El Dorado Condominiums Sells for $5.62 Million in Investment Sale

TUCSON, AZ (March 6, 2024) The 1161-1181 N El Dorado Place office building in Tucson sold for $5.62 million ($167.55 PSF). The building is 33,536 square feet in a 3-story building, completed in 1978 on .77 acres off Speedway Blvd. and Wilmot Road.  It is a condominiumized building with 12 condos, four per floor.

The property was sold with a single tenant, Pathways of Arizona, a full-service behavioral health agency, occupying the second and third floors with 10,686 square feet on the ground floor available for lease.

The transaction closed on February 20, 2024.

Angelica Dutton with eXp Commercial represented the seller, California-based Catarina of Tucson c/o Christopher Kawaja, manager, and Molly Gilbert with Cushman & Wakefield | PICOR represented the buyer, El Dorado Partnership, LLC c/o Hector Jimenez, manager, is also a licensed real estate agent.

For more information, Dutton should be reached at 520.548.9999, and Gilbert is at 520.546.2766.

To learn more details, see RED Comp #11151.




Ono Hawaiian BBQ Brings Luau to Tucson at Tanque Verde & Grant Roads

TUCSON, AZ –  Rick Volk and Jeremy Price of VOLK Company handled the $2.35 million sale of the former Boston Market at 6610 E Grant Road in Tucson.

Fairway Colina DE Nine LLC of Diamond Bar, CA,  c/o Josh Liang purchased the 3,063-square-foot building with a monument sign and drive-thru,  to redevelop it into Tucson’s first Ono Hawaiian BBQ fast casual restaurant.

Boston Market closed at this location in 2019, and the building has been vacant since then. When the seller bought it in December, 2022, it was with the intend to find a new restaurant concept for the property, an outpad to the Albertson’s Shopping Center at the southwest corner of Tanque Verde and Grant, Other services nearby include Chick-fil-A, Beds & Mattresses Store, McDonalds, and Chipotle.

Founded in 2002, Ono Hawaiian BBQ is a family-owned fast casual restaurant known for its authentic Hawaiian Plate Lunches and other island specialties. Ono Hawaiian uses the freshest ingredients, prepared from scratch daily in each restaurant and grilled fresh to order. With locations in California and Arizona, Ono Hawaiian BBQ aims to combine the culture and “Aloha” spirit of Hawaii into their restaurants to bring a taste of the islands with exceptional service in an inviting atmosphere. Although this will be Tucson’s first Ono Hawaiian BBQ, it has seven in Phoenix metro. ONO is a Hawaiian word that can be used to describe something pleasing or enjoyable. It can describe delicious food, beautiful landscapes, or even good company. ONO is an expression of the Hawaiian spirit and represents the joy and happiness of life.

For more information,  Price should be reached at 520.441.4771 and Volk at 520.326.3200.

To learn more, see RED Comp #10392.

PHOTO: Ono Hawaiian BBQ in Glendale, AZ opened July 28, 2022.

 




Blackhawk gains Second Homebuilder in Phase 1

TUCSON, AZ (March 1, 2024) Blackhawk is a new centrally located community along the I-10 corridor, southeast of Tucson, at the southwest corner of Wilmot and I-10. With 87 acres being developed by Forestar (USA) Real Estate Group, Inc., lots have started to sell. See the Real Estate Daily News on May 28, 2021.

D.R. Horton purchased 60 SFR lots here in January, and recently, Richmond American bought 51 SFR lots for $4.641 million ($91,000 per lot), a new high price per lot for this area of Tucson.  When completed, this community will have 310 homes—phase 1 with 157 lots and phase 2 with 153 lots.

This is the 13th community in Tucson where Richmond American is building.

According to Richmond’s website, it is offering buyers a 4.500% (5.237% APR) special financing on homes that close by 3/29/24. Limited funds are available, and thousands in closing cost assistance for buyers.

Will White and John Carrol with Land Advisors Organization (Tucson) handled the transaction.

“Tucson needs 25,000 lots to be developed at a minimum over the next 5 years to accommodate consumer demand for housing,” White wrote in the March Trend Report. “The good news is that Tucson has strong demand and solid fundamentals. As the market continues to evolve, the success of Tucson’s homebuilders will depend on their ability to navigate the delicate momentum of the land market, much like skilled players maneuvering through a Jenga game. The next moves will determine whether the tower stands tall or succumbs to the pressures of an unsteady foundation.”

For more information, contact White and Carrol at 520.514.7454.

To learn more, see RED Comp #11156.