Westside Land Assemblage is Second Logistics Center for Amazon in Tucson

TUCSON, ARIZONA — Steve Cohen and Russ Hall of Cushman & Wakefield | Picor represented Scannell Properties of Indianapolis, IN (Robert Scanell, CEO) in the assemblage of 9.57 acres for the new Amazon distribution center being built in Tucson. Scanell purchased the property for approximately $1.5 million ($3.60 PSF) land value in two separate transactions with buildings to raze on it.  Both transactions closed November 29, 2018.

The site is located at the southwest corner of Silverlake Road and I-10 with addresses on 29th Street and Silverlake, west of downtown Tucson.  Scanell has already begun prep work for the 50,000-square-foot single story warehouse to be used for sorting from larger warehouses and package transfers to smaller delivery vehicles, along with space for vehicle storage, washing and a fueling center.

Last year, Amazon paid $11.6 million ($145,926 per acre / $3.35 PSF) for its 79.5-acre site at 6701 S Kolb Road in Tucson within the Century Park Research Center, an active inland port of Tucson located in an active Foreign Trade Zone (FTZ) and an Arizona Enterprise Zone, both of which provide certain duty and tax benefits.

The building under construction consists of 857,388-square-feet of warehouse storage and office facility with three levels of mezzanines, totaling 1,196,161-square-feet and an additional process mezzanine of 265,049-square-feet. The entire project will have 63 loading docks, nearly 400 transport trailer parking spaces, along with 2,500 standard parking spaces, on the site.

The fulfillment center is expected to bring with it 1,500 full time associates with competitive wages.  It is unknown how many jobs the new distribution center will bring.

The two facilities will compliment each other.

Mike Hennessey of Burris, Hennessy & Company represented Barnett & Shore Contractors the seller of 819 W Silverlake Road while Walter Unger, CCIM, of Kasten Long Commercial Group in Phoenix represented the seller, Fiandaca Orland Living Trust, of 801 W 29th Street.

“It was a quick assemblage and escrow,” according to Steve Cohen. “As both properties were already on the market for sale. With two Amazon centers here by the end of this year, Tucson is becoming the logistics center of the Southwest.”

For additional information, Unger can be contacted at 520.975.5207, and Hennessey is at 520.882.4343. Cohen should be reached at 520.546.2750 and Hall can be called at 520.546.2747.

To learn more, see RED Comps 6372 and #6379.




Houghton Town Center Ends Year with Investment Sale and New Surf Thru Car Wash Site

9172 S Houghton Rd., Tucson, AZ

TUCSON, ARIZONA – Houghton Town Center is a highly successful 60-acre community center located on Houghton Road north of I-10 and serving Rita Ranch, Vail and southeast Tucson.  Anchors include Walmart, Discount Tire, TJ Maxx, AutoZone, Petco, Brake Masters, Nationwide Vision, SuperCuts and Ross Dress For Less joined by numerous restaurants, retailers and service tenants including Northwest Emergency Center and Hughes Federal Credit Union.

Jaime Medress of Marcus & Millichap in Phoenix represented Houghton Developers’ affiliate, HTC Shops III LLC (Bill Kelley, manager) in the sale of a 9,075-square-foot retail pad at Houghton Town Center for $3.51 million ($387 PSF) at 9172 S Houghton Road, Tucson.

The buyer is an investor from San Diego, NWCD, LLC an affiliate of DePrima Ventures (Dave Karlman, director). The property was fully leased at time of sale with four tenants: Jersey Mike’s Subs, Realty Executives, Sunstreet Mortgage and Inverse Jiu Jitsu.

The buyer was represented by Bryce Karlman of CBRE San Diego / Northern Baja office.

In a separate transaction, Brenna Lacey and Jeramy Price of Volk Company represented Houghton Developers, LLC in the $925,000 ($15.42 PSF) sale of approximately 60,000-square-feet of land at 10206 & 10212 E Old Vail Road in the Houghton Town Center to Surf Thru, Inc. of Bakersfield, CA.

Surf Thru purchased the site for its fourth Car Wash in the metro Tucson region.

Craig Finfrock of Commercial Retail Advisors represented Surf Thru.

For additional information, Medress can be reached at 602.687.6700 and Karlman is at 858.546.2605. Lacey and Price should be contacted at 520.326.3200 and Finfrock is at 520.290.3200.

