Cornerstone Buys 114 Acres Non-Contiguous Mixed Use Land in REO Sale
Andrada Ranch Platted Lots
C Stone Holdings, LLC an affiliate of Cornerstone Homes (John Agresti, president) purchased approximately 114 acres in an REO sale for $928,000 (approximately $8,140 per acre) from Stearns Bank. The property is a mixture of residential and commercial noncontiguous land.
The residential portion includes 8.9 acres of raw land at 6th and Medina and a 79-acre platted development for 74-SFR lots at Andrada Ranch in Corona De Tucson, with an overall density of 0.93 residences per acre.
The commercial land includes 19-acres at Ajo and Kino and 7.5acres located at Valencia and Alvernon Way in Tucson.
Established in 2004, Cornerstone Homes is locally owned and operated and a family based builder that has a wide-range of experience in multiple areas of the building industry since 1983; production and semi-custom, custom, luxurious custom and commercial development.
Dan Feig and Aaron Mendenhall with Chapman Lindsey Commercial Real Estate Services handled the transaction for the seller.
For additional information, Feig can be reached at 520.747.4000 ext. 103 and Mendenhall is at ext. 102.
The former Arizona State Disability Services Adinistration Building at 3655 East 2nd Street sold to Outer Heaven, LLC of Tucson (Reid Young, manager) for $675,000 ($60 PSF). Built in 1960, the 11,259-square-foot building on a .91 acre property was vacant at time of sale and had been vacant for quite some time prior being sold.
The buyer purchased it for locally-owned, Fangamer that Reid Young is also CEO, to relocate the company. The e-commerce store for video games will relocate from its Midway & Swan location where it has outgrown its current space. Fangamer is quite a local success story that wanted the business to be closer to Downtown Tucson with its attractions.
Young is originally from Indiana, married a Tucson girl and found himself in Tucson when he founded Fangamer in 2007 with a group of friends who grew up running an EarthBound fan site called Starmen.Net. The group started off with hopes/plans of using Starmen.Net’s software as a basis for other fansites, but quickly realized that advertising wasn’t going to pay the bills.
He then launched the Fangamer Store in August 2008 with only four products (two shirts, a pin set, and a mug). Within hours the orders were flooding in, and it quickly became apparent that there was a huge demand for merchandise inspired by the older SNES-era games they had grown up with. The company has worked diligently ever since to create merchandise inspired by (and in honor of) those favorite games.
Young recounts, “In 2008, the financial markets were falling apart and it wasn’t probably the best time to start a new business, but we survived and 2009 was a busy year of expansion in which we brought on our second full-time employee, and moved from a spare bedroom into an office.”
“It was in 2010 we brought on our third and fourth full-timers and began working with small, independent gaming companies including 2 Player Productions and Far From Subtle. We also nailed down a booth at PAX East — the start of a yearly tradition,” according to Young.
In 2011 the company expanded partnerships with more independent game developers (like Vblank) and other small gaming companies. It brought on a variety of part-time employees and prepared for a fifth full-timer to show up. The company with employees also managed to cram into an office with more merchandise than it should probably have held.
By 2012 the company finally moved out of its hole-in-the-wall office space attached to the side of a radiator shop in favor of a couple of attached office units, each unit bigger than the old office. By the end of the year, they added yet another office unit, making the office over three times bigger than it was at the end of 2011.
Fast forward to 2016 and the company has expanded its office yet again, brought on more full-time employees now be a total of 17 full-timers and 6 part-timers.
Relocation into the new building is expected for mid-July.
Brandon Rodgers, CCIM, Principal, and Tom Nieman, Office Specialist with Cushman & Wakefield | PICOR, represented the seller, R Legacy Irrevoable Trust. Adam Lundquist with Southwest Urban Realty, LLC, represented the buyer in the transaction.
For more information, contact Rodgers at 520.546.2714 and Nieman at 520.546.2728. Lundquist can be reached at 520.591.4553.
To learn more, see RED Comp #3855.
Extra Space Storage Sets New Record High Price Per SF in Tucson
Extra Space Storage 2525 N Tucson Blvd, Tucson, AZ
North Tucson Self Storage, LLC of Tucson Sidney Felker (manager) sold the Storage Facility at 2525 North Tucson Boulevard in Tucson to Extra Space Storage (Charles Allen, member) for $8.163 million ($155 PSF).
Formerly known as North Tucson Self-Storage, the property has been rebranded Extra Space Storage. The 3-story facility is fully air conditioned and has 807 storage units in 52,693-square-feet of rentable space. Built in 1984 on .92 acre it is located two block north of Grant Road on Tucson Boulevard in Central Tucson.
Bill Alter of Rein & Grossoehme Commercial Real Estate in Phoenix specializing in storage facilities was called on to consult the seller on the property and said, “This sale established a new record high price-per-rentable-square-foot, being sold at $155 per-square-foot.”
“Air conditioned storage units are naturally able to charge higher rents and bring a higher resale value to the property as a result,” Alter explained. “This is a new record high price for the Tucson market.”
Extra Space Storage, Inc. (NYSE: EXR) is a real estate investment trust based in Salt Lake City, Utah with regional offices in California, Connecticut, Florida, Maryland, Massachusetts, New Jersey, New York and Texas. Extra Space Storage is the second largest operator of self-storage in the U.S., and is a national owner, developer, acquirer and operator of professionally managed self-storage properties.
Extra Space Storage is a thirty-year old company that has been involved in the self-storage industry since its inception.
According to the company’s website, as of September 30, 2014, the Company owned and/or operated 1,350 self-storage properties in 35 states, Washington, D.C. and Puerto Rico. The Company’s properties comprise approximately 950,000 units and approximately 80.0 million square feet of rentable space. The Company offers customers a wide selection of conveniently located and secure storage solutions across the country, including boat storage, RV storage and business storage. The Company is the second largest owner and/or operator of self-storage properties in the United States and is the largest self-storage management company in the United States.
For more information, Alter can be reached at 602.315.0771 or at Bill@RGcre.com. Felker should be contacted at 520.742.0440 and Charles Allen with Extra Storage may be called at 801.562.5556.
