Faith Christian Fellowship of Tucson (FCFT) has purchased the former Community of Hope Lutheran Church at 3141 W Ironwood Drive in Tucson. The property commanded a sale price of $1.015 million ($83 PSF) in in REO sale. The 12,256-square-foot church (built 1994) on 3.58 acres had been vacant for about a year prior to the sale.

The seller was Gold Ring Holdings LLC, an affiliate of Thrivent Financial of Minneapolis, MN. Thrivent Financial specializes in Church and Institution Financing Programs designed to provide funding for new churches, school expansions, renovations and remodeling, as well as refinancing existing debt.

The seller also was able to do a seller carry back with the buyer.

Faith Christian Fellowship (FCFT) was founded in 2004 by Pastors Virgil and Judy Stokes. The rhythm of life at FCFT goes like this: Repairing Broken People… Preparing Willing People… Celebrating The Goodness of God…According to the church’s website, ”We believe that God saves and heals through faith in His Word & the Holy Spirit is welcome to manifest Himself in our services. Come early for coffee, stay late for fellowship, and experience our motto: The Word & The Spirit… Keepin’ it Real!”

The buyer will be relocating from its current location at 2425 N Huachuca Drive as soon as possible and hope to have no disruptions in services. The property sold with some deferred maintenance, estimated at about $25,000 to cure including deferred HVAC and roof work.

Alan Moore of Chapman Lindsey in Tucson represented the buyer and Rob Tomlinson of Cushman & Wakefield | Picor in Tucson represented the seller.

To learn more FCFT can be reached at (520) 792-FCFT. Moore can be reached at (520) 747-4000 and Tomlinson is at (520) 546-2757.

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[mepr-show rules=”58038″]Sale date: 6/12/2014. Down Payment: $79,000, seller financed the balance. APN: 116-04-120A. Property was on the market 14-15 months and was in escrow 90 days.[/mepr-show]

The Good Egg Restaurant at 4775 E Grant Rd in Tucson sold in a sale leaseback agreement for $1.45 million ($298 PSF) in an all-cash deal. The Good Egg will remain a tenant in the 4,867-square-foot building with a new 10-year lease signed and four 5-year options. The property was built in 1989 and sits on 10,962-square-foot pad in the Crossroads Festival at Grant and Swan.

The seller, First Watch Restaurants, Inc. of Brandenton, Florida acquired the Arizona-based restaurant company The Good Egg; including the brand, concept, all intellectual property and all 20 restaurants back in March. Terms of the deal were not disclosed.

According to public records, the 4,867-square-foot building at 4775 E Grant Road was sold to First Watch for $1.4 million ($288 PSF). This was the only property that sold with real estate in the company acquisition for Tucson.

To read the full story on the First Watch acquisition click here: https://realestatedaily-news.com/first-watch-buys-arizonas-good-egg/

Chuck Klein of Cassidy Turley San Diego and Chris Hollenbeck of Cassidy Turley Phoenix represented the seller in the transaction. While Don Grant, SIOR, CCIM with Cassidy Turley Carlsbad, CA represented the buyer, The Patricia B Harrison Trust, also of California.

To learn more Klein can be reached at (858) 546-5400, Hollenbeck is at (602) 224-4475 and Grant can be contacted at (760) 431-4218.

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[mepr-show rules=”58038″]Sale date: 6/12/2014. APN: 110-1-366, the pad is a ground lease. Property sold with an NOI of $85,000 and a 5.86% cap rate based on income at time of sale. See marketing brochure for rent escalations.[/mepr-show]

Mattamy Homes is Canada’s largest new home builder, with operations across Canada and the United States. From a humble beginning in 1978, Peter Gilgan, its founder named the company after his two children Matt and Amy. Mattamy has gone on to build more than 60,000 homes in 150 integrated communities, and counting. In Canada, those communities stretch across the Greater Toronto Area (Canada’s largest metro area), where the company holds 50% of the market, as well as in Ottawa and Calgary. In the United States, the company is currently represented in Minneapolis, Charlotte, Phoenix, Jacksonville and Orlando is recently added Tucson, and in a big way.

The builder has been in Phoenix since 2007 and closed Friday on its first acquisition of 48 gross acres / 26 net acres of pre-platted land at the northeast corner of Moore Road and Rancho Vistoso in Oro Valley for $4.9 million ($49,000 per lot) in an all-cash deal. Here, it plans to build 100 SFRs and with a second phase takedown, for a total of 200-lots by August. The Mattamy Homes ‘Coming Soon’ sign may go up on this property as early as next week.

Ryan Huffman, VP of Land Acquisition at Mattamy in Phoenix, told us they are also under contract for 172-platted lots in Dove Mountain scheduled to close mid-July. These Dove Mountain lots at Golden Barrel are already entitled so should be ready to build before the Rancho Vistoso property, as early as Spring 2015 is anticipated.

Mattamy gets involved in every aspect of neighborhood planning, from acquiring the land, designing the homes and striving to deliver an exceptional customer experience. The 750 people who work in Mattamy’s divisions and professional disciplines are committed to providing the best homeowner experience.

Huffman describing the company said, “Mattamy is a ‘move-up’ segment 2 – 3 home builder. We will soon have a full company division in the Tucson market where we don’t want to be just another Phoenix satellite office. We recognize the uniqueness of Tucson and are currently interviewing for a Division President there; someone who will show our lasting commitment and intentions for rapid growth in the community.” The home builder is interested in acquiring more land in Tucson.

The Tucson products to be introduced in this market are so new, we couldn’t even obtain renderings of the yet. But Hufffman said to expect, “Floorplans and elevations unique to Tucson and not available anywhere else, not in Phoenix or any of the other Mattamy communities.”

Will White and John Carroll of Land Advisors Organization in Tucson represented the seller, Vistoso Partners LLC of Tempe and the builder in the Rancho Vistoso transaction.

To learn more Huffman can be reached at (480) 302-6080. White and Carroll should be contacted at (520) 514-7454.