Marana, Arizona — Pulte Home Company, LLC purchased the 139-acre Lazy K Bar Ranch on April 29 from LKB Hotel, LLC. The property is comprised of 178 platted and engineered lots.

The $6,500,000 purchase is in two equal stages of 89 lots each. The property is located on Scenic Drive and Pima Farms Road in Marana. The lots vary in size from 7,000-square-feet up to 11,000-square-feet and most back up to open space and have sweeping city and mountain views.

The Lazy K Bar Ranch has a long and rich history as a southern Arizona dude ranch dating back to the 1930’s and its spectacular setting has provided the backdrop for several Hollywood films. Over the past few years the Lazy K has been the subject of a controversial rezoning in the town of Marana.

The seller was represented by Randy Emerson of GRE Partners.

For more information Emerson should be reached at 520.429.4967.

TUCSON, Arizona – Situated directly off of Interstate-10 and 22nd Street in Tucson, the +/- 2,904 square foot Circle K building sold at a 7.6% cap rate, or for $2,150,000 ($740 PSF). The property has excellent street exposure, with immediate access to Interstate 10.

Situated in the South Tucson Retail submarket, the fully occupied Circle K is near several amenities, including the Tucson International Airport and downtown Tucson.

Nick Miner, CCIM of ORION Investment Real Estate exclusively represented the Seller, 655 West 22nd Street, LLC based out of California. Miner said, “There were multiple offers on this property even with it being an off-market transaction. This buyer was selected because of the shortened due diligence timeframes and a proven track record of closing on similar type properties.”

The Buyer in this off-market transaction was SGAS Holdings, LLC.

TUCSON, ARIZONA — The Darryl Wilson Living Trust purchased Highland House Apartments, a 6,986-square-foot (12-bed) student housing complex located at 380 N. Highland Avenue in Tucson.  Located one block from the University of Arizona Campus Recreation Center and the rest of the campus.

The property was purchased from PCG Tucson 1, LLC for $1.715 million ($571,667 per unit / $142,917 per bed / $245.49 PSF).

The transaction sets a new record high in price per units and price per beds in small to midsize student housing properties in Tucson.

Built in 2017, the three 4-bedroom / 4-bathroom buildings were double net leased to a Fraternity with 3.5 years remaining. The property features luxury interiors with poured concrete floors, stainless steel appliances and high-end cabinetry.

Allan Mendelsberg, Multifamily Specialist with Cushman & Wakefield | PICOR, represented both buyer and seller in this transaction.

For more information, Mendelsberg should be reached at 520.546.2721.

To learn more, see RED Comp #6695.