Recent Residential Development Sales in Metro Tucson Total $6.27 Million

Recent Residential Development Sales in Metro Tucson Total $6.27 Million

Meritage Homes of Arizona purchased 26.72 acres block platted land at Silverhawke North subdivision in Oro Valley, in the northwest submarket of Tucson, for $3,489,575. Zoning for the block is R1-7 but the number of lots was undetermined. The seller, Capri Company of Tucson (Herb Kai, manager) was represented by Greg Wexler and James Kai of Wexler and Associates in Tucson.

Pepper Viner bought 51 finished lots in the Silverbell Residential subdivision, located in the western submarket of Tucson, near Silverbell and Goret, for $1.581 million ($31,000 per lot).  The seller, Rancho Bridge, LLC (Greg Anderson, manager) purchased the lots in 2013 for $700,000. Dan Feig with Chapman Lindsey Commercial Rea Estate Services handled the transaction for the seller.

KB Homes owns 35 lots near this property at La Cholla & Oracle Jayne Station, and purchased an additional 10-SFR lots as an extension to that project about 1.2 mile away for $675,000 ($67,500 per lot).  Property consists of 10 finished lots with random dimensions, approximately 8,000-square-foot lots. Buyer plans a new 25′ with 2-story product for these lots. Subdivision may be renamed The Station at La Cholla or The Station at San Joaquin. Jim Vincent of the Carlier Company represented the seller, Catland Properties, LLC of Tucson and Aaaron Mendenhall with KB Home Tucson represented the buyer.

As part of a rolling option, Richmond American Homes of Arizona, Inc. purchased six finished lots from Tucson Land, LLC at Santa Cruz Meadows in Sahuarita. The purchase price was $300,000 ($50,000 per lot) for the sale. The seller was represented by Randy Emerson of GRE Partners, LLC.

As part of a rolling option, Miramonte Homes purchased 4 townhome lots at La Reserve Villas for $220,000 ($55,000 per lot).  The builder is constructing 49 townhome lots in La Reserve Villas in Oro Valley in the northwest submarket.  The seller is Pusch Ridge Properties, LLC of Pilot Hill, CA.




Pioneer Title Agency Buys Tucson Building for $1+ million

Pioneer Title Agency, 1889 N Kolb Rd., Tucson

TUCSON, ARIZONA — Keith Newlon of Pioneer Title Agency purchased a 5,940-square-foot office property at 1889 N. Kolb Road in Tucson for $1,069,200 ($180 PSF) for its newest Tucson location. Built in 2003, the building is located in La Playa Caliente Office Park.

Pioneer Title Agency is a full-service company providing title insurance, escrow, account servicing, trustee sales, as well as builder-related trust services. It is a family-owned business with strong local ties.  The Newlon family, Bob and his wife Betty, son Keith and his wife Cindy, founded Pioneer Title in Sierra Vista in 1985. However, their foothold into the title business began much earlier.  Bob, a life member of the Land Title Association of Arizona, has called Arizona home since 1935 and worked in the industry since 1958.  Keith, a 2010 inductee into the Northern Arizona University College of Business Hall of Fame, got his start  in the title industry in 1979.

Pioneer has been, up until recently, a rural title agency in Arizona but is now quickly growing into urban areas in metro Phoenix, Tucson and Flagstaff. Last March, Pioneer acquired Metro Title Agency and made its entry into metro Tucson with four new branches –Tucson Ajo, Tucson River, Tucson Sunrise and Green Valley

With 66 offices throughout the state, the people in each of these offices are committed to servicing customer needs as well as being of service in the communities where they live and work.

For example, this year’s company philanthropy project is to give back to schools and in so doing Pioneer has given each of its 550 employees $100 and an extra paid day off in the year to help at the school of their choice.

Pioneer was represented by Frank Arrotta of Tucson Realty & Trust Co. in the acquisition of the new building. Buzz Isaacson and Jeff Casper of CBRE represented the seller, 1889 N. Kolb Road Company LLC, in the transaction.

For more information, Isaacson can be reached at 520.323.5151 and Casper is at 520.323.5181. Arrotta should be contacted at 520.577.7000.

For more information on Pioneer Title Agency, go to http://www.pioneertitleagency.com/

To learn more, see RED Comp #5332.

 

 




BE HEARD Tucson at these Important Rezoning Meetings

BE HEARD Tucson at these Important Rezoning Meetings

TUCSON, ARIZONA — Several rezoning projects are asking for you to Be Heard, one in the City of Tucson and the other in Pima County. Don’t miss these chances to Be Heard!

