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 recognized leader in real estate development and acquired the platted but dormant masterplan in 2013 to complete infrastructure and amenities. Sunbelt has developed some of the most beloved Arizona residential communities including McDowell Mountain Ranch, Power Ranch and Vistancia in metro Phoenix. In all, Sunbelt has developed more than 50,000 acres of land over the past 30 years.

Richmond American Homes, the second homebuilder to begin construction in the highly anticipated La Estancia masterplan will be holding a grand opening soon. Richmond is not new to the Vail area with several communities already at Mountain Vail Ranch I and II and Sycamore Point.

Will White and John Carroll of Land Advisors Organization in Tucson represent Sunbelt Holdings for land sales in La Estancia.

“La Estancia has been strong since its grand opening last year and we are pleased to bring another high-quality builder to the community,” said White. “Richmond American has been a long time Tucson homebuilder and recognized the quality lifestyle Sunbelt is building into La Estancia.”

“Housing demand along the I-10 corridor is strong because of the convenience to employers such as Raytheon, UA Tech Park, Davis-Monthan and Tucson International Airport,” White continued. “Located off I-10 between Kolb and Wilmot within the sought-after Vail School District, La Estancia offers buyers a relaxing lifestyle conveniently close to Tucson’s central core.”

La Estancia includes a mix of affordable housing in a community that has set aside a portion for natural or enhanced open space, linear parks, pedestrian trails, bike paths, environmentally-friendly recreational facilities, and preserved desert wildlands, all integral to the community’s design. The Julian Wash Linear Park, running along the northern portion of the community will provide additional trails that can eventually link La Estancia residents to downtown Tucson.

Meritage was the first homebuilder in the community and began sales in Spring of 2016 on 195 homesites. Meritage sales have been strong since the opening and they reported 15 sales for February in La Estancia making it one of the best selling projects in 2017.

For additional information, White and Carroll should be reached at 520.514.7454.

To learn more, see RED Comp #4621.

TUCSON, Arizona — Developers Ron Schwabe and Marcel Dabdoub purchased the historic Gus Taylor building at 128 East Congress in Tucson for $850,000 ($124 PSF). Vacant at time of sale, the 6,875-square-foot, 2-story with mezzanine building, built in 1916, sits adjacent to the former Chicago Music Store. The first and second floors of the two buildings were once open and connected.

The building was owned by the same property owner as the Chicago Music Store who sold it several years ago to a recording studio operation, St. Ceceilia Studios, that has since closed and offered the building to Schwabe and Dabdoub.

The ground floor had been renovated as a recording studio, with new electrical and plumbing installed as part of the remodel.

The developers also own the Chicago Music store that is under redevelopment next door with redevelopment assistance from the Rio Nuevo District for 25% of the final project value based on appraisal at completion.

Buyer plans to convert the ground floor at 128 E Congress into a Bar/Restaurant concept for lease and the upstairs into offices.

At its January meeting, the Rio Nuevo Board approved an additional $650,000 for the developers who have already begun remaking the downtown Chicago Music Store into a retail center. Being located within the Tax Incremental Financing District, the board expects to be repaid through increased sale taxes generated by the new retail and pays nothing for the project until the retail is complete and producing revenue.

The board had previously approved $1.4 million for the Chicago Store redevelopment with the same terms and this was in addition for the extended project. The Chicago Music Store building is being gutted and retrofitted for retail and Schwabe expects some stores may be open there by fall.

“Retail is the final piece to the downtown puzzle which began almost a decade ago,” Schwabe said. First came the nightlife followed by housing. Now we have nearly 2,000 housing units under construction or planned downtown and retail is the final piece.

For more information, Schwabe can be reached at 520.798.3331 ext. 110.

To learn more, see RED Comp #4582.

TUCSON, Arizona – According to RED Comps, tracking all commercial sales, Tucson office sales volume for the first two months in 2017 are up by 27% year-over-year with only three more sales for the same period, prices are trending upward. Average sale price year-over-year is up by $10,000 from $629,167 in 2016 to $639,169 this year showing a positive trend.

A few of the most recent Tucson office sales follows:

MCR 1135 Jones, LLC of Phoenix (Tim Reardon, manager) purchased an 8,268-square-foot office building located at 1135 N. Jones Blvd. in Tucson, from Intergalactic, Inc. for $1.05 million ($127 PSF) for investment to an undisclosed tenant. Tom Nieman, Office Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction and Kevin Lange of Phoenix represented the investor.

For more information, Nieman can be reached at 520.546.2728.

2330 N Craycroft #6, LLC (Dr. Christopher Granillo, manager) bought the 2,389-square-foot dental office condo at 2330 N Craycroft Unit 6 in Craycroft Professionals from Dr. Elwyn Montierth, DDS and The Montierth Family Trust, for $460,000 ($193 PSF). The seller is retiring from his periodontol practice and the buyer, Dr. Christopher Granillo will occupy the space for his dental practice.

Also in Craycroft Professional, Unit 5 at 2300 N Craycroft Road, a 1,854-square-feet dental office was purchased by Dr. Christopher McFarland, DDS for $406,000 ($219 PSF). The seller, Dr. Patrick Anderson, DDS and The Anderson Family Trust retired and passed along his practice to Dr. McFarland several years earlier.

Archer Commercial Properties, LLC (Charles Martin, manager) purchased the 1,810-square-foot office condo at 12450 N Rancho Vistoso Blvd Unit #100 in Oro Valley for $310,000 ($171 PSF). Located in the Northwest submarket, close to the Oro Valley Hospital, the Class A office has four executive offices, reception area and kitchen are. The buyer will occupy the property dba Integris Rx, an advocate for strategic pricing programs for pharmacies. The seller is from out of state, based in Iowa.

To learn more, see RED Comp #4526, #4534, #4587 and #4597.