To learn more, see RED Comp #6431 and #6449.




El Corredor Oro Valley Retail Pad Sold for $2.4 Million

9630 N Oracle Rd., Oro Valley, AZ

ORO VALLEY, Arizona – Loredo, Texas-based, Avery Commercial Small C, LLC an affiliate of Laredo Horizons Development Corp. (Brian Moreno, COO) purchased a 7,725-square-foot multi-tenant retail building at 9630 N. Oracle Road in Oro Valley for $2.4 million ($311 PSF).

The property is a newly constructed multi-tenant retail building in El Corredor Commercial Center. Growler USA – America’s Microbrew Pub and Oro Valley Posh Nail Spa were tenants in the building at time of sale and the buyer plans to occupy the remainder for a Clear Vision Express store.

The building is adjacent to a Kneader’s with additional retail, restaurants and office space planned.

The seller, Boulder Oro Valley, LLC (Ross Rulney and Malcolm Berman, managers) are developing the seven acre El Corredor mixed-use project located at the northwest corner of Oracle Road and Linda Vista in Oro Valley.

Debbie Heslop, CCIM, of Volk Company represented the seller and Rob Tomlinson of Cushman & Wakefield | Picor represented the buyer.

For more information, Heslop can be contacted at 520.326.3200 and Tomlinson should be reached at 520.748.7100.

To learn more, see RED Comp #6442.




Iconic Deconcini Building on Broadway Sells for $4.73 Million

DeConcini Building, 2525 E Broadway, Tucson, AZ

TUCSON, Arizona – The iconic DeConcini Building at 2525 E Broadway in Tucson sold for $4.725 million ($147 PSF).

The 32,160-square-foot building located on 2.08 acres at the northeast corner of Broadway and Tucson Boulevards was 100% occupied at time of sale and purchased by Broadway Executive Plaza (Robert Assenmacher, manager). The seller was Du Besh LLC (Ken Silverman, manager)

The DeConcini family built the building in 1988 and sold it about eight years ago to the seller. Half of the building continues to be occupied by the DeConcini Law Firm. Other tenants include Salinas Insurance, Tucson Realty & Trust, The Veteran’s Administration and Sunstreet Mortgage.

Tom DeSollar, Broker, of Arizona First Properties LLC, represented the sellers, a local group of investors.

“The property had good fundamentals to attract buyers,” DeSollar said.  “It is near downtown Tucson with easy access to the airport. The Broadway widening project will add value to the entire area.”

Brandon Rodgers, CCIM, of Cushman & Wakefield | Picor represented the investors.

For more information, DeSollar should be reached at 520.400.2732.  Rodgers can be contacted at 520.546.2714.




LAO Jumps into January with $7.7 million sales closing in Northwest Tucson

Oro Valley, Arizona — Land Advisors Organization (LAO) Closed on $7.721 million in residential land deals in northwest Tucson since the start of 2019.

Pulte Home Company plans to plat for development 45 acres of land in Oro Valley at Rancho Vistoso. The land drew a sale price of $4.9 million ($108,888 per acre) in this all cash transaction. The Seller was a group of private investors doing business as VPII Loan, LLC and ML Manager, LLC of Phoenix.

Pulte plans to plat the parcels for a mixture of production lot sizes.

Will White and John Carroll with Land Advisors Organization (LAO) handled the transaction.

This is the same seller who sold 190 acres in October to a New York-based land investment REIT, JEN Arizona 32, LLC and affiliate TerraWest Communities (Mike Jesberger), Blocks 5H and 5I at Rancho Vistoso Neighborhood 5 in Oro Valley sold for $6.3 million. The transaction was also negotiated by LAO.

“This is a great location in the project. The homebuilder opportunities in Rancho Vistoso have become extremely limited and the production has been extremely strong,” said White. “We don’t expect future lot opportunities to be available for long up there and most are sold before we actually get out to market with them. Vistoso has extremely strong pricing power and demand and that really has been the driver.”

In a separate transaction, Mattamy Homes purchased 26 finished lots from Pusch Ridge Christian Academy, beneficiary of Cottonwood Properties (David Mehl, manager) at Blue Agave II in Dove Mountain. The lots are 70X130 and sold for $108,500 per lot, or $2.821 million.