First, support is needed at the Tucson Mayor and Council Hearing on TUESDAY NOVEMBER 21, 2017 at the Mayor and Council Chamber at City Hall, 255 W. Alameda, Tucson, AZ at 5:15 p.m.  As many of you know, rezoning is needed at the northeast corner of 22nd Street and Houghton Road for a new Neighborhood Shopping Center that will be anchored by a 99,000-square-foot Fry’s Food and Drug Store.

In the fall of 2016, the City of Tucson Mayor and Council approved the first part of this rezoning, the neighborhood plan amendment. After some procedural issues, it has made it through to the Zoning Examiner hearing AGAIN last month and will be heading to the Mayor and City Council this month.

Much of the success of this project so far is to the credit of the community members who have come to the hearings to voice their support for the project. These concerned citizens and business colleagues recognize that we all need to come together and support responsible growth in our community. The Save Houghton East Coalition is relentless in its opposition of this project and is being assisted by a larger group made up largely of “no growthers” who oppose nearly every new development project proposed in Tucson. They are often successful because of their well-organized, extremely vocal opposition to new development and most importantly, show up in large numbers to the Tucson Planning Commission, Zoning Examiner, and City Council hearings to voice their opposition to these new projects. If we want to see new, responsible growth in Tucson, we need to work together as a business community and rally supporters to attend and Be Heard at these public hearings to counter this opposition.

Please contact Craig Finfrock, CCIM, of Commercial Retail Advisors or Linda Morales of The Planning Center for more information and let them know if they can count on your support. Finfrock should be reached at 520.290.3200 or email him at cfinfrock@cradvisorsllc.com Morales is at 520.209.2632 or by email at lmorales@azplanningcenter.com.

Don’t miss this chance to Be Heard. If you are unable to attend this hearing, it would be greatly appreciated if you would email the Principal Planner and Mayor and City Council Members.

Support for a second rezoning project is also being asked of the community to Be Heard by Jason Tankersley, CEO of The Fairfax Companies.

Tankersley writes: I am attempting to open up another recycling and landfill facility in on South Wilmot Road in Tucson. I need your help!

There is no other facility like this one in the country. We will have manufacturing, mining, composting, landfill, and recycling all in the same facility.

PLEASE, help us in opening this new amazing facility. (attached is a site plan and narrative describing the uses)

This project and my company need all the community support we can get. I have drafted copies of letters and request calling the Supervisors’ offices to help. The Planning and Zoning Commission Vote will be held on Wednesday, November 29th, so please don’t delay. Letters, faxes, or calls will be helpful. Please contact Tankersley at 520.290.9313 or email him at Tank@ffxsite.net for more information.

BE HEARD Tucson at these Important Rezoning Meetings

 

 

 

 

 




ABI Brokers $1.85M Apartment Sale Near Downtown Tucson/UA

ABI Brokers $1.85M Apartment Sale Near Downtown Tucson/UA

TUCSON, Arizona — ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, is pleased to announce the $1.85 million / $57,813 per unit sale of the 32-Unit Villa Delano Apartments at 123 West Delano Street in Tucson, AZ.

The property is a garden style apartment community originally built in 1980 of frame/stucco construction and sits on 1.4-acres of land near the intersection of Fort Lowell and Stone Ave.  Villa Delano has four, 2-story buildings featuring all 2-bedroom, 2-bath units with a weighted average size of 878-square-feet.  The property also features a community swimming pool, BBQ grill area, and laundry facility.

“The Buyer was in search of a stable asset with upside potential,” states Lance Parsons, Senior Vice President at ABI, who represented the Seller.  “The entire Downtown/University area submarket has witnessed sustained private and public investment over the last several years.  The Buyer hopes to capitalize on this growing trend.”

The Buyer in this transaction is a private individual based in Arizona.

The Seller in this transaction is a private individual based in Colorado.

ABI Multifamily’s Tucson office, and the multifamily brokerage team of Lance Parsons, Jonathan Ibrahim and Ryan Kippes, represented the Seller in this transaction.

For more information, Parsons should be reached at 520.265.1945,  Ibrahim is at 520.265.1127 and Kippes can be contacted at 520.265.1895.

 




Bourn Buys Tucson Land for Future Office Development at 29th & Swan

Bourn Buys Tucson Land for Future Office Development at 29th & Swan

TUCSON, Arizona – BP Swan Investors, LLC (Don Bourn, manager) and Maizlish College Partners GLS, LLC (Toufic Abi-Aad, member), affiliates of Bourn Companies, purchased property at 4710 E 29th Street and 2021 S Swan Road in Tucson for $1.6 million ($1.31 PSF).

