. ft. outparcel at Heritage Plaza, 2912 W Ina Road in Tucson for[mepr-show rules=”58038″]$1.95 million, or $239 per sq. ft. The retail building was fully occupied with three tenants when it sold: Einstein Bagels, Foothills Barbers and Cici’s Pizza. The property sold at an approximate 8.5% cap rate. LCL Heritage, LLC of Tucson (Danny Leung, manager) was the investor. Jordan Simon of Venture West in Tucson brokered the deal for the bank.

Zions First National Bank of Salt Lake City, UT sold a 10,212 sq. ft. storefront at 4622-4628 East Speedway in Tucson for $295,000, or $29 per sq. ft. The 10,212 sq. ft. retail building was constructed in 1963 on a 30,933 sq. ft. lot. Speedway Swan Plaza, LLC of Tucson (Ameen Mneimneh and Azzam Taleb) was the buyer. Robert Nolan of Oxford Realty Advisors handled the transaction for buyer and seller.

The Bank of Tucson sold a 4,345 sq. ft. office building at 6380 E Tanque Verde Road in Tucson for $245,000, or $56 per sq. ft. The freestanding building with four office suites was built in 1982, and was vacant at time of sale. Real Property Management Rincon, Inc. of Tucson (Chet & Erika Judd) was the buyer, a property management firm that purchased it to owner occupy. Bill MacMorran of MacMorran Realty represented the seller in the transaction.

The Commerce Bank of Arizona sold Desert Pines Eldercare, a 10-bed assisted living facility at 17420 S La Canada Drive in Sahuarita for $240,000, or $24,000 per bed. This 2,962 sq. ft. building was constructed in 1975 on 1.31 acres. KC2 Group, LLC of Tucson (Kevin H Concannon Jr. & Sr.) was the buyer.

Bank of Tucson sold four office condominiums at the Broadmoor Executive Center, 184-190 S Stratford Drive in Tucson for $150,000, or $30 per sq. ft. The property that sold for $112 per sq. ft. in 2008, was vacant at time of sale. 420 Aviation, LLC of Tucson (Rich Rodgers) was the buyer. Brandon Rodgers of Picor Commercial Real Estate Services handled the transaction for buyer and seller. Rodgers is also leasing the property.

For more information from The Bank of Tucson, contact Robert Placzek at (520) 321-4500. Commerce Bank of Arizona can be reached at (520) 797-4160. Zions First National Bank is at (801) 844-7000. Leslie Warren of the Bank of Oklahoma can be contacted at (918) 619-0984. To reach Robert Nolan at Oxford Realty Advisors call (520) 232-0200. Brandon Rodgers of Picor is at (520) 546-2714. Jordan Simon of Venture West can be contacted at (520) 722-9292. Bill MacMorran of MacMorran Realty is reached at (520) 991-4649.

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RETAIL SPACE – 8295 N CORTARO RD., MARANA
Leslie’s Poolmart leased 2,894 sq. ft. at 8295 N Cortaro Rd. Suites 101 and 107 in Marana, from AP Shoppes. The lease was brokered by Jim Iacobazzi, Direcor of Real Estate for Leslie’s Pools and Adam Madison of Cushman Wakefield of Phoenix. Greg Wexler of Wexler & Associates represented the landlord.

OFFICE SPACE – 616 N COUNTRY CLUB RD, TUCSON
Strongpoint, a communication consulting firm with a specific focus on public and media relations, leased 4,000 sq. ft. at 616 N Country Club Road from Siegund Properties. Tari Auletta and Jesse Blum of Newmark Grubb Knight Frank of Tucson represented the landlord. Bruce Suppes and John Ash of CBRE of Tucson represented the tenant.

OFFICE SPACE – 210 W 5TH STREET, TUCSON
El Rio Community Health Centers leased 4,600 sq. ft. for administrative offices at 210 W 5th St., Suite 4 and 6, from Rich Rodgers Investment. Brandon Rodgers of Picor Commercial Real Estate Services a Cushman Wakefield Alliance Member, represented the landlord. James Hardman of Desco Southwest represented the tenant.

