Tuesday, January 16, 2018

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...

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...

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...

Growing Houghton Town Center Adds Hughes Federal to the Mix

Houghton Town Center's first store, a 99,000-square-foot Walmart,  opened in 2013 and the center hasn’t stopped growing since with a mix of convenient services and popular restaurants that cater to the residents of Rita Ranch, Vail and Corona de Tucson as well as the +/- 6,500 professionals working at...

CBRE Completes Sale of Retail Pad at Las Plazas at Old...

Tucson, AZ – Las Plazas at Old Vail, a 17-acre retail development at the northwest corner of Houghton and Old Vail Roads in Southeast Tucson, has landed a full-service Mexican restaurant to complement the line-up of other quality food offerings. El Arado, LLC purchased a 0.89-acre retail pad and will...

Mini Entertainment Mecca taking shape at Congress & Scott in Downtown...

TUCSON, Arizona – A new Vintage Arcade will be coming this fall to 63 East Congress Street, at the northwest corner of Congress and Scott Avenue, in Downtown Tucson. EQ Scott and Congress, LLC of Scottsdale (Charles Duff, manager) bought the building for $2.2 million ($81.48 PSF). The building had...

Land Sales, Shell /Subway, Walmart and Gem Show Site

The Carioca Company (Marvin Rose, president) through its affiliate RG3 LLC bought 5.77 acres at Rita Tech Park at the northeast corner of I-10 and Rita Road in Tucson for $1.5 million ($6 PSF). Carioca is a Shell gas distributor / Convenience store and Subway franchisee, founded in 1972,...

Fiesta Mall in Mesa Sold for $30 Million Rehab

MESA, Arizona -- The beleaguered Fiesta Mall located at 1445 W Southern Ave, Mesa, AZ at U.S. 60 and Alma School Road changed hands to a local Developer with plans to immediately design the Mall into a “Campus”. According to public records, the property had an $83 million CMBS loan,...

Landmark Willard Hotel Downtown Tucson Sells

TUCSON, Arizona -- A Denver investor, LeMonds Holding (Dale LeMonds, manager) purchased the venerable Willard Hotel - Office Building at the corner of Twelfth Street and Sixth Avenue, 145 S 6th Avenue in Tucson, for $1.9 million ($158 PSF). Designed by architect Henry Trost, the Willard Hotel opened its doors in...
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