Saturday, April 20, 2019

Spirit Realty Adds Century Tucson Marketplace-14 to Portfolio for $15.55 Million

TUCSON, Arizona -- Spirit Realty Capital (NYSE: SRC) of Dallas Texas added to its investment portfolio the new  Century Tucson Marketplace-14 for $15.55 million ($290 PSF). The new  Cinemark NextGen Theatres is located at 1300 East Tucson Marketplace Blvd. The 53,678-square-foot theatre, with 14 screens and 1,294 seats, has...

Harsch Investment Properties expands AZ portfolio with acquisition of Oro Valley...

TUCSON, Arizona – Harsch Investment Properties, a Portland-based real estate investment, development and management company, continued its aggressive growth in Tucson, Arizona with the purchase of Oro Valley Commerce Center for $5.625 million ($124 PSF). A 45,490-square-foot high-tech, R&D industrial property, the recent acquisition puts the company’s industrial portfolio...

New Homebuilder Enters La Estancia Masterplan Community

TUCSON, Arizona -- With strong home sales shown by Meritage Homes, Richmond American Homes is entering La Estancia masterplan with the purchase of 99-SFR lots from Sunbelt Holdings. Lots are 45’x 110’ and commanded a finished sale price of approximately $4.9 million ($49,500 per finished lot). Scottsdale-based Sunbelt is a...

Property on Speedway Trades for Office Condos in 3-legged Exchange

TUCSON, ARIZONA -- David Lee had been eyeing the property at 902 E Speedway Blvd in Tucson for some time with future expansion to his adjoining property at 914 E Speedway in mind.  He finally was able to acquire the asset this month in a complex three-legged transaction. Speedway Park...

Arby’s Restaurant to join Las Plazas at Old Vail

Vail, Arizona -- OVP Development Company, LLC (Bob Davis and Bill Divito) sold lot 5 at Las Plazas at Old Vail for $550,000 to Irish RB's Properties LLC of Dallas, TX.  The buyer plans to build an Arby’s restaurant with a drive-thru at the site. Las Plazas at Old Vail...

Berkadia Completes Sale of Canyons at Linda Vista Trail in Oro...

ORO VALLEY, ARIZONA -- Northland Investment Corporation of Newton, MA (Matthew Gottesdiener, Chief Investment Officer) acquired Canyons at Linda Vista Trail, a 228-unit luxury apartment community in Oro Valley, for $41.25 million ($181,000 per unit). The purchase of the new development completed in 2014 by Boulder Oro Valley (Ross...

Lee Lee Plaza Retail PAD Sells – Investors See Better Year...

TUCSON, Arizona –  With only a few recording days left in Q1 and despite interest rate hikes, Tucson retail sales volume has trended up 70.3% over the same period last year, with nine more transactions year-over-year, according to RED Comps’ tracking of all retail sales in the market. The average...

North First Medical Plaza Central Tucson Sells for $1.95 Million

TUCSON Arizona -- North First Medical Plaza a multitenant complex, located at 4701-4747 North 1st Avenue in Tucson sold for $1.95 million ($75 PSF). The seller, Wetmore Land Corporation of Tucson (Gerald & Phyllis Altschuler) was the developer and builder of the 18 office condominiums that it self-managed and...

Tucson Group Buys Former Valero Pad at Grant & Tanque Verde...

TUCSON, Arizona - Investment group, Keystone 6630 Grant Road, LLC of Tucson (Steve Grimm, manager) bought the C-2 Zoned Retail Pad, a former a Valero Gas Station, at 6630 East Grant Road in Tucson for $580,000 ($32.22 PSF). Built in 2001, the former gas station, with 2,140 –square-foot convenience store...

Brake Max Coming to Tucson Marketplace at the Bridges

TUCSON, Arizona – A 35,000-square-foot pad at the Bridges sold for $605,323 ($17.29 PSF) by AMPROP Enterprises of Tampa, FL for an 8,000-square-foot Brake Max.  The new Brake Max is expected to have 8-bays when completed near Costco. Tucson Marketplace at the Bridges is located between Park and Campbell at...

Cali Investor Pays $54M for Tucson Far Horizons MHP and RV...

TUCSON, Arizona – Cal Am Properties, Inc of Encino, California (Steve Hester, CEO) purchased the Far Horizon East Mobile Home Park at 7570 E Speedway Blvd. with 415-space for $33 million ($79,518 per space) and the adjoining Far Horizons RV Resort at 555 N Pantano Road with 514-spaces for...

Cummins Engine Leased Building Sells For $1.1 Million Investment in Tucson

TUCSON, ARIZONA – Dean Cotlow of the Cotlow Company sold the Industrial building at 1501 South Cherry Avenue in Tucson for $1.1 million ($171 PSF) in an all cash transaction.  The 6,440-square-feet investment property (built 1984) was leased to a Cummins Sales and Service. Cummins Inc. is a global power...
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