INDUSTRIAL FLEX SPACE – 3855 S EVANS BLVD, TUCSON
Crossroads Community Baptist Church leased 2,424 sq. ft. at 3855 S Evans Blvd., Suite 405 from Ajo/Evans Business Park, LLC. Located at the Ajo/Evans Business Park, the space was 50/50 build-out. Jeff Zellet of Picor Commercial Real Estate Services a Cushman & Wakefield alliance member represented the landlord.

OFFICE SPACE – 10370 N LA CANADA DR., ORO VALLEY
Oro Valley Hospital leased 3,844 sq. ft at 10370 N La Canada Dr in Oro Valley. Jayme Fabe of CBRE represented the landlord, Americanada of Farmington Hills. MI.

To sumbit sales or leases email REDailyNews@outlook.com

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“Builders and the public are attracted to Rancho Sahuarita for the life-style,” according to Ted Herman, Director of Real Estate at Sharpe & Associates, “we make a big effort to make residents’ lives more fun and enjoyable with a wide variety of events.” This month an eclectic community event calendar shows a car and motorcyle show, a rodeo round up day, the 6th annual father/daughter dance, speakers on financial matters and an assortment of health and fitness classes for every member of the family. Something for everyone seems to be working well there.

On February 22, 2013 Richmond American Homes (NYSE: MDC) the home building subsidiary of M.D.C. Holdings, closed on 24 finished lots, paying[mepr-show rules=”58038″]$792,000 ($33,000 per lot) for this final takedown at Presidio San Xavier. The seller, Rancho Bridge, LLC (Greg Anderson, principal) of Tucson purchased 48 lots from Pulte Homes last year and resold them to Richmond American in a two-part option agreement that began April, 2012. The lots were a mixture of 45′ x 100′ and 55′ x 100′ lots.

Dan Feig of Chapman Lindsey in Tucson represented the builder and seller in the option agreement.

In a separate transaction, Richmond American acquired an additional 77 finished lots at Presidio del Norte for $4.24 million ($55,000 per lot) from RSMC VI, LLC, an affiliate of Sharpe & Associates of Tucson (Bob Sharpe, CEO) in a cash purchase. The builder reports a completely new line of home models to be coming to these mostly 50′ x 110′ lots.

Herman reported building permits in Rancho Sahuarita are up by 80% over the past 12 months, and new home closings are up another 20% over the past 12 months. Including the 77 lots sold to Richmond American, there are 265 buildable lots in the hands of builders there, less than a 12 month inventory. Distress builders’ lots have also all been depleted, so with restricted supply and increased demand, there can subsequently be expected higher prices for both homes and land. Home foreclosures also declined by 41% from its 2010 all-time high, and distressed homes returned to lenders is down by 32% from this same period. These are all positive shifts in market perseptions that lend to an increased optimism for the future for housing in Rancho Sahuarita.

“Rancho Sahuarita’s building fees, if not the lowest in the area, are certainly very competitive,” Herman commented, “there are no impact fees as found in the City and County, another big advantage to builders in this award-winning community.” Builders such as Richmond American, Maracay Homes and DR Horton are currently building here.

In the early 1990′s, Bob Sharpe purchased an old cotton farm in a community known as Sahuarita, with the vision of creating a highly amenitized master planned community. Sharpe compiled a team to help form the Town of Sahuarita, and began the process of planning Rancho Sahuarita. This lead to a detailed development plan, which was the comprehensive guiding vision for what is now Rancho Sahuarita’s 5,100 homes, and expected to become 11,000 homes when complete.

For more information contact Ted Herman at (520) 299-8766. Dan Feig can be reached at (520) 747-4000. Bob Martin, VP Finance at Richmond American is at (720) 977-3431. Richmond American sales office can be contacted at (520) 594-6180.

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