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 of Valencia project in Tucson Arizona.  The IHOP sale involved the sale of the leased fee interest in the land for $2.77 million ($65.39 PSF) to a Tucson investor and the Risas Dental and Braces built-to-suit site sold for $900,000 ($17.54 PSF).

Jamie Medress, a top producing Senior Managing Director of Investments for Marcus & Millichap in Phoenix, AZ, was the selling broker for IHOP.  Larry Cesare of Broadway Realty & Trust and Nicholas Christifulli of Christifulli Companies, were the selling brokers for the Risas Dental and Braces site.

The Shops at Valencia is located on the southwest corner of Valencia and Headley in the southwestern part of Tucson. The location is roughly 10-miles from downtown Tucson and the University of Arizona and less than 2-miles off I-19, which generates 60,000 cars a day. There are more than 117,500 daytime employees within a 5-mile radius. The project is approximately 11.3 acres and comprises seven retail pads. In addition to IHOP and Risas Dental and Braces the Shops will also include a new Dutch Brothers Coffee.

Christifulli Companies and their principals have worked with many national and local retailers and have developed strong ties with brokerage, retail, lending, municipal and development communities throughout the United States. Over the last decade, the principals and their respective partners have collectively completed 6 million square feet of retail space with a combined value in excess of $1 billion. Visit www.christfulli.com for more information.

United Development Company currently owns and manages more than $300 million of real estate investments.  Utilizing its wealth of both capital and real estate expertise, United Development is aggressively pursuing retail and self-storage real estate investments in the United States. Visit www.UDCGlobal.com for more information.

For more information, Christifull can be reached at 480.585.2150, Medress is at 602.687.6700, and Cesare should be contacted at 520.747.5700.

To learn more, see RED Comp #5918 and #5810.

TUCSON, ARIZONA — Fort Lowell Realty & Property Management, Inc. (James Collopy, director) purchased an office building located at 2026 E. Prince Rd. in Tucson, from Prince Road Professional Plaza, LLC (Ione Jitare, member) for $432,099 ($130 PSF)

Tucson-based Fort Lowell Realty & Property Management was a tenant for two-years prior to purchasing the 3,321-square-foot office, built in 1985, and exercised a lease option to occupy it as an owner occupant. Located in Prince Road Office Park, east of Campbell Avenue, Fort Lowell Realty & Property Management is a full service property management and leasing company with offices in Tucson and Phoenix AZ.

The company opened its Tucson office in 1981 and has been putting together property owners with residents ever since.

Tom Nieman, Office Specialist with Cushman & Wakefield | PICOR, represented the seller; James Collopy with Fort Lowell Realty & Property Management, represented the buyer.

For additional information, Nieman can be reached at 520.546.2728 while Collopy is at 520.322.0000.

To learn more, see RED Comp #5844.

TUCSON, ARIZONA – A joint venture between R+R Development, LLC (Randi Dorman and Rob Paulus, members) and Bourn Properties, LLC (Don Bourn, manager), Trinity Project Investors LLC, closed on the first takedown from Trinity Presbyterian Church of Tucson for $700,000 ($21 PSF). The 33,198-square-foot lot is located along University Blvd. and will be used for office development.

The entire project dubbed ‘The Trinity’ bookends the eclectic Fourth Avenue Business District and the gateway to the University of Arizona. The Neighborhood shareholders and developers have met for seven years to come up with the best plan for everyone.  It will wrap around the historic church located at 400 E University Blvd. and include moving safely the duplex building in order to make room and save the historic structure.

The Trinity combines the best of old and new in a premier mixed-use development with new residential, retail and hard-to-find creative office space.  The project will be in the center of the historic West University neighborhood, directly adjacent to two Modern Streetcar stops and is designed to be sustainable, modern, and authentic. Uniquely positioned between the core of downtown and the University of Arizona, the site is a mere 10-minute walk to either destination.

The project proposes two new buildings of three- and four-stories with ground floor retail, office space and rental units. It will replace unused buildings at the Trinity Presbyterian Church complex.

Phase one of The Trinity will be a 3-story office building totaling 25,035-square-feet of creative work space in naturally lit, modern architecture intended to attract and retain employees. Parking for the office users will be onsite and the building is next to both the the Tucson Modern Streetcar and the renowned Time Market.

In phase two, the second building on 4^th Avenue will be an additional 54,403-square-feet of retail, office and residential use. When complete, The Trinity will offer over 9,000-square-feet of retail space with outdoor dining possibilities, over 25,000-square-feet of office space and 58 amenity-rich apartment units; all on the same block.

The Trinity mixed-use project is set to be the greenest urban development in Tucson, according to the award-winning team at Rob Paulus Architects.

Construction is expected to begin this fall with delivery next Summer on the office portion of the project.

For more information, Randi Dorman can be reached at 520.904.4242 and visit Rob Paulus.com

To learn more, see RED Comp #5818.