This article has been archived, please login for access or subscribe now for a free trial.

The following list of office sales completes our reporting of 2Q Tucson sales, and although all are not all medical spaces, most are. According to NAR, while the US healthcare system is bracing for the addition of 30 million previously uninsured patients,  there are a series of business transformations taking place having significant real estate effects.

EAST SUBMARKET
James and Vicki Sherman of Tucson sold their medical condo at 6562 E Carondelet Dr. Suite 205 in the San Rafael Medical Center on St Joseph Hospital campus to Jorge and Joanne Alvarez of Tucson for

[mepr-show rules=”58038″]

$185,000 ($87.55 PSF). Dr. Sherman an OB/GYN occupied the space and Dr. Alvarez, DDS will also owner occupy it as a dental office. Financing was handled through and SBA loan.

NORTHEAST SUBMARKET
The office condo at 7367 E Tanque Verde Rd in Tucson sold for $294,000 ($140 PSF) to Richard Gage of Tucson. The office condo in Tanque Verde Place was vacant and will be occupied by buyer dba Financial Equities Strategies, a financial advisor. Mark Hays of Tierra Antigua Realty in Tucson represented the seller, Tucson and Green Valley Team Office, LLC of Tucson (Robert Eyer and Jeffrey Arnett). The buyer was represented by Larry Potter and Amy Star of Keller Williams Southern Arizona in Tucson.

Baggins sold two adjoining office buildings at 5375 and 5403-5407 East Pima Street in Tucson for $265,000 ($75 PSF). The buyer KLM Properties, LLC dba Collins Excavating intends to owner occupy the properties located northwest of Craycroft, between Beverley and Craycroft. Bob Bohacik of Arizona Sunbelt Business Advisors in Tucson represented the seller. Greg Boccardo of Hoot Gibson Realty in Tucson represented the buyer.

The medical office building at 4715 E Camp Lowell (built 2000) in the class-A Swan Corporate Center at Swan and Fort Lowell in Tucson sold for $1 million ($235 PSF). The seller Dr. Jeffrey Palen, a Gynecologist sold the property to Dr. Jeffrey Monash dba Tucson Bariatric. The seller and new owner are sharing the building as Tucson Bariatric Obstentrics and Gynecology temporarily.

CENTRAL SUBMARKET
Charter School, Presidio High School paid $750,000 ($92 PSF) for the vacant 8,187 sq. ft. office building at 1615 East Fort Lowell Road in Tucson, located northeast of Cherry and Fort Lowell. Presidio serves approximately 400 students K-12 and will use the building for administrative offices. Mark and Janine Irvin of Mark Irvin Commercial Real Estate Services handled the transaction.

SOUTH TUCSON SUBMARKET
A single-story office building at 2716 S 6th Avenue, South Tucson sold for $425,000 ($49 PSF) to MHB Insurance Services of Tucson dba Medicare Health Benefits. The property was bank owned by an affiliate of Stancorp Mortgage of Hillsboro, OR when it sold. The 8,733 sq. ft. building (built 1982) is on a .57 acre lot. Tom Neiman of Cushman & Wakefield / Picor Commercial Real Estate Services represented the seller. Peter Canakacos of Long Realty represented the buyer.

NORTHWEST SUBMARKET
Dr. Mary Gharagozloo, DDS through an affiliate bought the dental office jointly shared with Dr. Todd Southall, DDS at 1840 E Innovation Park Drive in Oro Valley for $200,000 ($129 PSF). Southall was the seller of the 1,550 sq. ft. dental office in Innovation Corporate Center, a PUD on a 3,696 sq. ft. lot that Southall purchased in 2009 for $146,250.

Dr. Alvarez cam be reached at (520) 722-1655. Mark Hays is at (520) 544-2335. Larry Potter and Amy Star and be contacted at (520) 615-8400. Bob Bohacik is at (520) 577-1212. Greg Boccardo can be reached at (520) 955-0777. To reach Dr. Jeffrey Monash call (520)319-6000. Mark and Janine Irvin should be contacted at (520) 620-1833. Tom Neiman with Picor is at (520) 546-2728 while Peter Canakacos is at (520) 299-2201.  Dr. Mary Gharagozloo & Dr. Todd Southall should be reached at (520) 505-4422.

[/mepr-show]

This article has been archived, please login for access or subscribe now for a free trial.

NORTHWEST SUBMARKET
New at Tierra Linda Nueva – D.R. Horton paid[mepr-show rules=”58038″]$160,000 ($40,000 per lot) for four finished lots in the Northwest submarket, southwest of Emigh Road and Sanders Road in Marana. This is the first takedown on an option for 48-lots from Tierra Linda Nueva, an affiliate of Estes Land and Development of Tucson (Kip Volpe, President) in a 190 SFR lot subdivision of 36,000 SF minimum lot size.

New Northwest Community for Meritage Homes of Arizona in Scottsdale. Meritage bought a 50 platted lot subdivision at Tangerine and La Cholla in Oro Valley, in the Northwest submarket, for $982,500 ($19,650 per lot). Rancho de Plata, LLC of Tucson (Yoram Levy) sold the subdivision by the same name, Rancho de Plata. Mike Carlier and Jim Vincent of the Carlier Company represented the seller in the transaction.

