Sabino Canyon Properties, LLC of Tucson (Bob Gugino, managing member) sold 5.91 acres of vacant land at the southwest corner of Sabino Canyon and River Road to Alta Vista Communities of Tucson (Roger Karber, managing member) for $1.4 million ($5.55 PSF). Members of the joint venture selling the property had owned it for 35-years prior to the sale.

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[mepr-show rules=”58038″]The property was approved for zoning from SR to CR-4 on July 2 by the Pima County Board in 5-0 unanimous vote, the final hurtle for a development of a 53-unit detached SFR rental community on this site.

The buyer, Roger Karber, and founder of Aerie Development, a local builder of luxury rental homes told us that the community ‘Aerie at Sabino & River’ will be exclusively 2- and 3-bedroom homes, ranging in size from 965 to 1,244 sq. ft., and include Aerie’s signature amenities such as elegant granite counter tops, ten foot ceilings, and stainless steel kitchens. All homes have private yards and a community pool and Jacuzzi.

Another Aerie rental community, Aerie at Tanque Verde, recently sold for a record price of $146,000 per unit  for a multifamily development. See July 19^th story on Aerie Tanque Verde sale here.

Mike Carlier and Jim Vincent of the Carlier Company in Tucson and Mike Ebert of Trident Commercial Real Estate in Tucson handled the transaction for the buyer.

Karber can be reached at (520) 977-5456. Carlier and Vincent are at (520) 529-3800. Ebert should be contacted at (520) 320-9311. [/mepr-show]

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[ismember]Sale date was 8/12/2013. Exact sale price was $1,428,010, all cash deal.  Escrow time was 5-6 months pending rezoning and final plan approval. There was opposition from the neighbors that was overcome after rezoning did not pass in May. Buyer has an additional parcel in escrow nearby that is being replatted from 196-units to 150-units for development services. [/ismember]

Classes started Monday at the University of Arizona, with three new luxury student housing complexes open, and 7,200 new academically qualified freshman students who are eager to learn and make their mark on the world enrolled for the Fall 2013 semester.

“The Retreat” opened this year near Park & 22nd St. (774 beds), the “Cadence” at Congress St. & Toole Ave. (465 beds), and the new sixth-tallest building in Tucson, the “Level” near Speedway & Park Ave. (586 beds). That’s an aggregate of 1,825 new rooms for the start of this semester, with three more student housing buildings are under construction.

Three more off campus student-luxury complexes are currently under construction. “Next” being built by Campus Acquisitions, a 12-story building next to Level , “Hub at Tucson” being built by Core Campus; and “The Junction at Iron Horse” being built by Royal Properties, are all an schedule and expected to open for the fall semester 2014.

There were a total of 1,600 transfers from other institutions for the same term and 600 re-enrolled students. The incoming freshman class is slightly less than last year’s class of 7,400, but UA officials expected that due to a smaller pool of graduating high school seniors and tougher entrance requirements for international students factored into the smaller number.

Hines, the international real estate firm, announced Friday that along with joint venture equity partner PCCP, LLC, it has acquired Kierland One, a Class-A, 175,441-square-foot office building located in the North Scottsdale Airpark submarket of Phoenix. The value of the transaction was undisclosed however, Kierland One was acquired in a Trustee Sale in 2011 by Kierland AZ, LLC for $18.2 million.

Completed in 1999, the four-story building is located at 16430 N. Scottsdale Road across from the Promenade Shops, within the Kierland master-planned development. Situated on 11 acres and surrounded by first-class amenities, executive housing and the Loop 101 Freeway, the property, which is vacant, is well positioned to attract a new generation of tenants.

PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has over $6 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Sacramento and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. PCCP has invested more than $6.5 billion throughout the United States and continues to seek investment opportunities with proven operators seeking fast and reliable capital.

Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,273 properties representing more than 514 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. Currently, Hines manages 406 properties totaling 148.5 million square feet, which includes 78.3 million square feet for third parties. With offices in 113 cities in 18 countries, and controlled assets valued at approximately $24.3 billion, Hines is one of the largest real estate organizations in the world.

Hines Managing Director Chris Anderson, said, “We were attracted to Kierland One because of its premium location, the quality of the project, and the continuing Phoenix market recovery. This is a great addition to our portfolio of Class A office properties in Phoenix. The building’s flexible floorplates present a unique opportunity for large tenants.”

“Given the building’s prime location, coupled with the Hines/PCCP sponsorship, we believe we can attract a great lead tenant for the project. We look forward to providing a building that suits the specific needs of a future user,” said Ron Bonneau, vice president with PCCP.

Barry Gabel, executive vice president with CBRE of Phoenix, represented the seller in the transaction. Jeff Hartland, executive vice president with Cassidy Turley of Phoenix, will be overseeing leasing.

Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems. Visit https://hines.com for more information. Learn more about PCCP at https://pccpllc.com.

Gabel can be reached at (602) 735-5273 and Hartland may be contacted at (602) 224-4481.