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Rillito Marketplace One, LLC an affiliate of the Krausz Companies, Inc. (Ron Krausz, President) of California closed on its second acquisition in Tucson, the Rillito Crossing Marketplace at 4206-4282 N 1st Ave. for[mepr-show rules=”58038″]$16.9 million ($134 per foot) from Continental Tucson 61, LLC, an affiliate of Continental Properties, Inc. The 126,017 aggregate rentable sq. ft. on 13.31 acres is located at the northeast corner of 1st Avenue & Limberlost; 34,643 sq. ft. of this aggregate was planned future space at time of sale.

The Krausz Companies, established in 1996, is a privately held California company. This second acquisition for Krausz in Tucson comes almost exactly one month after acquiring Campbell Plaza Power Center at Campbell and Glenn in Tucson for $31.5 million. Nancy McClure and Michael Sandahl of CBRE in Tucson handled the Campbell Plaza transaction and continues to lease that property for Krausz.

The Krausz Companies also owns the Prudential Plaza Office Tower in Phoenix, located on Central Avenue Corridor in midtown Phoenix. Krausz is interested in additional retail and office investment opportunities in Arizona.

Continental Properties Company, Inc. (James H. Schloemer, Chairman & CEO), the seller and developer of Rillito Crossing, is privately held and headquartered in suburban Milwaukee, Wisconsin. Rillito Crossing was its only venture in Tucson, which began development in 2007; L.A. Fitness opened there in 2007 and Sunflower Market and additional in-line retail space and pads followed in 2009. Sunflower Market merged with Sprouts last year and changed its name to Sprouts.

Rick Borane commented, “Although Campbell Plaza and Rillito Crossing Marketplace properties differ in many ways, the investor was attracted to both centers due to the tenant mix. Rillito Crossing, with L.A. Fitness and Sprouts as anchors, is also positioned close to student housing that gives it enhanced tenant appeal with consistent day and night traffic.” The center was approximately 90% occupied at time of sale, with 10,000-11,000 sq. ft available and running lease rates of $24 per sq. ft.

Rick Borane and Dave Hammack of the Volk Company of Tucson handled the Rillito Crossing project from its inception, and represented Continental in both its acquisition and sale. Borane and Hammack continue to be retained by the Krausz Companies for the management and leasing at Rillito Crossing.

David Pyle, VP at Krausz , is at (415) 732-5600. Continental Properties can be contacted at (262) 502-5500. Dave Hammack and Rick Borane at Volk Company should be reached at (520) 326-3200.

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On Feb. 15, 2013 AutoZone Development Corporation (NYSE:AZO) paid[mepr-show rules=”58038″]$550,000 for a 34,620 sq. ft. parcel ($15.89 per foot) at 8825 E Broadway Blvd. for construction of an AutoZone store from Vladimir Katz of Tucson.

The property is located northwest of Camino Seco on Broadway, with C-1 zoning.
This will be AutoZone’s 17th store in the Tucson area. Stores typically range in size from 6,500 sq. ft to 8,000 sq. ft.

Fred Ludwig, Real Estate Development Manager, reported that AutoZone Development will be general contractor for the project.

During the quarter ended February 9, 2013, AutoZone opened 32 new stores in the U.S. and opened nine new stores in Mexico. As of February 9, 2013, the Company had 4,735 stores in 49 states, the District of Columbia and Puerto Rico in the U.S., 334 stores in Mexico, and one store in Brazil for a total store count of 5,070.

AutoZone will host a conference call this morning, Tuesday, February 26, 2013, beginning at 10:00 a.m. (EST) to discuss its second quarter results. Investors may listen to the conference call live and review supporting slides on the AutoZone corporate website, www.autozoneinc.com by clicking “Investor Relations,” “Conference Calls.” The call will also be available by dialing (210) 839-8923. A replay of the call and slides will be available on AutoZone’s website. In addition, a replay of the call will be available by dialing (203) 369-1211 through Tuesday, March 5, 2013 at 11:59 p.m. (EST).

Vladimir Katz can be reached at (520) 548-1712. Fred Ludwig of AutoZone is at (901) 495-7296.

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On February 15, 2013 TTLC Rincon Knolls, LLC an affiliate of The True Life Comunities (Taber Anderson, principal & CIO) of San Ramon, CA purchased the Rincon Knolls subdivision comprising 502 single family platted residential lots on 172.6 acres for[mepr-show rules=”58038″]$6.1 million, or about $35,000 per acre, from Wyconzona, Inc. (John Williams, President) of Casper, WY.

Located northeast of Mary Ann Cleveland Parkway and Red Iron Trail, adjacent to the Pantano Wash and Cienega Creek Natural Preserve, the site was originally within Pima County. The seller, Wyoconzona, Inc. began annexing the site into the City of Tucson in 2004.

The subdivision sold platted for a Residential Cluster Project (RCP4) in accordance with the City of Tucson. Taber Anderson, who is spearheading the acquisition for True Life stated, “The company hopes to change the existing plat to a reduced density that would create more desirable lots for today’s real estate market. Our goal is to enhance the original design and tailor it to better capture and enhance the views and natural beauty of the site.”

True Life Communities, formerly known as Americap Development Partners, changed its name in February 2011. A privately held real estate development company, its activities include land development, consulting and construction. With several projects in various stages of development throughout California, Colorado and Arizona, the company is actively pursuing additional properties with a focus on first-class residential builders in the Tucson market.”

In August 2012, True Life acquired 168 acres at Rancho Vistoso Master Planned Community in Oro Valley for $10 million, for the development of approximately 400 residential lots. This infill property, known as the “Donut Hole”, due to the way the golf course wraps around it, offers premium golf course frontage and natural open space similar to that found at newly acquired Rincon Knolls.

“Arizona is experiencing a shortage of housing”, Taber added. “A private research study we commissioned for Metro Tucson Area reveals that while resale inventories have dropped and foreclosures declined, a corresponding rise in new home sales was reported. Homebuyers are now moving toward new construction, but homebuilders don’t have that land bank on hand, having diminished their inventory over the downturn, nor are they in a position to obtain it quickly, even though building permits are up. That’s where we step in to fill a void.”

Will White of Land Advisors Organization of Tucson has been retained to co-manage the marketing and home-builder sales process with True Life Communities. Discussions with several homebuilders to acquire platted and engineered lots has already begun with the True Life Team. White also represented the seller in this transaction.

Contact Taber Anderson in the True Life Phoenix office at (602) 626-8777. Bob Keefe, Managing Consultant for Wyconzona is at (520) 404-2717. Will White of Land Advisors Organization can be reached at (520) 514-7454.

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