The 27.7763 acres sold with 115,245-square-feet of buildings that sold with no value to be razed. The buyer purchased to rezone from R-1 to an office use zoning for redevelopment.

With fundamentals of the Tucson office market improved, healthy demand drove net absorption to 184,040-square-feet in the third quarter of 2017, bringing the year-to-date total to 312,127-square-feet of net absorption. In the third quarter, office-users were particularly active in the Downtown and East Central submarkets.

According to CBRE, Tucson’s vacancy rate tumbled 190 bps quarter-over-quarter to 14.3% during the third quarter of 2017. This is the lowest vacancy rate since Q3 2008.

The seller, the State of Arizona Department of Economic Security in Phoenix, was represented by Ben and Adam Becker with Ian Stuart of CBRE in Tucson.

The investors were represented by James Marian, CCIM, of Chapman Lindsey Commercial Real Estate Services of Tucson.

For additional information, Marian can be reached at 520.747.4000. Ben Becker is at 520.323.5149 and Adam Becker is at 520.323.5188. Stuart can be called at 520.323.5180.

To learn more, see RED Comp #5310.




Lennar Joins Meritage and Richmond at La Estancia in Tucson

TUCSON, Arizona – SBH La Estancia, an affiliate of Sunbelt Holdings, the developer of La Estancia has sold 350 lots in 2017 with Meritage, Richmond and now Lennar Homes there. La Estancia has sold more lots than any master planned community in metro Tucson, making it the best performing community for lot sales this year.

Most recently, Lennar closed on 112-lots for $6.16 million, or $55,000 per finished lot and $1,100 per front foot.

Will White with Land Advisors Organization in Tucson handled the transactions with associate, John Carroll.

“La Estancia has been successful from the day it opened. It hits all the marks for homebuilders from location, proximity to major employment and Vail School district. In addition, the community has seen strong sales and price appreciation over the past 18 months. Success builds on success. With all of the new acquisitions in the project this year and all the new construction, we expect La Estancia to have plenty of room to run in 2018 and 2019.”

Senior Vice President at Sunbelt Holdings, Bob Bambauer who oversees the La Estancia project told us that due to the increased demand for the 50-wides, they intend to replat the 65-foot wides to 45-foot wide lots.

“With the recent lots sales and the replatting of the larger lots, we are now focused on planning the southern half of the site,” said Bambauer. “We will have a variety of lot sizes ready for development throughout 2018 and beyond.”

La Estancia, a 556-acre master planned community, offers master-planned living in this prime southeast submarket. Centrally located just off of I-10 and Wilmot Road and nearby some of Tucson’s most prominent employment centers including Raytheon Missile Systems, Davis Monthan Air Force Base, U of A Tech Park and the Tucson International Airport. Residents benefit from community amenities including a sparkling pool, splash pad, shaded ramadas and play equipment, ready for use.  Future plans include sports fields and more.




Sunflower Apartments in Tucson Sell for $6.67 Million

Sunflower Apartments, 6502 E Golf Links Rd., Tucson, AZ

TUCSON, Arizona – The Marcus & Millichap Real Estate Investment Services Team of Hamid Panahi, Steve Gebing and Cliff David closed on the Sunflower Apartments at 6502 E Golf Links Road in Tucson for $6.67 million ($46,300 per unit).

The seller of the 144-unit complex was GR Partners Sunflower, an affiliate of GR Capital of Colorado. The buyer, Veterans Parkway of California is a private investor.  The property was built in 1983 on 4 acres and was 96% occupied at time of sale.

“Since acquiring the property in 2015, the ownership invested capital towards exterior and interior enhancements, improving the presentation of the property while simultaneously minimizing the future capital cost exposure for the new owner,” said Panahi. “The buyer benefits from adding to their existing footprint within the submarket, while benefiting from operational efficiency.”

Sunflower is a gated community in the Eastern submarket of Tucson. Some of the Community amenities include: fitness center, pool & spa, sports court, playground, reserved covered parking, barbecue grills, 24-hour laundry, 24-hour emergency maintenance.

Unit amenities include: individual A/C units, vaulted ceilings, garbage disposals, dishwashers, electric stoves, and free Wi-Fi in unit.

For more information Panahi, Gebing and David can be reached at 520.719.6511 in Tucson.

