iStar Financial is acquiring a portfolio of 58 bowling centers around the country from Lakesville, Ill.-based marine engine and sporting equipment manufacturer Brunswick Corporation.

iStar committed to buying the bowling center portfolio for $200 million and will lease the 58 properties to Mechanicsville, Va.-based Bowlmor AMF Corp., which agreed to acquire Brunswick’s retail bowling business for $270 million. In total, Brunswick is selling 85 centers in the U.S. and Canada as well as its bowling products business.

Sources say the New York-based REIT in August took steps to secure a $120 million loan with a term of five or 10 years and was seeking $120 million for the acquisition.

The bowling centers to be acquired by iStar are located in and around Los Angeles, Atlanta, Chicago, Minneapolis, Denver, Phoenix and Dallas and all have bondable 20-year triple-net leases, according to a person familiar with the transaction.

One of the centers in the portfolio to iStar is Camino Seco Bowling Lanes at 114 South Camino Seco in Tucson that recently transferred for $1.794 million ($64 PSF). The 28,049-square-foot bowling center (built 1976) has 32 lanes, 3 billiard tables, arcade games, lounge, snack bar and pro shop.

The portfolio acquisition began in August and is expected to be completed within the month.

iStar Financial Inc. (NYSE: STAR) is a fully integrated finance and investment company focused on the commercial real estate industry. The Company provides investment capital to high-end private and corporate owners of real estate and invests directly across a range of real estate sectors. The Company is a real estate investment trust (REIT). The Company operates in four segments: Real Estate Finance, Net Leasing, Operating Properties and Land. The Company’s portfolio also includes senior and subordinated loans to corporations, particularly those engaged in real estate or real estate related businesses and may be either secured or unsecured. The real estate finance portfolio is primarily comprised of senior and mezzanine real estate loans that may be either fixed-rate or variable-rate and are structured to meet the specific financing needs of borrowers. The Company’s loan portfolio includes whole loans and loan participations.

TUCSON KOI & WATER GARDENS ASSEMBLED 2.72 ACRES FOR DEVELOPMENT
Tucson Koi & Water Gardens (Bruce McDonald) of Tucson recently purchased 1.3 acres southeast of Magee and Oracle in Oro Valley for $187,000 ($3.30 PSF). The property was recently rezoned to C-N and assembled with the 1.42 acres adjacent to the south that was purchased in 2013 by the buyer to develop a new Koi & Water Garden, a plant nursery and koi sales location. The seller was Walter and Jane Wong Family Investment LLLP of Tucson.

Juan Teran, CCIM of Chapman Lindsey Commercial Real Estate Services represented the buyer in the all-cash deal.

DUNKIN’ DONUTS GOING IN AT HOUGHTON TOWN CENTER
Awale Enterprises 2, Inc (Jad and Jamal Awale, directors) bought lot 4 at Houghton Town Center for $391,248 ($11.60 PSF) to construct a 2,250-square-foot Dunkin’ Donuts with a patio. The General Contractor, McManus Construction of Tucson, broke ground October 14 and anticipate the opening to be around the end of January. Houghton Town Center is at the southwest corner of Houghton and Old Vail Road. This will be the third store for the Awales who also own Dunkin’ Donuts at 22^nd & Craycroft and at Broadway & Harrison.

Shannon Murphy with DVI Realty of Tucson represented the seller, Diamond Ventures and Jon O’Shea of Vast Commercial Real Estate in Tucson represented the buyer in this all-cash transaction.

BUILD-TO-SUIT OPPORTUNITY NEXT TO JOHN DEER DEALERSHIP IN MARANA
K.O.P.E. Real Estate II LLC of Tucson (Peter Evans & Kathleen Orr, members) purchased 2.47 acres of land at 9659 N Tiffany Loop in Marana from Huron Farm LLLP for $296,306 ($2.75 PSF). Huron Farm Management, LLP of Avondale, AZ (Rob Rosztoczy, vice-president) purchased the original 6.3 acres $576.100 ($2.10 PSF) at Tiffany Loop and Interstate-10, with highway frontage at Continental Ranch in Marana to build an 8,100-square-foot John Deere dealership on the site, dba STOTZ Equipment. For full story click here.

