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As 2013 progresses, the commercial real estate market continues to settle into a “new normal,” largely reflected by the number of bank owned properties, or REOs, lenders can clear off their books each month. There were five REO sales in Pima County from January 1 to February 28, 2013.

The Bank of Oklahoma sold an 8,142 sq. ft. outparcel at Heritage Plaza, 2912 W Ina Road in Tucson for[mepr-show rules=”58038″]$1.95 million, or $239 per sq. ft. The retail building was fully occupied with three tenants when it sold: Einstein Bagels, Foothills Barbers and Cici’s Pizza. The property sold at an approximate 8.5% cap rate. LCL Heritage, LLC of Tucson (Danny Leung, manager) was the investor. Jordan Simon of Venture West in Tucson brokered the deal for the bank.

Zions First National Bank of Salt Lake City, UT sold a 10,212 sq. ft. storefront at 4622-4628 East Speedway in Tucson for $295,000, or $29 per sq. ft. The 10,212 sq. ft. retail building was constructed in 1963 on a 30,933 sq. ft. lot. Speedway Swan Plaza, LLC of Tucson (Ameen Mneimneh and Azzam Taleb) was the buyer. Robert Nolan of Oxford Realty Advisors handled the transaction for buyer and seller.

The Bank of Tucson sold a 4,345 sq. ft. office building at 6380 E Tanque Verde Road in Tucson for $245,000, or $56 per sq. ft. The freestanding building with four office suites was built in 1982, and was vacant at time of sale. Real Property Management Rincon, Inc. of Tucson (Chet & Erika Judd) was the buyer, a property management firm that purchased it to owner occupy. Bill MacMorran of MacMorran Realty represented the seller in the transaction.

The Commerce Bank of Arizona sold Desert Pines Eldercare, a 10-bed assisted living facility at 17420 S La Canada Drive in Sahuarita for $240,000, or $24,000 per bed. This 2,962 sq. ft. building was constructed in 1975 on 1.31 acres. KC2 Group, LLC of Tucson (Kevin H Concannon Jr. & Sr.) was the buyer.

Bank of Tucson sold four office condominiums at the Broadmoor Executive Center, 184-190 S Stratford Drive in Tucson for $150,000, or $30 per sq. ft. The property that sold for $112 per sq. ft. in 2008, was vacant at time of sale. 420 Aviation, LLC of Tucson (Rich Rodgers) was the buyer. Brandon Rodgers of Picor Commercial Real Estate Services handled the transaction for buyer and seller. Rodgers is also leasing the property.

For more information from The Bank of Tucson, contact Robert Placzek at (520) 321-4500. Commerce Bank of Arizona can be reached at (520) 797-4160. Zions First National Bank is at (801) 844-7000. Leslie Warren of the Bank of Oklahoma can be contacted at (918) 619-0984. To reach Robert Nolan at Oxford Realty Advisors call (520) 232-0200. Brandon Rodgers of Picor is at (520) 546-2714. Jordan Simon of Venture West can be contacted at (520) 722-9292. Bill MacMorran of MacMorran Realty is reached at (520) 991-4649.

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“Builders and the public are attracted to Rancho Sahuarita for the life-style,” according to Ted Herman, Director of Real Estate at Sharpe & Associates, “we make a big effort to make residents’ lives more fun and enjoyable with a wide variety of events.” This month an eclectic community event calendar shows a car and motorcyle show, a rodeo round up day, the 6th annual father/daughter dance, speakers on financial matters and an assortment of health and fitness classes for every member of the family. Something for everyone seems to be working well there.

On February 22, 2013 Richmond American Homes (NYSE: MDC) the home building subsidiary of M.D.C. Holdings, closed on 24 finished lots, paying[mepr-show rules=”58038″]$792,000 ($33,000 per lot) for this final takedown at Presidio San Xavier. The seller, Rancho Bridge, LLC (Greg Anderson, principal) of Tucson purchased 48 lots from Pulte Homes last year and resold them to Richmond American in a two-part option agreement that began April, 2012. The lots were a mixture of 45′ x 100′ and 55′ x 100′ lots.

Dan Feig of Chapman Lindsey in Tucson represented the builder and seller in the option agreement.

In a separate transaction, Richmond American acquired an additional 77 finished lots at Presidio del Norte for $4.24 million ($55,000 per lot) from RSMC VI, LLC, an affiliate of Sharpe & Associates of Tucson (Bob Sharpe, CEO) in a cash purchase. The builder reports a completely new line of home models to be coming to these mostly 50′ x 110′ lots.

Herman reported building permits in Rancho Sahuarita are up by 80% over the past 12 months, and new home closings are up another 20% over the past 12 months. Including the 77 lots sold to Richmond American, there are 265 buildable lots in the hands of builders there, less than a 12 month inventory. Distress builders’ lots have also all been depleted, so with restricted supply and increased demand, there can subsequently be expected higher prices for both homes and land. Home foreclosures also declined by 41% from its 2010 all-time high, and distressed homes returned to lenders is down by 32% from this same period. These are all positive shifts in market perseptions that lend to an increased optimism for the future for housing in Rancho Sahuarita.

“Rancho Sahuarita’s building fees, if not the lowest in the area, are certainly very competitive,” Herman commented, “there are no impact fees as found in the City and County, another big advantage to builders in this award-winning community.” Builders such as Richmond American, Maracay Homes and DR Horton are currently building here.

In the early 1990′s, Bob Sharpe purchased an old cotton farm in a community known as Sahuarita, with the vision of creating a highly amenitized master planned community. Sharpe compiled a team to help form the Town of Sahuarita, and began the process of planning Rancho Sahuarita. This lead to a detailed development plan, which was the comprehensive guiding vision for what is now Rancho Sahuarita’s 5,100 homes, and expected to become 11,000 homes when complete.

For more information contact Ted Herman at (520) 299-8766. Dan Feig can be reached at (520) 747-4000. Bob Martin, VP Finance at Richmond American is at (720) 977-3431. Richmond American sales office can be contacted at (520) 594-6180.

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Complete Landscaping of Tucson (Billy Gibson, President) bought a 3,866 sq. ft. building on 2.9 acres at 2474 N Flowing Wells Rd. for[mepr-show rules=”58038″]$425,000 ($110 per foot) from Blue Jacquar Property Investment, LLC (Ronald Smith and Kevin Rice, principals) also of Tucson.

The property was formerly occupied by the seller as Modern Recovery and Remarketing, LLC a repossession company specialized in the recovery of collateral including cars, trucks, RVs, trailers, 5th wheels, motorcycles, ATVs and boats. The seller has relocated Modern Recovery to 165 N Anita, at the northeast corner of Speedway and I-10 Frontage Road.

Complete Landscaping was established in 1986 as a family-owned and operated business offering a full service landscape company that provides lawn care, plant care, landscapes, hardscapes, tree care, pest control, grounds maintenance, irrigation installation and other services such as water conservation and audits. The company has relocated from 2900 N Country Club Rd., and has about 120 employees.

Ron Zimmerman of Newmark Grubb Knight Frank of Tucson represented the buyer. Fernando Acevedo of Keller Williams Southern Arizona of Tucson represented the seller in the transaction.

For additional information, contact Ron Zimmerman at (520) 248-0427 and Fernando Acevedo at (520) 615-8400. Modern Recovery and Remarketing can be reached at (520) 882-4599 and Complete Landscaping is at (520) 300-9335.

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