To learn more, login and see RED Comp #5263.

 

 

 

 




Thrasher Law Offices Finalize $18.17 Million in Multifamily Transactions in Tucson

Arches at Oracle (photo credit: Apartment.com)

TUCSON, ARIZONA – Thrasher Law Offices, PLLC handled the sale of two apartment complexes with an aggregate value of $18.17 million.

Hamilton Zanze & Company of San Francisco, Calif. sold the Arches at Oracle Apartments at 5921 N Oracle Road in Tucson for $12.4 million ($86,111 per unit). The 144-unit complex sold to Oracle 5921 LLC of Scottsdale (Surinder Sidhu, manager).

The property, formerly known as Oracle Village Apartments, offers swimming pool and spa, volleyball and basketball court, and a clubhouse with WiFi access. The units consist of loft, townhome, and garden floorplans

In the second transaction, the Winthrop N Isaacsen Trust of Tucson sold the Rosemont Gardens Apartments at 5121 East 29th Street in Tucson for $5.765 million ($37,928 per unit). The 152-unit complex sold to RGCD Investments, LLC of Red Bank, NJ (Kenneth Motz, manager).

Two-story apartments were built in 1978 and 1983, and comprise 92 and 60 units respectively. The unit mix is approximately 68% one-bedroom and 52% two-bedroom units at Rosemont Gardens. Units are individually-metered for electricity. Hot water is provided by individual water heaters. The cost of water, sewer, and trash is partially reimbursed by tenant depending on number of occupants in each unit.

Thrasher Law Offices PLLC is a premier boutique law firm representing clients in corporate, real estate, and financial transactions throughout Arizona. With offices in Phoenix and Tucson, the firm offers a high level of service to clients throughout Arizona.

For more information, Thrasher Law Offices can be reached at 480.275.0543.

To learn more, see RED Comps #5238 and #5245.

 




Tractor Supply Center to be joined by Goodwill Store at Midvale Park in Tucson

TUCSON, ARIZONA –  Earlier this year, Tucson South Development Group LLC, an affiliate of Long Development Corporation (David Long, president) purchased 5.34-acres south of the southeast corner of Indian Agency Rd and Valencia Rd in the Midvale Park Shopping Center in Tucson, Arizona to split into two lots.

The construction of a 21,702-square-foot Tractor Supply store with 15,000-square-foot fenced outdoor display area was constructed at 1715 W Valencia that recently sold for $5.075 million ($234 PSF) in a net lease sale to IS Corporation of Boca Raton, Florida.

The remaining 2.68 acre undeveloped pad sold to WG Midvale Holdings LLC, an affiliate of Whirlygig Properties of Tucson (Barry Kitay and Lynn Taylor, principles) for $1 million ($8.57 PSF).

The buyers purchased to develop a Goodwill Store on this site adjacent to the Tractor Supply store

The Goodwill store at 1680 W Valencia Road will be expanding into this location when complete. Located near the new 104,000-square-foot Fry’s Supermarket along Valencia Road, a major arterial road serving the southwest submarket of Tucson, neighboring tenants include Walmart Supercenter, Lowe’s and several banks and restaurants.

Bryan Babits with Western Retail Advisors of Phoenix represented the seller and the buyer was self-represented in the transaction.

For more information, Long should be contacted directly at 602.574.0731.

 




Getty Realty Acquires Properties in Sale Leaseback Agreement

TUCSON, ARIZONA —  Five Valero gas-stations and c-stores in Tucson were acquired by Getty Realty of Jericho, NY for $10.55 million from CST Arizona Stations, Inc. formerly known as Diamond Shamrock Arizona, as part of a $123 million portfolio.

To facilitate Empire Petroleum Partners LLC’s purchase of a portfolio of convenience stores from Alimentation Couche-Tard Inc., Getty Realty Corp. agreed to provide acquisition leaseback funding to Empire, in order to acquire fee-simple interests in 49 c-store and gas-station properties for $123 million under a unitary lease.

Couche-Tard’s Circle K Stores Inc. agreed to sell a portfolio of 71 properties to Empire to satisfy compliance with regulatory requirements associated with its acquisition of CST Brands Inc.

The properties are located primarily within metropolitan markets in the states of Arizona, Colorado, Florida, Georgia, Louisiana, New Mexico and Texas. Those in Tucson were at 15240 N Oracle Rd., Oro Valley; 5005 N La Canada Dr., Tucson; 1895 E Valencia Rd, Tucson; 1810 W Prince Rd, Tucson; and 9520 E 22nd Street, Tucson.

