TUCSON, Arizona — Nestled along the base of the Pusch Ridge Mountains, the Oracle Road Corridor from the Town of Oro Valley to Catalina has many new developments reporting ‘business exceeds expectations’.

The Canyons at Linda Vista Trail Apartments at 9750 N Oracle Road in Oro Valley, owned and developed by Ross Rulney and Malcom Berman opened this past October.  This upscale lifestyle apartment community with 228 luxury apartment units is reporting a 60 percent occupancy already.

“The community is leasing at a quicker pace than we had expected, and we are very pleased with its success,” said Rulney. The tenancy is also diverse, with single professionals, families, as well as retirees looking to downsize.

Kneaders Bakery & Café that also opened this past October is reporting the second highest sales volume of Kneaders’ 41 locations. Located at 9660 N Oracle Road in Oro Valley, the restaurant appears to be have been well received by the locals.

Building on success such as this, Rulney has a new multitenant retail building under construction at the Canyons.  Debbie Heslop, CCIM, with Volk Company told us Growlers USA, a microbrewery and a Nail Salon have preleased portions of the 8,000-square-foot building, leaving 4,500-square-feet for a possible restaurant concept tenant in this 40,600-square-feet planned retail center on 7 acres at full build out.Site Plan for The Canyons Retail and The Canyons at Linda Vista Trail Apartments

Nearby, at Oracle and First Ave., Steam Pump Village is 100% leased.

Brenna Lacey and Rick Volk with Volk Company handle Steam Pump Village and told us Native Grill & Wings and Freddy’s Custard and Steakburgers are both well under construction for Spring openings.  This will be Freddy’s 4th location in the metro Tucson region and Native’s 5^th.

Lacey who has handled the 42 acres of retail at Steam Pump Village from inception says, “There are only two retail pads remaining and one of those is in escrow. The last remaining 60,000-square-foot pad is next to Basis School.”

“The Oracle Corridor is maturing as a trade area and filling in with more diversity,” Lacey said. Oro Valley is an upscale community with per capita income among the highest of any in Arizona, with a median household income of $71,628.

Continuing north along Oracle, the small community of Catalina is also benefiting from this growth.

Circle K Stores recently purchased a 2.25 acre parcel in Catalina for $795,000 ($8.11 PSF) to add a new store next to McDonald’s, Family Dollar and Canyon Bank, across the street from the new Tractor Supply, all newly built.

To learn more, see RED Comp #4584.

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

TUCSON, Arizona — The BMO Harris Bank occupied property at 1200 N Wilmot Road in Tucson sold for $2.52 million ($506 PSF). The buyer and seller were both from California and the property sold for investment leased to the bank.

Located at the signalized intersection of Speedway and Wilmot, the 4,980-square-foot building with multiple drive thru lanes was constructed in 1979 on a 39,756-square-foot lot for plentiful parking.

The branch boasts over $48 million in deposits and is positioned within a diverse trade area. adjacent to Trader Joe’s, Target, Starbucks, Costco, Check E Cheese, Lowe’s and BBVA Compass with over 85,000 vehicles per day.

BMO is celebrating 200 years in business. In 1817, the Montreal Bank became Canada’s first bank, and went on to play a critical role in the building of a nation, its financial systems, and the prosperity of its people.

Marcus Muirhead was with Colliers International of Greater Phoenix when he negotiated this transaction and is now with Lee & Associates in Phoenix.

To learn more, login in and see RED Comp #4520.

[mepr-show rules=”58038″]Property was fully leased with a new 15- year triple net lease and corporate guarantee, the property sold with 2% annual increases and eight 5-year options. Property sold with an NOI of $111,571 and a 4.43% cap rate.[/mepr-show]

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]