Randy Emerson of GRE Partners, LLC represented both buyer and seller in the all-cash transaction. The buyer intends to offer the shovel ready property with highway frontage for build-to-suit uses. Emerson is also marketing the property.

SOUTHWEST VALUE PARTNERS COMPLETE REO FOR 7 ACREAS AT LA PALOMA
Southwest Value Partners (SWVP) of San Diego (Mark Schlossberg and Cary Mack, co-managers) bought 7 acres at Westin La Paloma for $350,000 ($1.15 PSF) in an REO sale from Great Western Bank of Lincoln, NE. SWVP owns The Westin La Paloma Resort & Spa that it purchased out of bankruptcy in January 2012. The 7 acre piece of land is northwest of Sunrise and Via Palomita adjoining La Paloma. There were no known brokers involved in the all-cash sale.

SWVP completed its $35 million resort-wide rejuvenation of the property in October, 2013 by adding new carpeting and furniture to the main lobby, lounge and dining areas of this already transformed resort. During the 1.5 year long transformation, all public spaces and guest rooms received refreshing and modern upgrades to provide the most luxurious atmosphere and experience possible. Each of the 487 guest rooms (including 25 suites) have received floor to ceiling redesign; meeting spaces and ballrooms are reinvented; all five gorgeous resort pools are remodeled and ready for relaxation or play; the 27 hole Jack Nicklaus Signature golf course bunkers and greens are refreshed and resurfaced; the Westin WORKOUT Fitness Center is remodeled and equipped with state-of-the-art equipment; La Paloma Country Club tennis courts have received new surfaces and fencing; and new locally-sourced ground cover, indigenous vegetation, and lighting systems have been installed throughout the property.

NORTHWEST SUBMARKET
Maracay Homes purchased six more lots at Tortolita Vistas for $955,845 ($159,307 per lot) for the 1-acre lots in this Northwest community, off Tangerine and Thornydale Roads. This is the fourth takedown and  25-lots to-date for Maracay here, with a rolling option for 54 total lots that was started October, 2013.

Will White of Land Advisors Organization in Tucson represented Maracay Homes in the transaction. The seller was Ready Eight Corporation (David Mehl, manager).

SOUTHERN SUBMARKET
D.R. Horton (NYSE: DHI) bought 68-platted lots at Rancho Resort in Sahuarita for $750,000 ($11,029 per lot). The seller was the Canadian-based OBASA Group of Companies of Saskatoon, Saskatchewan, Canada (Gordon Doell, CEO). The lots are in a 45+ Active Adult Community and a portion of a larger 326-lot planned subdivision on 127-acres at I-19 and Helmet Peak Road interchange.

The Real Estate Daily News reported the acquisition of the property in May 2013. (Click here for full story)  The seller had improved the property by making lot line adjustments to the plat.

Thrac Paulette of Vast Real Estate Solutions in Tucson handled the transaction that closed October 1 for both buyer and seller.

WESTERN SUBMARKET
D.R. Horton also purchased 19-finished lots at Sunset Pointe at Midvale Park for $608,000 ($32,000 per lot). The subdivision was platted in 2007 with a minimum 3,600-square-foot lots in this 55-lot subdivision on 8.76 total acres. The seller was D.B.S. Midvale, LLC (Bill Estes, Jr.) of Tucson. D.R. Horton has an option for the balance of the lots.

Dan Feig and Aaron Mendenhall of Chapman Lindsey represented D.R. Horton.

SOUTHWEST SUBMARKET
Rosemont Copper Company (Rod Pace, CEO) exercised an option agreement on 1,779 acres of ranch land for $5.28 million ($2,967 per acre) located west of Green Valley in Township 18 South – Ranges 10 & 11. The seller was AV Holdings LLC, an affiliate of Diamond Ventures of Tucson (Chad Kolodisner, Executive Vice-President).

SOUTHEAST SUBMARKET
Rosemont Copper Company also acquired 14.4 acres in Vail for $129,600 ($9,000 per acre). The seller was a Lucy Ann Fund. The property is located east of Hwy 83 in Township 18 South – Range 16 East.