Saturday, April 20, 2019

Time is Ripe for NW Tucson Medical Office Expansion

Taking advantage of low interest rates and costs, spurred by a rising economy and looking to the future, physicians in Northwest Tucson are finding it an ideal time for medical office expansion. Tucson Endocrine Associates (Dr. Alexander Zwart and Dr. David Alster) purchased the 4,190-square-foot medical building at 5910 N La...

Texas Forestar Buys Land Position at Dove Mountain for $6.1 Million

Austin Texas-based Forestar Group Inc. (NYSE:FOR) purchased TLC Dove Mountain’s position in 88-finished lots at Boulder Bridge Pass in Dove Mountain for $6.1 million ($69,318 per lot) not the finished lot value. Miramonte Homes of Tucson retained builder option on the lots. This is Forestar’s second acquisition since March,...

Creative Brokerage Brings HomeGoods Tucson Distribution Center

There has been much written about the new HomeGoods Tucson distribution center lately. What hasn't been told until now,  is the creative brokerage it took by a group of real estate professionals to assemble the land for the HomeGoods Tucson deal to come together.  It really started almost two...

Two New Subdivisions Coming to Northwest Tucson

Two new prestigious communities in northwest Tucson add an additional 133-P& E lots to the pipeline in June. Home sales are strong as well. According to Tucson Association of Realtors (TAR), Tucson market homes sales were up 20.92% year-over-year in May. See REDaily News June 10, 2015. Realtor.com is predicting...

Historic Bring Funeral Home Downtown Sells for Repositioning

FPG Arizona, dba Bring Funeral Home, an affiliate of Florida-based FPG (Brad Rex, CEO), a leading provider of end-of-life transition services, sold 236 S Scott Avenue in Tucson for $1 million ($72.23 PSF) to 236 South Scott, LLC (Ron Schwabe and Marcel Dabdoub, partners). This historic downtown landmark held its...

Apartment Rental Company Expanding to Tucson Gives Felons Second Chance

TUCSON, AZ — The Associated Press is reporting a Phoenix-based apartment company, Second Chance Rentals, is expanding to Tucson thanks in part to its target clientele: convicted felons. Second Chance Rentals brought its practice of renting to felons and evictees, a population other landlords might consider high-risk, to the Tucson...

Tucson, Four Apartment Sales Totaling $34.2M Mark End of Month

Tucson apartment sales were persistent through May with over $110 million in aggregate sales represented in 2,543 units transferring in 32 transactions. Cap rates trended lower this month again and are hovering at 5% average on the thirteen 40+ unit apartments and higher at around 8% average on the...

Safeway Closes $2.6 Million Site at Mercado del Lago in Vail

TUCSON, Arizona -- After years being on hold, Safeway has closed on a 7-acre site at Mercado del Lago. Safeway has been eyeing this site for many years, waiting for the grocery store market to stabilize, and is now ready to begin construction. Located in southeast Tucson, at the...

Zanya Mediterranean Restaurant Buys Molina’s Midway Building in Tucson to Relocate

TUCSON, Arizona -- HA Arizona Properties of Tucson (Riad Altoubal, manager) has purchased the former Molina’s Restaurant at 1138 N Belvedere Ave. in Tucson for $429,500 ($79 PSF) to be owner occupy for expansion and relocation of Zayna Mediterranean Restaurant. Zayna, a popular local spot, specializes in Lebanese and...

The Shops at Valencia Tucson has Two Sites Sell for $3.7...

United Development and Christifulli Companies Complete two site sales at The Shops at Valencia TUCSON, ARIZONA – United Development Company of Southlake, Texas and Christifulli Companies of Phoenix, Arizona recently sold an IHOP at 1963 W Valencia and Risas Dental and Braces at 1979 W Valencia sites at their Shops...

Former Luz Academy Sells for Senior Living Redevelopment

Ramsey Canyon, 4120, LLC has purchased the former Luz Academy at 2797 N. Cerrado de Beto from ROI Properties as Receiver for Luz Social Services, Inc. The former psychiatric hospital and charter school, constructed in 1999 and completely renovated in 2011 is comprised of approximately 40,000-square-feet and sits on...

Tucson Self Storage sold for $2.775 Million

PHOENIX, ARIZONA -- NAI Horizon Senior Vice President Denise Nunez represented the buyer in the $2.775 million ($4,752 per unit) investment property acquisition of Tucson Self Storage at 6459 E. Golf Links Rd., in Tucson, Ariz. Nunez represented Western Tucson LLC in the transaction. Built in 1976, the property sits...
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