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Kitchell Development of Phoenix (Jeffrey Allen, President), the developer of San Dorado mixed use development on the east side of Oracle at First in Oro Valley broke ground this month. Approximately 65,350 sq. ft. was sold to CVS for[mepr-show rules=”58038″]$1.35 million ($20.66 PSF). Armstrong Development, the builder for CVS Pharmacy in Arizona, will build a 13,485 sq. ft. CVS on this PAD ‘A’ on site plan.

Firm commitments at San Dorado include Mark Taylors’ Apartments for a 275-unit multifamily luxury apartment complex. The residential portion will be on 15.73 acres and being used for 374,817 sq. ft. building area in 2-story and 3-story buildings. Parking ratio will be 1.95 per unit. For earlier story click here https://realestatedaily-news.com/phoenix-builders-jv-on-luxury-apartments-shopping-in-oro-valley/

Panera, formerly known as Paradise Bakery has leased a 2,500 sq. ft. space and Mattress Firm the adjoining 4,000 sq. ft.  to fill “Shops B” located next to CVS.

Tyler Chester with Phoenix Commercial Advisors says, “There has been an increase in interest since the project broke ground this month. San Dorado is a very attractive site and something some thought would never happen. Now that it is going forward and they see ground breaking, there’s a lot of excitement.”

The commercial site plan shows 12.09 acres to be used for 66,880 sq. ft. commercial development. The pad shops run from 6,800 – 8,000 sq. ft., but there is some fluidity with the site plan to accommodate larger tenants, according to Chester. Parking ratio for the commercial development is 5.7 /000

Greg Laing, Dan Gardiner, Tyler Chester and Teale Bloom of Phoenix Commercial Advisors in Phoenix is handling leasing of the commercial project and also represented the seller in the sale to CVS.

Darren Pitts and Michael Clark of Velocity Retail Group in Phoenix represented the tenant Mattress Firm.

Kitchell can be reached at (602) 264-4411. Laing is at (602) 734-7207, Gardiner is at (602) 734-7204, Chester can be reached at (602) 288-3480 and Bloom is at (602) 288-3476. Pitts and Clark should be reached at (602) 682-8100.[/mepr-show]

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Central Point Business Plaza at 3955 – 3961 E Speedway Blvd. in Tucson sold for[mepr-show rules=”58038″]$4 million ($72 PSF) to a California investor group, Central Point Tucson, LLC, an affiliate of Castlerock Investment Group of Valencia, CA (Randy Kirshner, managing member). The 55,339 sq. ft. flex / industrial / retail property at Alvernon and Speedway was built in 1982 on 4.7 acres.

The seller, Central Point Business Plaza, LP of Tucson (Rodger Ford, president) sold the property 97% occupied, with such tenants such as Tucson Window and Doors, Re-Bath of Tucson, Regal Cleaners, ARC Documents, SW Medical Solutions, Life Net, and DIY Cosmetics. The property sold well-maintained and in good condition.

American Equity Investment Life Insurance financed the purchase for the investor.

This is not Castlerock’s first acquisition in the Tucson market, it also owns the 163,000 sq. ft. Britannia Business Center, near the Tucson Airport, since 2004. Kirshner told us that Castlerock Investment Group is looking for other properties of this type in Tucson. “The company likes business park investments but is open to other investment properties for their portfolio,” according to Kirshner.

Rob Tomlinson, Greg Furrier and Brandon Rodgers of Cushman & Wakefield / Picor in Tucson have been retained for leasing at the property.

Michael Sandahl and Wyatt Campbell, both with CBRE in Tucson represented the seller, Central Point Business Plaza, LP in the transaction. Buyer, a licensed real estate broker in California was self-represented.

Kirshner should be contacted at (818) 344-3225. Sandahl can be reached at (520) 323-5115 and Campbell is at (520) 323-5173. For leasing information, Picor  should be contacted at (520) 748-7100. [/mepr-show]

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[ismember]Sale date: 7/3/2013. Concrete tilt-up construction. Buyer paid $1,600,000 down and financed the balance with conventional financing. Property sold at a 9% cap rate. Buyer, Randy Kirshner is a licensed Real Estate Broker in California.
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After five years as a tenant, Yvonne Foucher purchased the building she was in at 3063 N Alvernon Way in Tucson, located south of Fort Lowell on Alvernon, the store known to most as CataVinos. Foucher paid[mepr-show rules=”58038″]$147,000 ($78 PSF) for the 1,880 sq. ft. building (built 1955). The seller was Elias & Irma Rangel of Tucson.

CataVinos is a full service wine shop and tasting room with extensive flights of wine from all over the world. It started at this location and plans to stay here for some time. At CataVinos there are six wines to sample every week, with a different theme, from a different country and a different point of view. Along with the casual wine tasting comes the traditional cheesed and other gourmet goodies from around the globe to accompany each flight. Tasting is free with a case purchase and $8 with wine purchase over $10.

CataVinos was voted “Best Wine Bar in Tucson for 2010” by its legions of loyal fans. “Thanks to amazing prices, (with hundreds of wines under $15 per bottle) and unfussy, laid-back vibe; and owner Yvonne Foucher’s passion for good wine, CataVinos is a great place to enjoy one’s self,” according to the Best Of Tucson issue of the Tucson Weekly.

Every other Wednesday usually features white wines, although Foucher does get creative with other wines such as “Wine as Art”, “Nothing but Blends”, “BBQ Wines” etc. tasting nights. Foucher is also a local fan of local artists and charities, and the space provide a great venue for both.

The sale was handled by Aaron LaPrise, Retail Specialist with Cushman & Wakefield / Picor in Tucson.

Foucher at CataVinos can be contacted at (520) 323-3063. LaPrise should be reached at (520) 546-2770.[/mepr-show]

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[ismember]
Sale date: 7/19/2013. Buyer paid all cash. Property has two buildings on 8,533 SF lot: 1,340 SF (built 955) and 540 SF (built 1981). Buyer was a tenant for 5 years prior to purchase; there were no options involved.
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