The unitary lease, effective at closing, provides for an initial term of 15 years, with four five-year renewal options. Rent is scheduled to increase annually during the initial and renewal terms of the lease.

“We are excited to have entered into this transaction and to begin a long-term relationship with Empire,” said Christopher J. Constant, president and CEO of Getty. “The properties being acquired represent a high-quality convenience-store and gasoline-station portfolio and are located in markets which we have been targeting for some time. We believe this transaction demonstrates our commitment to the convenience-store industry as well as our ability to respond quickly to meet the capital needs of our customers.”

Getty Realty paid for the transaction through funds available under its credit agreement. The transaction is subject to numerous closing conditions, including the closing of a separate purchase agreement under which Empire has agreed to purchase the properties from Couche-Tard, and regulatory review and approval of the separate agreement.

Empire Petroleum, Dallas, is a motor-fuels distributor of brands that include Chevron, Shell, Valero, ConocoPhillips, Marathon, CITGO, Texaco, Sunoco, BP, Exxon, Mobil and Gulf. It distributes motor-fuel products to more than 1,400 gas stations in 27 states in the mid-Atlantic, Southeast, Southwest and Midwest.

Laval, Quebec-based Couche-Tard’s network includes 8,081 convenience stores throughout North America, including 6,710 stores selling motor fuel, mostly under the Circle K, Kangaroo Express, Mac’s and Couche-Tard banners. Its North American network consists of 15 business units, including 11 in the United States covering 41 states and four in Canada covering all 10 provinces.

CST Brands, San Antonio, has more than 2,000 locations throughout the southwestern United States, Georgia, Florida, New York and eastern Canada.

Jericho, N.Y.-based Getty Realty is a publicly traded real-estate investment trust (REIT) specializing in the ownership, leasing and financing of convenience-store and gas-station properties. As of March 31, 2017, the company owned 736 properties and leased 87 properties from third-party landlords in 24 states and Washington, D.C.

 




Tucson’s Tractor Supply on Valencia Sells for $5.075 Million

TUCSON, ARIZONA – Tucson South Development Group, LLC, an affiliate of Long Development Corporation (David Long, president) sold the Tractor Supply store at 1715 W Valencia to IS Corporation of Boca Raton, Fla. for $5.075 million ($234 PSF) in a net lease sale.

The 21,702-square-foot Tractor Supply store on 2.3 acres was a built-to-suit in 2017 and is the fourth Tractor Supply in metro Tucson with other locations in Catalina, Green Valley and Marana.  The store includes a 15,000-square-foot fenced outdoor display area.

Located near the new 104,000-square-foot Fry’s Supermarket along Valencia Road, a major arterial road serving the southwest submarket of Tucson. Neighboring tenants include Walmart Supercenter, Lowe’s and several banks and restaurants.

Tractor Supply Company targets ranchers, homeowners, do-it-yourselfers, contractors and trade workers, with its inventory that includes tractor/trailer parts and accessories.

Long was self-represented in negotiations for the seller.

For more information on this transaction and the future development, Long should be contacted directly at 602.574.0731.

To learn more, see Red Comp #5273.

 




Tucson’s Iconic Diving Girl Building Sold, Tenants Relocated

145 S 6th Ave., Tucson, AZ

Tucson, Arizona – CBRE’s Tucson office has released the following recent transaction report:

The iconic Diving Girl building at 145 S. Sixth Ave in Downtown Tucson was recently sold to Colorado based LeMonds Holdings, LLC for $1.9 million ($158 PSF). The 12,000-square-foot building will undergo a renovation and reopen as an Aveda School Salon and Spa.

See Landmark Willard Hotel Downtown Tucson Sells in Real Estate Daily News, July 27, 2017.

Buzz Isaacson of CBRE represented the seller in the transaction.

The building’s previous tenants Piccarreta Davis Keenan Fidel, PC and Sherick & Bleier, PLLC have relocated to office space in the Chase building Downtown.

Piccarreta Davis Keenan Fidel, PC leased 2,596-square-feet at 2 E. Congress Street in the Chase building. Buzz Isaacson of CBRE represented the tenant and the landlord, Two East, LLC, in the transaction.

Sherick & Bleier, PLLC leased 1,173-square-feet at 2 E. Congress Street. Buzz Isaacson of CBRE represented both the tenant and the landlord, Two East, LLC, in the transaction.

For more information, Isaacson should be reached at 520.323.5151.

To learn more, see RED Comp #4970