The lots are contiguous to Mattamy’s current Blue Agave I subdivision with 192 lots purchased in 2016 when finished lot prices were $74,479 per lot.

Will White and John Carroll with Land Advisors Organization (LAO) also handled this transaction

“Dove Mountain continues to offer a great lot delivery program for the master-plan’s builders, allowing them to have a steady stream of lots on time,” White stated.  “The project currently is home to several homebuilders and is experiencing strong activity as we head into 2019. The northwest portion of the community has some of the best golf/desert frontage parcels in the northwest area of Tucson and the amazing views that come with them. We are expecting the coming year to be extremely active in Dove Mountain.”

For more information White and Carroll should be reached at 520.514.7454.

To learn more, see RED Comp #6475 and #6479.




O’Reilly Auto Coming to New Retail Project at Ajo and Kinney in Tucson

O’Reilly Auto Parts at Golf Links & Kolb, Tucson, AZ

TUCSON, ARIZONA — O’Reilly Auto Enterprises, LLC purchased a 42,154-square-foot lot near the southeast corner of Ajo Way and Kinney Road.  The seller was SEC Ajo & Kinney LLC, an affiliate of Glenwood Development of Mesa.

The land sold for $750,000 ($17.79 PSF) and will be used to construct a 6,300-square-foot O’Reilly Auto Parts store.

Debbie Heslop, CCIM, of Volk Company represented the buyer in the transaction.

The planned O’Reilly Auto Parts will be adjacent to a multi-tenant building under construction in the new retail project being developed by Glenwood Development Company.  Tenants of that planned retail building include Domino’s Pizza, Dairy Queen and Cricket.  Kevin Volk of Volk Company is the leasing agent of this property.

For more information, Heslop and Volk can be reached at 520.326.3200.

To learn more, see RED Comp #6466.




Colony Industrial Sells Palo Verde Industrial

STAG Industrial Acquires 129,047 SF Premier Industrial Building

PHOENIX, Arizona – On behalf of Dallas-based Colony Industrial, Cushman & Wakefield announced the firm facilitated the sale of Palo Verde Industrial, a 129,047-square-foot building on 7.32 acres in Tucson, Arizona. Boston-based STAG Industrial, purchased the asset for $10.025 million ($77.68 PSF).

Executive Managing Director Will Strong led the Cushman & Wakefield Capital Markets team on the sale, with local market support in Tucson from Brandon Rodgers, CCIM, and Rob Glaser, CCIM, SIOR, with Cushman & Wakefield | PICOR.

“Colony Industrial is one of the most active real estate investors in Arizona and around the country. They did an excellent job leasing it up as well as managing and maintaining it. With the property now fully leased, Colony felt like it was the right time to sell,” said Strong.

Palo Verde Industrial is an institutional quality industrial facility in the heart of Tucson, located at 6161 South Palo Verde Road. The property features 30’ foot clear height and heavy power as well as close proximity to Interstate 10 and Interstate 19. Palo Verde Industrial is currently 100 percent leased to PODS and Big O’ Tires.

The Tucson industrial market for the third quarter of 2018 continued its strong momentum, according to Cushman & Wakefield | PICOR research. Vacancy dropped to 5.7 percent, well below the historical average of 9.5 percent.  Also, building sales volume is robust with functional inventory selling quickly. Volume through the third quarter of 2018 at $105 million, well outpaced 2017’s full-year total of $67 million.

To learn more, see RED Comp #6445.




Efforts to make Tucson Arizona’s first sanctuary city launches Saturday

Downtown Tucson

TUCSON, ARIZONA — The Sahuarita Sun is reporting that the People’s Defense Initiative (PDI), a political action committee formed in November, will be launching an initiative to amend the Tucson City Code to bar police officers and other city employees from detaining people based on immigration status. It also would ban them from aiding in the enforcement of federal immigration laws unless expressly required under state or federal law. The amended code would also prevent certain collaboration between city and federal law enforcement agencies and provide for the certification of visas for some immigrant crime victims.

“(The idea) started with SB1070 and has accelerated under President Trump,” said organizer Joel Feinman, referring to a state anti-illegal immigration passed in 2010. “We’ve reached a critical point where we need to defend our community against racist, cruel, inhumane and evidence-free immigration policies.”

