Sunday, July 21, 2019

Growing Houghton Town Center Adds Hughes Federal to the Mix

Houghton Town Center's first store, a 99,000-square-foot Walmart,  opened in 2013 and the center hasn’t stopped growing since with a mix of convenient services and popular restaurants that cater to the residents of Rita Ranch, Vail and Corona de Tucson as well as the +/- 6,500 professionals working at...

County closes on Midtown Industrial, with other June Sales total $3.12M

TUCSON, AZ - The property at 3233 N Dodge Blvd. in Tucson sold to Pima County for $1 million ($117 PSF). Built in 1982, the 8,580-square-foot industrial building sits on 2.82 acres with an entirely walled perimeter and surfaced yard in midtown, near Fort Lowell and Dodge Blvd. Formerly occupied...

Continental Ranch Retail Center Sells for $5.05 Million

A Rocklin, California based company, Shoppes at Continental Ranch, LLC (Brad Griffith, manager) bought the Safeway anchored retail center for $5.05 million. Located at 9090-9160 N Silverbell Road, at southeast corner of Twin Peaks and Silverbell Roads in Marana. The sale was for 10,133-square-feet of existing inline shop space and...

Multifamily Continues to be ‘Hot Item’ in Arizona

Multifamily continues to be a hot item for investors in Q2 2015 for Tucson and Phoenix. In metro Tucson, from March 1st to June 17th, 3,221-units were sold for an aggregate total of $129.41 million. The average price per unit in Q2 was $50,060 per door and a median...

Two BRAKEmax Investment Sales Total $2.87 Million

The BRAKEmax at 6055 Wes Jenna Nicole Lane in Marana sold for $1.75 million ($320 PSF) to Colorado-based investors, JN Properties, LLC, of Vail, CO. The 5,464-square-foot building was built in 2003 on .68 acres located at Jenna Nicole Lane and Cortaro Road in Continental Ranch, near the Arizona...

Mattress Firm at Oracle & Ina Opens / Sells in Net...

When NLA Oro Valley, LLC, an affiliate of Nashville-based Net Lease Alliance (Patrick Cox, CEO), purchased the former Coxco Fuel station at 7201 North Oracle Road in Tucson, located at the northwest corner of Ina and Oracle for land value, it was purchased for construction of a Bedmart Store. See...

Fountains at La Cholla Sells for $69.9M in $640M Portfolio

NorthStar Healthcare Income, through its affiliate Watermark La Cholla Owner, LLC, acquired The Fountains at La Cholla for $69.9 million ($173,000 per unit) as part of a $640 million portfolio for 15 properties in 11 states. The Fountains at 2001 West Rudasill Road in Tucson consists of 404-units, 241,466-square-feet in...

Investor & Small Businesses Find New Retail Space in Tucson

Arizona Ironwood, LLC of Tucson (Robert Bradley, owner) purchased the former Desert Garden Nursery and Cafe at 11011 E Tanque Verde Road in Tucson for $287,500 ($160 PSF). The Company needed expansion room for its specialized market serving mostly out of state and European customers with exotic wood products...

Tucson, Four Apartment Sales Totaling $34.2M Mark End of Month

Tucson apartment sales were persistent through May with over $110 million in aggregate sales represented in 2,543 units transferring in 32 transactions. Cap rates trended lower this month again and are hovering at 5% average on the thirteen 40+ unit apartments and higher at around 8% average on the...

May Residential Lot Sales: Aggregate of $9.35 Million and 280 Lots

During the month of May, the Northwest submarket had 188 total platted lot sales, the southern submarket had 37-SFR lots and in the southeast there were 55 tentative lots, totaling 280 lots for the month. NORTHWEST SUBMARKET Meritage Homes of Arizona (Briana Rader, acquisitions) has purchased 120-platted lots at the southwest...

Downtown Tucson Revitalization Spills over into Midtown

As revitalization of Downtown Tucson continues, we are beginning to see some revitalization spill over into a Tucson midtown area that involves an exciting luxury infill project. Potter Place LLC, a group of local investors formed by Miramonte Homes of Tucson, recently purchased 3 acres from the Arizona Inn...

Two Tucson Red Roof Inns Sell in $600 Million Portfolio Sale

BW RRI IV, LLC, a partnership between a Singapore investor and Westmont Hospitality has won the bidding for a Red Roof Inn portfolio which contains 89 hotels with 10,715 rooms. Their winning bid of about $600 million ($55,996 per room) beat out runner-up Blackstone, which wanted to convert the...
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