TUCSON, Arizona – Lennar Homes closed on 162-platted lots at Valencia Crossing Lots 3 & 4, at the northeast corner of I-10 and Valencia Road for $1.82 million ($11,235 per lot). Valencia Crossing is a planned area development approved in June 2012 that encompasses areas of vacant land to the east and west of the Valencia Road interchange at I-10.

Lennar Homes is the first developer moving forward to develop the area. Located in the Tucson southeast submarket, Lennar’s 162-lots are bordered by Julian Wash to the east and I-10 to the west, just inside Tucson City limits.

The development plans include a recreational area which would have amenities including a children’s play area featuring a soft floor surface and playground with shade awning, basketball court, ramada, barbeque and picnic tables.  The community would also feature several pocket parks, along with a multi-use path that connects the community to The Chuck Huckelberry Loop path network, / more than 120 miles of paved pathways and bike lanes already completed with an additional 11 miles planned or currently under construction.

The development will be accessed by a new spine road named Valencia Crossing Drive, which originally was intended to connect to Drexel Rd, but will now end in a cul-de-sac for the time being.

Lennar Homes will be developing and constructing on the 45’ and 50’ platted lots.

Valencia Crossing is a 195-acre commercial/industrial/multi-family site adjacent to a 166-acre FSP Solar facility first developed by Diamond Ventures. It is likely to eventually include a grocery store and other retail, storage units, RV parking, recreation and power sub-stations are also other possible uses for the area.  All of the lots are on the market.

Derrick Sinclair of Terramar Properties in Tucson represents the seller, Desert Parcel 510 Associates, LLC (Bob Morken, Jr. manager) and Lennar was self-represented.

For more information, Sinclair should be reached at 520.577.7800.

To learn more, see RED Comp #6938.

TUCSON, Arizona – California investors, Ava Terrace Apartments, LLC, Marcus & Jodi Bannon, members) purchased Oakwood Terrace Apartments at 2740 & 2750 N. Balboa Avenue in Tucson for $2.35 million ($40,517 per unit) as a value-add investment.

Built in 1963 on 2.48 acres, Oakwood Terrace Apartments is a 58-unit complex located in the northwestern part of Tucson. The property includes (12) studios, (44) 1-bedroom units, and two 2-bedroom units. Many of the units have gone through various renovations over the past few years. The property benefits from a number of on-site amenities including a pool, large courtyard, laundry facilities and ample parking. All units have air conditioning. The whole complex is fenced in, including a sensor gate at the entrance providing security for the residents.

Located in a busy area between Oracle Rd and Stone Ave, the property is in close proximity to many retail and service opportunities

Allan Mendelsberg, Principal and Multifamily Specialist with Cushman & Wakefield | PICOR represented the seller, a Canadian group, 18Teen Jac Properties, LP in this transaction.   Joseph Chaplik with Joseph Bernard Investment Real Estate, represented the buyer.

For more information, Mendelsberg can be reached at 520.546.2721 and Chaplik is at 520.428.0850.

To learn more, see RED Comp #6905.

TUCSON, ARIZONA — The River 5, LLC (Otto R Bohon, Jr., manager) purchased a 3,926-square-foot office condominium, Suite 208, located in Mesquite Corporate Centre, 1640 E. River Rd. in Tucson.  The class-A office condominium was purchased from the George and Jane Caughman Family Trust of California for $778,989 ($198 PSF).

The buyer, dba Catalina Investment, purchased it to owner occupy and is moving from its currently leased space at 1660 E River Road #180, also in Mesquite Corporate Centre.

Thomas J. Nieman, Principal and Office Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction.  Brenna Lacey with Volk Company represented the buyer.

The 2,313-square-feet of office space at 1660 E. River Road in Tucson vacated by Catalina Investments was then sold to KC Posse, LLC (Robert Keith Newlon, manager) for $424,000 ($183 PSF).   The single-tenant office condominium, Unit 180, was purchased from Webcor, LLC to be owner occupied by an affiliate business dba Pioneer Title.

Thomas J. Nieman, Principal and Office Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction.

For more information, Nieman should be reached at 520.546.2728 and Lacey can be contacted at 520.326.3200.

To learn more, see RED Comp #6861