San Jose Plaza at 10110 N Oracle Road in Oro Valley sold to Giovanni & Agnieszka Rizza for $1.025 million ($158 PSF). The 6,490-square-foot strip center (built 2005) had but one 1,400-square-feet space vacant at time of sale, and buyer plans to occupy that space as a Gelato Shop.

Other tenants at the center include Cattleman’s Café 2 and Bruce Unger’s Allstate Insurance office.

The transaction was a short sale with Wells Fargo Bank and sold as a net investment / tenant occupied property.

Rob Tomlinson of Cushman & Wakefield | Picor in Tucson represented the seller, JESJO, Inc., (Jacqueline Starr, President) and Bob Herd of Herd Realty in Tucson represented the buyers.

To learn more Tomlinson can be reached at (520) 546-2757 and Herd is at (520) 481-2888.

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[mepr-show rules=”58038″]Sale date: 8/20/2014. Sale price: $1,025,000 with a down payment amount of $256,250 with new financing of balance. This was a short sale with Wells Fargo. Escrow time was 90-days and market time about 4-months. Asking lease rate at time of sale was $16/ SF NNN [/mepr-show]

Tucson Premium Outlets and Marana Center Broke Ground This Week

TUCSON, AZ – Vintage Partners, sold 46-acres of its 161-acre mixed-use commercial center in Marana, on the south side of Twin Peaks Road between I-10 and Linda Vista Boulevard to Simon Property Group for $12.26 million ($266,505 per acre) for construction of a much anticipated 360,000-square-foot open-air outlet mall, called Tucson Premium Outlets.

Tucson Premium Outlets will offer a diverse selection of retailers including apparel and shoes, accessories, leather goods, home furnishings and more to anchor the site that broke ground this week. Simon Property Group also owns and operated the Phoenix Premium Outlets in Chandler with 90 outlet stores there.

“The rest of the 161-acre site, called Marana Center, is to be a commercial hub as the Town of Marana has envisioned,” David Scholl of Vintage Partners told us. “With hospitality, retail, a potential auto dealership, offices, medical and perhaps even a movie theater.”

The Town of Marana approved Vintage’s development plan for Marana Center earlier this month, which is zoned for a wide variety of commercial uses, including retail, restaurants, hotels, auto dealerships, office and medical. Vintage worked closely with the Town of Marana’s leadership and planning officials to develop a plan for this site that honors the Town’s original vision for this land created several years ago.

The 46-acres that sold to Simon Property Group, a national mall developer is being graded and getting infrastructure side-by-side to Marana Center. Tucson Premium Outlets is scheduled for completion in Fall 2015.

“The Town is excited about the Marana Center plans,” said Gilbert Davidson, Marana town manager. “This is one of the most significant projects in the community’s history and our team will do everything it can to ensure its success.”

“Marana Center is poised to become Southern Arizona’s favorite regional shopping destination,” said Scholl. “With guidance from the Town of Marana, we have created an exciting plan for Marana Center, and are excited to break ground and share this vision with the Southern Arizona community.”

Vintage Partners is a commercial real estate development and investment company whose principals have extensive experience in commercial real estate acquisition, entitlement, development, disposition, leasing and management. For information, visit Vintage Partners at www.vintagevp.com or at (602) 626-8992.

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[mepr-show rules=”58038″]Sale Date: 8/22/2014. Sale Price: $12,259,234.75; all cash deal. APNs sold to Simon Property Group inlcude: 221-04-001D, 002, 003, & 004G – 46 acres reported by the seller. Grading property by seller is included in the sale price. Vintage Partners purchased the 161-acres in Dec. 2013 for $23.9 million ($148,447 per acre).  [/mepr-show]

Veterinary Specialty Center of Tucson (VSCT) at 4909 N La Canada Drive in Tucson has sold for $7 million ($219 PSF) in a sale leaseback agreement to STORE Master Funding an affiliate of S|T|O|R|E Capital of Scottsdale.

VSCT opened to serve southern Arizona’s pets, pet owners and primary care veterinarians on July 19, 2004 with approximately 10,000-square-feet offering multi-specialty medical, surgical and 24/7 emergency services. In November of 2010 and expansion was added bringing the total hospital square footage to just over 32,000-square-feet making it the largest multi-specialty veterinary hospital under one roof in the state of Arizona.

VSCT has 27 veterinarians and 55 support staff and is open 24 hours a day, 7 days a week, 365 day a year – we never shut down. VSCT’s doctors are here for you and your pet 24 hours a day, 365 days a year because we reside locally, are not outside consultants, and do not work in multiple hospitals or locations.

The hospital includes a 56 kW solar (photovoltaic) energy system which produces up to 40% of our current energy demands making VSCT the first multi-specialty emergency veterinary center in the state to utilize a renewable energy source in an effort to reduce our environmental impact.

VSCT currently provides more complimentary continuing education than any other veterinary center in the state. A large auditorium seats approximately 125 people for educational seminars and events. The auditorium is also rented to local pet and business associations with all proceeds donated to our non-profit organization, Cause Four Paws.
32,000 square foot, two-level hospital has:

• * 16 patient examination/consultation rooms all equipped with computers for retrieval of patient information and presentation of digital diagnostic images (x-rays, ultrasounds, CT and MRI scans)
•  * 4 surgical suites with viewing windows
•  * A separate dental/oral surgical suite
•  * Two digital radiology suites, two ultrasound suites and dedicated rooms for in-house MRI (the first and only one for pets outside of Phoenix) and in-house helical CT scanner.
•  * A large central ICU with in-house laboratory, oxygen cages, and a respiratory ventilator for pets.
•  * Dedicated patient wards for cats only, small dogs, and large runs for large dogs, along with an isolation ward to quarantine pets with contagious illnesses.
•  * I-131 (radioactive iodine) suite for treatment of hyperthyroidism in cats complete with observation cameras.

S|T|O|R|E Capital was co-founded in 2011 by six executives who worked together in various capacities at other organizations and is already one of the largest and fastest-growing net-lease REITs in the United States. Morton Fleischer, Christopher Volk, Catherine Long, Mary Fedewa, Michael Bennett and Michael Zieg pooled their collective investment, accounting, legal and real estate experience to form Scottsdale, Ariz.-based S|T|O|R|E Capital with a commitment to deliver value-creating real estate lease solutions and build long-lasting relationships with each customer.

Having supplied more than $11 billion in real estate mortgage and lease solutions to customers across the U.S., the senior leadership team has been investing in single tenant real estate for over three decades. Fleischer was the first to introduce capital, by way of sale-leaseback transactions, to the rapidly growing chain restaurant industry in the 1980s. Fleischer, Volk and Long completed the largest U.S. real estate limited partnership rollup taken public on the New York Stock Exchange in 1994. Subsequently, they formed and took public Spirit Finance Corporation, where they created the country’s first investment-grade real estate debt program designed to finance net lease investments and guided the company in completing the largest reported U.S. sale-leaseback transaction of its time.

The team continues to partner with real estate intensive business owners to free up capital and create wealth through innovative lease financing solutions. To learn more S|T|O|R|E Capital can be reached at (480) 256-1100.