Colliers International of Phoenix negotiated a $19 million sale ($132 PSF) at 3350 N Hemisphere Loop in Tucson. The 143,650-square-foot two-2 story office building was fully occupied by a long-term single-tenant when it sold and sits on 16 acres in Tucson Industrial Business Center, off Country Club and Valencia near Tucson International Airport.

Seattle-based DCG III, LLC sold the property to RACO (AZ), LLC of New York, an affiliate of W.P. Carey of New York.

The investment firm is a publicly traded REIT (NYSE:WPC) and as a real estate advisory and investment company invests primarily in commercial properties that are each triple-net leased to single corporate tenants, domestically and internationally. Its real estate investment portfolio consists primarily of single-tenant commercial real property.

The firm owns and manages an investment portfolio totaling more than $15 billion. The largest owner/manager of net lease assets, WPC’s corporate finance-focused credit and real estate underwriting process is a constant that has been successfully leveraged across a wide variety of industries and property types. Its portfolio of long-term leases with creditworthy tenants has an established history of generating stable cash flows that have enabled WPC to deliver consistent and rising dividend income to investors for nearly four decades.

In January, the company added the Avnet Building in Tempe, AZ for $21.5 million ($163 PSF) to its portfolio.

This is W.P. Carey’s first acquisition in the Tucson market.

Neil Glassmoyer, Tivon Moffitt and Peter Bauman with Colliers International in Phoenix handled the transaction and should be reached at (602) 222-5000.

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[mepr-show rules=”58038″]Date of sale 2/12/2014. Exact sale price: $18,954,093. Single tenant in building is Raytheon, who asked not to be disclosed for security reasons. Property was purchased for investment.[/mepr-show]

In February 2013, Pulte Home Corporation (NYSE:PHM) announced its plans to build approximately 650 homes on 208 acres for the Del Webb at Dove Mountain Active Community in Marana. In phase one, 100 lots were acquired.

Now in phase two, Pulte recently acquired 69 acres for $1.8 million to plat an additional 63-lots ($28,000 per lot).

This is the second phase of a five phase option agreement with Cottonwood Properties, Inc. and DM Phase IV Investments, LLC (David Mehl, CEO).

Del Webb Corporation was acquired by Pulte Home in 2001 and is a leading builder in active adult communities. The Del Webb at Dove Mountain Community will be located southwest of the Ritz Carlton Resort off Dove Mountain Blvd and will reportedly have a mixture of 40′, 50′ and 60′ lots.

Pulte Home conducts operations in 58 markets throughout 28 states. This will be the second active Del Webb community in the Tucson area; the other being Del Webb at Rancho Del Lago in Vail. Pulte through Del Webb is currently marketing three communities in the Phoenix valley.

“We are excited to bring the Del Webb brand to Dove Mountain, ” said John Chadwick, PulteGroup Southwest Area President. The timing is ideal as the Tucson Market is strengthening with housing demand outpacing supply. This will truly be a unique active adult community with its intimate size, sought-after location and physical beauty, all surrounded by fantastic recreational amenities.”

Within a day of posting a “coming soon” sign on the property, Del Webb received nearly 100 inquiries.

Cottonwood Properties of Tucson is privately owned and the original developer of the 6,200 acre Dove Mountain community in Marana, Arizona. In addition to the many neighborhoods within Dove Mountain, Cottonwood developed The Ritz-Carlton Resort, Residences and Golf Club – home to the Accenture Match Play World Golf Championships. Cottonwood was represented in this transaction by Bob Hadd of the Hadd Company of Oro Valley; Pulte represented itself.

To find out more from Pulte Homes contact Jacque Petroulakis, Public Relations Director at (480) 391-6169. Bill Hallinan, Vice President at Cottonwood Properties can be reached at (520) 299-8424.

