MARANA, ARIZONA — Tucson-based, HSL Properties, doing business as HSL Marana Center Apartments, LLC, has purchased a 13.59-acre Multifamily Development Site, adjacent to the Tucson Premium Outlets, for the future construction of a 285-unit apartment complex.

Located southeast of Twin Peaks and Linda Vista, the site, known as Marana Center Parcel 3, was purchased for $3,700,000 ($6.25 PSF).

Formed in 1975, HSL Properties currently owns and operates more than 10,000 apartment units in 36 apartment communities, 8 hotels, and a number of other real estate holdings ranging from office buildings, call centers, and industrial parks. HSL is the largest apartment owner in Southern Arizona and one of the largest in the state.

Of the 36 communities, HSL Properties owns and operates 29 in Tucson, 5 in Phoenix, 1 in Casa Grande, and 1 in Yuma with over 7-million-square-feet.

Go here for other sales reported at Marana Center this month.

Mike Chapman and Justin Lanne of NAI Horizon-Tucson Branch represented the seller Vintage Partners, of Phoenix, doing business as VP Marana Investments, LLC.

For more information, Chapman can be reached at 520.591.5188 and Lanne should be contacted at 520.907.3470.

To learn more, see RED Comp #5807.

MARANA, ARIZONA – An affiliate of Larsen Baker, Marana Marketplace Partners, LLC (George Larsen, manager) sold two pads recently at Marana Marketplace at the southwest corner of Orange Grove and Thornydale Roads in Marana, Arizona.

The first transaction, lot 2, is 18,381-square-feet and sold for $1.025 million ($55.76 PSF) to HZ Props RE Ltd., a Texas company that purchased it for construction of an approximate 2,800-square-foot Popeye’s restaurant with drive-thru.

Morgan Danhoff and David Cheatham with Velocity Retail Group of Phoenix represented the buyer, a developer for Popeye’s, and Andy Seleznov and Mellisa Lal with Larsen Baker represented the seller.

For additional information, Danhoff and Cheatham can be reached at 602.682.8100 and Seleznov and Lal should be contacted at 520.296.0200.

To learn more, see RED Comp #5806.

Freddy’s Frozen Custard & Steakburger bought the leased fee interest in an approximate 16,000-square-foot pad for $1,418,143 ($88.63 PSF). The buyer already owned the improvements and had a leasehold on the land.

Freddy’s had the ground lease at 3725 W Orange Grove Road since 2012 and exercised an option to purchase.

Andy Seleznov and Melissa Lal with Larsen Baker represented the seller in the transaction.

For more information, Seleznov and Lal can be reached at 520.296.0200.

To learn more, see RED Comp #5811.

Cushman & Wakefield Negotiates Sale to Clear Sky Capital

PHOENIX, Arizona – Cushman & Wakefield completed the sale of University Villa at Ironwood, located at 2550 W. Ironwood Hill Drive in Tucson, Ariz. March Investment, LLC, an entity formed by Phoenix-based Clear Sky Capital, purchased the property from SFC Sterling Tucson Investors, LLC (an entity formed by Stonesfair Financial Corp. of Burlingame, Calif.) and Geary Tucson, LLC, for $17.45 million ($124,643 per unit / $36,054 per bed).

Executive Managing Directors David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller.

University Villa at Ironwood is a 140-unit/484-bed, Class A student housing community located just west of the University of Arizona campus.

The property offers two-, three- and four-bedroom floor plan options with an average unit size of over 1,287-square-feet.  Built in 2001, University of Villa at Ironwood unit interiors include washer/dryer and private patios/balconies. The property’s amenities include a computer lab and study lounge, fitness center, theater room, basketball court and sand volleyball court.

“The buyer was attracted to the property because of the exciting growth occurring at the University of Arizona and by the opportunity to add value to the property through a series of planned capital improvements,” said Fogler.

According to Cushman & Wakefield | PICOR research, during the first quarter of 2018 numerous investors have entered the local apartment market from primary and secondary markets to invest in Tucson. Investors are bullish on bringing capital to Tucson due to higher cap rates and favorable debt placement leading to greater cash on cash returns. Investors are also bullish on the steady inflow of new business and subsequent positive job growth. Expect continued tailwinds in the second quarter as investor interest remains robust.

To learn more, see RED Comp #5805.