TUCSON, Arizona — A private trust of the Scar Family in Santa Barbara California purchased a 13,200-square foot retail/wholesale building located at 5123 E. Speedway Blvd. in Tucson for $2.64 million ($200 PSF) for investment.

The seller, Solar Industries, Inc. of Tucson (Don Medoff, president) sold the property fully occupied by its subsidiary, The Window Depot, in a sale leaseback transaction. The Window Depot is making a long-term commitment to the location.

The Window Depot changed the way America buys windows by providing the absolute lowest price and best service in town. Since 2002, The Window Depot has grown to 8 locations in four states, Arizona, Texas, New Mexico and California, offering new windows, doors, skylights, kitchen countertops, and cabinets for home improvement projects at the lowest possible prices for contractors and the do-it-yourselfers.

Stephen D. Cohen and Russell W. Hall, SIOR, GSCS, Industrial Specialists with Cushman & Wakefield | PICOR, represented the seller in this transaction.  Mitch Stark with Berkshire Hathaway Realty represented the buyer.

Stark told us this was the buyer’s first investment in the Tucson market. “It was the new construction of the multi-use building (built in 2011) and its location on a busy street that first struck the buyer’s attention,” Stark said. “The Window Depot and Solar Industries success as a Tucson-based company and growth of the real estate market throughout the country were also important factors.”

For more information, Cohen can be reached at 520.546.2750 and Hall is at 520.546.2747. Stark should be contacted at 805.689.2429.

To learn more,  login and see RED Comp #4620

[mepr-show rules=”58038″]Sale date: 3/8/2017. This was the buyer’s upleg in a 1031 exchange. Property is a free standing bldg that sold as a Net Lease Investment with a new 10+ years lease as a sale leaseback. Property sold at a 6.85% cap rate. [/mepr-show]

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.