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[mepr-show rules=”58038″]Sale date: 1/10/2014. Exact sale price: $1,773,000, all cash.  APNs 218-34-225, 226A, 226B, 226C[/mepr-show]

When 2030 East, LLC of Tucson (Eddy Chernecki) sold the Lasertel building and land next door at 7775 N Casa Grande Hwy in Marana, this past October, the 45-day IRS window for identification of a replacement property began. Jon O’Shea and Rob Fischrup of Vast Real Estate Solutions in Tucson hit the ground running and were able to identify more than 15 properties for completion of a 1031 exchange.

O’Shea says, “Vast is more than a real estate broker, we function more like an asset management and investment management firm and as such we broker the deal, provide due diligence, financing and property management, for our clients. The company provides more diversification and professional management and consulting than is normally available to individual real estate investors. We take the ‘boutique’ approach, which allows us to focus on the specific needs of our clients.”

The diversification of this portfolio met the client’s two basic criteria, that of cash flow and upside potential. Going from one tenant in one property, the client has able to move up to 14 tenants in 6 properties that will be leased and managed by Vast Real Estate Solutions.

In general an asset management company is engaged primarily in the business of investing in, and managing a portfolio. Vast handles all aspects for management of a real estate portfolio.

Here’s the deal:

2030 East, LLC purchased 17,865-square-feet at 7430, 7458 & 7464 N. La Cholla Blvd in La Cholla Corporate Center in Tucson from 220 Properties, LLC of Tucson (Gregory Wood, et al) for $3,550,000. The property was 100% leased to Simpleview, Inc. Jon O’Shea and Rob Fischrup of Vast Real Estate Solutions brokered the deal. This was an off market transaction.

2030 East, LLC purchased 4,040 square-feet at 7494 N. La Cholla Blvd in La Cholla Corporate Center in Tucson from Kash, LLC of Austin, TX for $875,000. The property was 100% leased to Genesis OB/GYN. Jon O’Shea and Rob Fischrup of Vast Real Estate Solutions represented the investor and the seller was represented by Tom Knox of Cushman & Wakefield | Picor. This was also an off market transaction.

2030 East, LLC purchased 8,810-square-feet at 5232 E. Pima St in Tucson from Source One Investments, LLC of Tucson (Manuel Bracamonte) for $750,000. The property was 28% leased at the time of sale. This was an all-cash transaction. Since closing, Aubrey Finkelstein with Vast Real Estate Solutions leased the remaining two spaces 4,369-square-feet to United Contractors and another 1,900-square-foot space to a comic book company bringing it also to 100% occupancy.

Also negotiated with 5232 E Pima Street from Source Three Investments of Tucson (Manuel Bracamonte) was the 8,476-square-feet at 9302 E. 22^nd Street in Tucson for $1,450,000. The property was 100% leased to Saguaro East Medical Group at time of sale. Jon O’Shea and Rob Fischrup of Vast Real Estate Solutions represented the investor and the seller was represented by Tom Knox of Cushman & Wakefield | Picor. This was an off market transaction.

2030 East, LLC purchased 36,052-square-feet at 155 Calle Portal in Sierra Vista, AZ from Sierra Vista Medical Center, LLP (Steve Walsh) for $1,710,000. The property was 61% leased at the time of sale. Jon O’Shea and Rob Fischrup of Vast Real Estate Solutions handled the transaction. This was an off market transaction.

2030 East, LLC purchased 15,348-square-feet at 650 E. Wilcox in Sierra Vista, AZ from David Berg for $850,000. The property was 100% leased at the time of sale. Jon O’Shea and Rob Fischrup with Vast Real Estate Solutions represented the buyer and the seller was represented by Frank Moro and Roy Sutton with First West Properties in Sierra Vista.

Eric Lamb with Wells Fargo provided financing.

O’Shea, Fischrup and Finkelstein should be reached at (520) 624-9400. Moro and Sutton can be contacted at (520) 458-1666 and Knox is at (520) 546-2701.

To read more on the downlegs of the 1031 exchange click here: https://realestatedaily-news.com/?p=4644 and here https://realestatedaily-news.com/?p=6480

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[mepr-show rules=”58038″]Sale date on portfolio was 2/13/2014. Blended cap rate was reported as a 9.5% cap.[/mepr-show]