DR Horton has seen some success in the southern submarket of Tucson. In Sahuarita Highlands DR Horton took down an additional five finished SFR lots for $225,923 ($45,185 per lot); its second to last takedown from Tucson-based, Red Point Development (Daniel Leung, president) in this one-acre + lot subdivision.

Dan Feig and Aaron Mendenhall of Chapman Lindsay in Tucson represented the seller in the transaction.

DR Horton also purchased more lots at Mission Antigua in the western submarket of Tucson. This purchase was for 11 finished lots of a 38-lot rolling option for $308,000 ($28,000 per lot) which will bring the subdivision to almost full build out.

Dan Feig and Aaron Mendenhall of Chapman Lindsay in Tucson represented the seller, Antigua Associates, an affiliate of Red Point Development, in the transaction.

Maracay Homes purchased six more lots at Tortolita Vistas for $999,259 ($166,543 per lot) for the 1-acre lots in this Northwest community, off Tangerine and Thornydale Roads. This is the second takedown for Maracay here, with an option for 54 total lots. The rolling option was negotiated this past October.

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

Pepper Viner at Civano III purchased two more lots in Civano for $121,916 ($60,958 per lot) from Spectrum Capital Partners (Matt Horn, manager) of Tucson. This southwest community has been very successful for Pepper Viner.

Petrus-Crown West purchased the last remaining 61.86 acres of land in Pomegranate Farms Master Planned Community for $375,000 ($6,062 per acre) in a REO sale from Great Western Bank. Petrus already owned 586 acres in Pomegranate Farms, a community is the southwest submarket, and purchased this last piece designated as commercial in the master plan. The property had no improvements, no utilities, and was purchased as raw land to hold for future development. For more information on Pomagranate Farms go to: https://realestatedaily-news.com/4-2-million-reo-pomegranate-farms-new-owner-petrus-crown-west/

Will White of Land Advisors Organization in Tucson represented Petrus in the transaction. The bank was self-represented.

To learn more Feig can be reached at 520-747-4000 x103 and Mendenhall is at 520-747-4000 x102. White can be contacted at (520) 514-7454.

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[mepr-show rules=”58038″]Sahuarita Highlands lots: Sale date: 6/25/2014. All cash. Lots 17-19, 139 & 140.
Mision Antigua lots: Sale date: 7/24/2014. All cash. Lots 7, 20, 26, 27, 30, 46, 51, 53, 56, 57 & 60.
Tortolita Vistas lots: Sale date: 7/7/2014. $871,759 down, seller carryback.  Lots 94-96, 134-136.
Civano Block 2 lots: Sale date 7/29/2014. Lot 20 & 28.
Pomegranate land: Sale dtae 7/9/2014. All cash. Proeprty is SW of Valencia & Valhalla Rd[/mepr-show]

The CVS Pharmacy at 6310 E Broadway in Tucson has sold in an investment sale to Phoenix-based American Realty Capital Properties, Inc.(ARCP) for $5.45 million ($374 PSF). The 14,576-square-foot building (built 2013) on 2.3 acres is located at the southeast corner of Broadway and Wilmot with a drive-thru. The CVS opened October, 2013.

ARCP is a leading, self-managed commercial real estate investment trust (“REIT”) focused on investing in single tenant freestanding commercial properties subject to net leases with high credit quality tenants. ARCP owns approximately 4,400 properties totaling 99.1 million square feet of leasable space. Additionally, ARCP sponsors non-traded REITs through its wholly owned private capital management business and direct investment wholesale broker dealer, Cole Capital^®. In total, ARCP manages nearly $30 billion of high-quality real estate located in 49 states, as well Washington D.C., Puerto Rico and Canada. ARCP is a publicly traded Maryland corporation listed on The NASDAQ Global Select Market (NASDAQ: ARCP).

The seller was German Dobson CVS, LLC of Woonsocket, Rhode Island. Also Thursday, American Realty Capital Properties, Inc. announced that, pursuant to the prior authorization of its board of directors, ARCP has declared an annualized common stock dividend of $1.00 per share to be paid monthly to holders of common stock of record at the close of business on the 8^th day of each month, payable on the 15^th day of such month. Accordingly, on September 15, 2014, ARCP will pay a distribution of $0.0833333 per share to holders of common stock of record at the close of business on September 8, 2014.

Additionally, ARCP will pay a monthly dividend to holders of its 6.70% Series F Cumulative Redeemable Preferred Stock, par value $0.01 per share (“Series F Preferred Stock”), in respect of the period commencing August 15, 2014 through September 14, 2014, on September 15, 2014. Holders of Series F Preferred Stock on September 1, 2014 will be eligible to receive such dividend. The dividend for the Series F Preferred Stock accrues daily on a 360-day annual basis equal to an annualized dividend rate of $1.675 per share, or $0.1395833 per 30-day month.

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[mepr-show rules=”58038″]Sale date: 8/5/2014. Down payment: $623,664 with balance financed conventionally. There were no brokers involved in the transaction. Property was marketed at a 6% cap rate. Property has 84 parking spaces. APN: 134-23-411A[/mepr-show]

Largest Multifamily Portfolio Sale in Tucson Since 2010

Colliers International in Greater Phoenix recently completed the sale of four Class B multifamily value-add properties in Tucson for an aggregate of $34.65 million ($29,717 per unit) for the 1,166-unit portfolio in four properties.

Omninet Capital, LLC, of Beverly Hills, Calif., purchased the four properties from Gaines Investment Trust of La Jolla, Calif. The portfolio, Omninet’s first acquisition in Tucson, included:

* Sedona Springs, 373 N. Wilmot Road, Tucson 85711
* Sienna Ridge, 5353 E. 22^nd St., Tucson 85711
* Summit Ridge, 1252 S. Craycroft Road, Tucson 85711
* Verrano Park, 6850 E. Gold Links Road, Tucson 85730

Cindy Cooke, senior executive vice president and Brad Cooke, vice president of Colliers International, served as the brokers for the seller. The buyer was self-represented.

The apartments were constructed between 1973 and 1984.

“We received multiple offers on the portfolio but it was Omninet’s terms that won them the deal.  No other buyers were able to match how fast they could remove contingencies and close on the properties,” Brad Cooke said. 

This sale is the largest multifamily portfolio units sold in Tucson since 2010, according to Colliers International, when Cooke Multifamily Investments closed a 2,913-unit portfolio, splitting it between two buyers, setting the previous Tucson record.

The Cooke team’s detailed knowledge of the Tucson market combined with their national connections has been a winning combination for bringing new buyers to the Tucson market.

The Cooke team has maintained a strong track record of closing 97 percent of their listings over the last 30 years.

To learn more Cindy Cooke can be reached at (602) 222.5039 and Brad Cooke is at (602) 222.5088.