A.F. Sterling of Tucson (Randy Agron, VP) took down four finished lots at Tortolita Vistas for $429,800 ($107,450 per lot) for these 3/4 acre custom home sites. The transaction was part of a rolling option for a total of 34 custom home sites that began in 2011. The seller was Cottonwood Properties of Tucson (Bill Hallinan, VP).

SOUTHEAST SUBMARKET
New at Civano in the Southeast – Pepper Viner has entered into a rolling option agreement with Spectrum Capital Holdings of Tucson for 32 total lots at Civano. Eleven of the lots are in Civano I (PAD-12) and 21 lots in Civano Block 2 (PAD-6). Pepper Viner’s first takedown was for four lots, two lots in each subdivision for $175,000 ($43,750 per lot).

SOUTHWEST SUBMARKET
D.R. Horton bought three finished lots at Estancia Del Corozon in Rancho Sahuarita for $165,000 ($55,000 per lot) from Robert Spinelli. Rancho Sahuarita is south of Tucson. The three lot sizes were 80’ x 120’in size. This was a cash purchase for the builder.

WEST SUBMARKET
Willow Bridge, LLC of Tucson (Greg Anderson, managing member) bought 51 finished lots in the Silverbell Residential subdivision located is in the West submarket, at Silverbell and Goret in Marana. The cash purchase for $700,000 ($13,725 per lot) was an investment purchase. The seller was Metropolitan Housing Corporation of Tucson (Gary Bachman, CEO). Aaron Mendenhall and Dan Feig of Chapman Lindsey of Tucson negotiated the transaction and are listing agents on the lots for resale.

D.R. Horton (520) 790-6005. Volpe (520) 571-1958. Meritage Homes (877) 275-6374. Vincent (520) 548-0216 and Carlier (520) 529-3800. Feig and Mendenhall (520) 747-4000. Metropolitan (520) 795-7555. Agron (520) 577-3600. Hallinan (520) 299-8424.

[/mepr-show]

Login in for additional information.

[ismember] D.R. Horton closed on the lots at Tierra Linda Nueva 5/24/2013. Land area is 174,912 SF. Subdivision is zoned SH, .93 RAC.
Pepper Viner at Civano closed on 6/12/2013. Buyer’s option at Civano I is for (11) cluster lots, zoning PAD-12; and (21) lots (85’ x 110’) in Civano Block 2, zoned PAD 6, totaling 32 lots. Totaling 28,727 SF as follows 3,846 sf; 3,573 sf; 9,350 sf; 11,9578 sf
DR Horton’s Rancho Sahuarita 3 lots sold on 6/25/2013. Land area was 29,779 SF.
Meritage Homes at Rancho de Plata closed 6/21/2013. Gross land area was 19.45 acres, net acres 18.77. All platted to 55’ lots approximately 6,000 SF lots zoned R-7.
Willow Bridge purchase was on 6/6/2013. The subdivision consists of 85 total lots on 20.16 acres. The project is a residential cluster project.
AF Sterling lots at Tortolita Vista closed on 6/27/2013.[/ismember]

A 43-unit affordable senior housing project is under construction at 2220 N Silverbell Road on the Westside of Tucson. The owner, Silverwood Casitas, is a 501(c)3 Arizona non-profit corporation (John Glaze, President) on 5.9 acres at the southwest corner of Silverbell and Grant Roads.

The project is Section 202 HUD Supportive Housing for the Elderly Program.

This article has been archived, please login for access or subscribe now for a free trial.

[mepr-show rules=”58038″]

HUD provides capital advances to finance the construction of structures that will serve as supportive housing for very low-income elderly persons, including the frail elderly, and provides rent subsidies for the projects to help make them affordable.

HUD provides interest-free capital advances to private, nonprofit sponsors to finance the development of supportive housing for the elderly. The capital advance does not have to be repaid as long as the project serves very low-income elderly persons for 40 years.

The Section 202 program helps expand the supply of affordable housing with supportive services for the elderly. It provides very low-income elderly with options that allow them to live independently but in an environment that provides support activities such as cleaning, cooking, transportation, etc.

Project rental assistance funds are provided to cover the difference between the HUD-approved operating cost for the project and the tenants’ contribution towards rent. Project rental assistance contracts are approved initially for 3 years and are renewable based on the availability of funds.

The general contractor, Tofel Construction of Tucson, is responsible for delivery of the project at a $4.2 million construction cost. Poster Frost Mirto of Tucson is the architect. March 2014 is the anticipated delivery date.

Glaze can be reached at (520) 318-0993. Tofel can be contacted at (520) 571-0505. The Architects, Poster Frost Mirto are at (520) 882-6310.

[/mepr-show]

Login for additional sales information.

[ismember]On 3/27/2013, Family Housing Resources, Inc (John Glaser) transferred the 5.9 acres of vacant land to Silverwood Casitas (John Glazer) for a declared value per affidavit of value of $545,000 in a non-arms length transaction. West Submarket. [/ismember]