Since Tucson is the birthplace of the Sanctuary Movement, Feinman said it makes sense for the city to take the lead in changing laws. If successful on the city level, the group would seek to change Pima County’s ordinances, he said.

People’s Defense Initiative is partnering with several organizations to get the initiative on the November ballot, including the ACLU, No More Deaths, Indivisible Southern Arizona, Democratic Socialists of America-Tucson, Represent Me Arizona, Child and Family Resources and Progressive Democrats of Southern Arizona.

PDI has cooperated with Flagstaff residents working on a similar initiative and Peard crafted it so as not to violate Senate Bill 1070, Feinman said.

SB1070 requires local police officers to make “a reasonable attempt’ to determine the immigration status of certain people that they pull over or detain. It also requires officers to call federal immigration authorities in certain circumstances.

Supporters of the initiative, which was written by ACLU staff attorney Billy Peard, are gathering at the Historic YMCA, 738 N. Fifth Avenue, from 2 p.m. to 6 p.m. Saturday. There will be speakers, food, music, shopping and children’s activities.

It has until July 5 to collect 9,241 valid signatures of registered Tucson voters to get the Tucson Families Free and Together Initiative on the ballot.

Feinman said he believes organizers will get the needed signatures.

“I’m completely confident we’ll get there. There’s no doubt in my mind,” he said.

Feinman, who is the Pima County Public Defender, said he is working on the initiative as a private citizen on his own time.

For full story see The Sahuarita Sun.




HSL Buys Hampton at Williams Center for $8.2 Million to Renovate

Hampton Inn & Suites William Center

TUCSON, ARIZONA — HSL Properties purchased the Hampton Inn & Suites Tucson East/Williams Center, located at 251 S. Wilmot Road in Tucson, for $8.2 million ($81,188 per room) with plans to renovate the 101-room hotel, built in 2009.

This is the second recent hotel renovation for HSL at Williams Center, in 2015 HSL bought the DoubleTree by Hilton at 5335 E Broadway Blvd., formerly an Embassy Suites, at Williams Center for a $3 million renovation that includes a redesign of the lobby and restaurant, updates to the pool and exterior, and fully-revamped guest rooms.

The Hampton Inn features amenities such as a 24-hour business center, express check-in, and express check-out. This hotel has also has meeting facilities measuring 952 square feet (86 square meters), including a meeting room for up to 50 people.

Guest amenities include an outdoor pool, fully equipped fitness center, standard in-room and lobby WiFi, breakfast and beverage common areas, florist and on-site convenience store.

HSL now owns nine hotels, including the Ritz-Carlton at Dove Mountain and El Conquistador Tucson resorts, with over 1,700 guest rooms in total.

HSL is also building two new Hampton Inn hotels in Marana with 101 rooms, and in Rita Ranch with 104 rooms.

To learn more, see RED Comp #6389.

 




The Retreat at Tucson Sold for $56.2 Million

The Retreat at Tucson

TUCSON, Arizona — Alden Street Capital Management (Greg Olbrys and Jonathan Krasner, principals) has acquired The Retreat at Tucson, a 183-unit student housing community with 774-beds, serving the University of Arizona in Tucson. The seller was an affiliate of Chicago-based Heitman Capital Management, Tucson Real Estate Holdings, LLC.

Located at 1000 E 22nd Street in Tucson is southeast of Park & 22nd Street, 1.5 miles south of the University and served by a shuttle bus to transport residents to and from campus. In addition, two bike paths to campus are accessible from the site.

The asset closed for $56.2 million ($307,104 per unit / $72,610 per bed) on December 20, 2018.

Two-, Three-, Four-, Five- and Six-Bedroom Units

Located on an 11-acre site, originally an assemblage of 13 parcels acquired for $3.2 million. Built in 2013, The Retreat boasts the only pet-friendly, cottage-style student community with amenities that include a resort-style pool, a clubhouse, a 24-hour fitness center, a computer lab, study rooms, and a golf simulator.

Nearby shopping, restaurant and cultural attractions include grabbing a latte from Caffe Luce near the campus or stopping by Epic Cafe for a breakfast burrito. There are a range of various Mexican restaurants just outside The Retreat. To fully appreciate Tucson’s unique landscapes, drive to the top of nearby Sentinel Peak, known locally as “A” Mountain for stunning city views, or stroll east to the zoo and lakes of Reid Park, easy escapes from the city for hiking, biking and climbing.

