TUCSON, AZ (August 8, 2024) — A historic strip center with six storefronts on the corner of Stone and Jacinto at 2600 N Stone Avenue, developed and owned by the same family since 1948, sold for $520,000 ($72.40 PSF).

The 7,182-square-foot solid brick construction sits on an approximate .69-acre lot, which has the potential for expansion or splitting off the valuable C-2 zoning.

At the time of the sale, the strip center was occupied by four tenants on month-to-month leases. Tenants included a Barber Shop, a Recording Studio, a Church, and an NA Meeting place.

The buyer owns Fabrics That Go at 3105 N Campbell Ave. and purchased the property to owner-occupy.

James Buchanan with EXP Realty represented the buyer, 1535 East University LLC of Tucson. Esther Empens and Jade Bossert with Tierra Antigua Realty represented the seller RC and C Limited Partnership of Tucson in this transaction.

For more information, Empens can be reached at 520.271.5585, Bossert is at 520.797.6900, and Buchanan should be contacted at 520.603.1002.

To learn more, see RED Comp #11348.

MARANA, AZ (July 19, 2024) – Lennar Homes will join Meritage Homes at Mandarina Master-Planned Community. Lennar purchased 160 platted and engineered lots at Mandarina for $5.544 million ($34,650 / lot).

The 45’x115’ lots will be developed in cooperation with Meritage Homes, which purchased 266 platted lots in April.

Mandarina Phase I is a mixed-use development on 455 acres at the intersection of Tangerine Road and the I-10/Union Pacific Railroad (UPR) Corridor. The project will include up to 2,500 residential units (single-family detached, single-family attached, and multi-family units) and commercial units, including retail, hotels, and more.

Bela Flor Communities assembled the 455 acres for the  new master-planned community, The Mandarina Specific Plan-2009.

To learn more, see RED Comp #11372.

MARANA, AZ (July 18, 2024) — Newmark announces it has secured the sale-leaseback and build-to-suit financing for establishing a new aircraft MRO conversion site at 24641 E Pinal Air Park Road in Marana, Arizona. On behalf of the seller, Marana Aerospace Solutions (Ascent Aviation Services)–one of the largest independent aircraft aftermarket services providers in the world–the firm secured the sale-leaseback of existing assets as well as the build-to-suit financing being provided by the buyer STORE Capital.

“In bringing this transaction to a successful close, we are particularly gratified by the complementary outcome we secured for both parties; a result of the cross-collaborative efforts of our teams,” said Sandquist. “Through the structuring of this sale leaseback and build-to-suit financing Ascent Aviation is equipped to bring this unique project to fruition. We look forward to witnessing future milestones ahead.”

In September 2023, Marana Aerospace Solutions (Ascent Aviation Services) announced the finalization of its agreement with one of the world’s largest aerospace companies, permitting the establishment of said conversion site as well as granting the ability to carry out passenger-to-freighter conversions on two lines of Boeing 777-300ER aircrafts. In securing this sale-leaseback and build-to-suit financing to support the program, Ascent will commence the construction of two new widebody hangars, with a target completion date of the first hangar in Q4 2024 and the second hangar in Q1 2025. Upon completion of the aircraft hangars, Ascent Aviation’s long-term net lease will commence, with STORE Capital functioning as the landlord.