Since its launch in 2015, New York City-based REIT Alden Street has specialized in acquiring, asset management, and repositioning value-add and opportunistic student housing properties across the U.S. The firm seeks to invest in projects requiring capital and asset level expertise.

To date, Alden Street has contracted for and or acquired assets amounting to more than $350 million of real estate value and 5,500 beds. The senior principals of Alden Street have invested over $1.0 billion worth of equity capital across all asset classes and types throughout their respective careers.

To learn more, see RED Comp #6425.

 




Mercado El Herradero Carniceria Coming to Ina Road & I-10 in Marana

MARANA, Arizona – Primo’s R/E Investments of Mesa (Ernetso Rascon, manager) purchased a 29,294-square-foot padded lot at 4505 West Ina Road in Marana for $445,000 ($15.19 PSF). The buyer plans to build a 5,200-square-foot Mercado El Herradero Carniceria on the site.

The seller, David Lee of Marlee Saguaro, LLC and David Lee Real Estate Company was self-represented, and Juan Teran of Realty Executives Tucson Elite represented the buyer.

The property is located to the west of the former Chuy’s restaurant that sold in September  for redevelopment at a sale price of $1.35 Million. Debbie Heslop, CCIM, with Volk Company represented the buyer of the former Chuy’s.

Ina Road is reaching the completion of $128 million road improvements being overseen by ADOT and funded by the Federal Highway Administration, the Pima Association of Governments and the Regional Transportation Authority. Completion is scheduled for early March.

Before work began, Ina Road crossed under I-10, and drivers frequently had to stop for passing freight trains. After completion, Ina Road will cross over I-10 and the railroad tracks. Both Ina Road and I-10 will have an additional lane in each direction to accommodate increasing traffic, with Ina Road improvements reaching west across the Santa Cruz River to Silverbell Road.

The improvements are designed to keep pace with growth in the Marana area while reducing congestion on Cortaro Road.

For more information, David Lee can be reached at 520.954.8008 and Juan Teran should be contacted at 520.977.5905.

To learn more, see RED Comp #6405.




SOAZ CCIM names 2019 Leadership; Announces XXVIII Forecast Competition

TUCSON, Arizona — The Southern Arizona Chapter of CCIM, commercial real estate’s global standard for professional achievement, has announced its leadership and board for 2019.

Gary Andros, CCIM, Andros Properties will serve as 2019 President. The leadership group also includes President Elect, Terry James Lavery, CCIM, Re/Max Excalibur; Treasurer James Bradley, CCIM, AXIA Real Estate Appraisers; Secretary Ryan Heinfeld, CCIM, Advisors in Real Estate; and Immediate Past President Craig Finfrock, CCIM, Commercial Retail Advisors.

James Robertson Jr., CCIM, Realty Executives Tucson Elite also serves as the Regional Vice President for the CCIM Institute. “Region 2 is the largest of ten regional chapters and includes Hawaii,” said Robertson. “This year will kick off a new 2019 marketing program for CCIM.”

“We are looking forward building on the successes in 2019,” Andros said. “Our team is dedicated to promoting the success and expertise of the commercial real estate community through CCIM and my goal is to make that as easy as possible for our members going forward to achieve success.”

To this aim, it’s signature event, and longest consecutive Competition Forecast event in the Nation, is scheduled to be a breakfast event on February 19th, 2019. With much excitement of a renewed downtown Tucson, the XXVIII Competition Forecast will be held at Tucson Convention Center in the Copper Ball Room, registration and networking begins at 7:30 am and program from 8:30 to 11:30 am.

Keynote Speaker will be K.C. Conway, MAI, CRE, Chief Economist of the CCIM Institute and Director of Research and Corporate Engagement at Alabama Center for Real Estate. With over 30-years’ experience, as an advisor and national expert of the Federal Reserve, FDIC, FHLB, Bank Commissions and Groups of all types. Tucson and Adaptive Reuses – Ports, Logistics and Securitization will be discussed.

The public is invited to attend. Learn more about Southern Arizona CCIM Chapter or to register for 2019 XXVIII Forecast Event : CLICK HERE

Or see flyer here Save the Date Flyer