MARANA, ARIZONA — 6350 Marana, LLC, an affiliate of Miravest, Inc. of Marana (Michael Rabstoff, manager) sold the newly constructed Northwest Emergency Center ground lease at 6350 W Marana Center Blvd. in Marana for $2.775 million ($29 PSF). The 2.2-acre site with an 11,500-square-foot Emergency Center was built-to suit and is one of three lots on the across from Tucson Premium Outlets.

Miravest purchased 6-acres here from Vintage Partners, the developer of the Tucson Premium Outlets across the street in 2015, planning to use half for development of a hotel and the other half for other speculative retail use.

Miravest and HSL Properties have since partnered together in the construction of a four-story Hampton Inn & Suites hotel on approximately 3-acres of the project, at 6300 W Marana Center, that will consist of 101 guest rooms with amenities such as a fitness center, breakfast area, pool and meeting space. The hotel is expected to be delivered this Fall, with an anticipated September opening, according to Rabstoff.

Development of the remaining lot is yet to be determined, Rabstoff told us.  It would make a great coffee shop or other fast food use that needs a drive-thru. Across from the 90 store outlet center and near new residential development on all sides, the property also has I-10 visibility.

Jamie Medress with Marcus & Millichap in Phoenix represented the seller in the ground lease sale. Brian Parnareck and Josh Hergott with Marcus & Millichap In Chicago represented the investor, a family trust from Los Altos, California.

For additional information, Medress can be reached at 602.687.6770. Rabstoff is marketing the remaining retail pad himself and should be contacted at 520.395.1086 for more details.

To learn more, see RED Comp #5731.

Highest per unit price recorded for non-student housing with 40+ units in the Tucson

TUCSON, ARIZONA – Alta Vista Communities of Tucson, an affiliate of Aerie Development (Roger Karber, manager) sold Avilla I & Avilla II luxury communities on the southeast and southwest corners of River and Sabino Canyon Roads in Tucson for $42.3 million ($231,169 per unit) for the aggregate 183-units. The transaction represents the highest per unit price hit by non-student housing with 40+ units in the Tucson metro area.

Avilla Sabino I (built in 2016) at 3515 N Sabino Canyon Road has 53 two- and three-bedroom unit mix and sold for $11.764 million ($234,925 per unit). Avilla Sabino II (built 2017) at 3500 N Sabino Canyon Road has 130 three-bedroom / two-baths units and sold for $30.54 million ($221,957 per unit). Across the street from each other,
both exclusive gated rental communities are in the heart of breathtaking Sabino Canyon. The homes feature luxury finishes you would expect to find in a custom home: private backyard, 10 feet prime ceilings, granite countertops, stainless steel appliances, dramatic clerestory windows that bring the beauty of natural light and Sabino Canyon inside. Avilla Sabino I & II combines luxury living within minutes of the Catalina Mountains, Mount Lemmon and infinite hiking, biking and recreational opportunities.

The property was running at 95% occupancy when it sold.

The seller, Alta Vista Communities is a joint venture of Karber Holdings (Roger Karber) and Brav Holding Company (Garry Brav) an affiliate of BFL Construction, the contractor for the communities.

Senior managing director, Art Wadlund and associate Clint Wadlund of the Tucson Berkadia office negotiated the transactions for the seller.

“This is the second Avilla community that Aerie has sold to Farnam, following the sale of Avilla San Marcos in Chandler, Arizona in 2016,” said Wadlund.  “The buyer has been very happy with the performance of this single-story detached product and wanted to add Avilla Sabino to their portfolio.”

The buyer was Phoenix-based Farnam Companies (Charles Duff, manager) that purchased the Alta Vista community in Chandler, AZ several years ago for $45 million.

“Alta Vista recently sold three properties with an aggregate value of $135 million,” Karber told us. “The Avilla community on Orange Grove under construction, with 240-units has 100-units completed and leasing, that project should be finished before year end.”

For more information, Art Wadlund should be contacted at 520.299.7200 and Clint Wadlund is at 520.529.9206.

To learn more, see RED Comp #5762 and #5763.

[mepr-show rules=”58038″]Avilla West: Document #2018-1210480, sale price: $30,540,296 ($234,925 per unit). Sale date: 5/1/2018. Buyer: DJD Tucson West, LLC.

Avilla East: Document #2018-1210512, sale price: $11,763,704 ($221,957 per unit). Sale date: 5/1/2018. Buyer: DJD Tucson East, LLC.[/mepr-show]

TUCSON, ARIZONA – Residential lot sales in Tucson metro area totaled $1.8 million for the month of April, with the most lots being sold in the Vail area, in the southeast submarket of Tucson.

KB Home Tucson purchased 42 lots at Mountain Vail Reserve from Civano Nursery of Tucson (Alex and Leslie Shipley, managers) for $1.008 million or $24,000 per lot. The lots were platted and engineered and the final takedown of an option agreement that began in April 2017 for 77-45’x90’ partially improved lots.

Ben and Adam Becker of CBRE in Tucson represented the seller and Aaron Mendenhall with KB Home Tucson handled the sale.

For more information, Ben Becker is at 520.323.5149 and Adam Becker can be reached at 520.323.5188. Mendenhall can be contacted at 520.622.2919.

To learn more, see RED Comp #5746.

RMG Vail, LLC of Chicago (Sheldon Mandell, manager) purchased 4.51 acres of vacant land known as block 40 at Rancho del Lago in Vail from Spectrum Capital Partners, LLC for investment. The purchase price was $350,000 ($77,605 per acre). The buyer plans to hold the property for future development.

Mike Chapman of NAI Horizon represented the seller and Randy Emerson of GRE Partners represented the investor.

For more information, Chapman can be reached at 520 591 5188 and Emerson should be contacted at 520.777.4949

To learn more, see RED Comp #5740.

Tucson Land, LLC of Chicago (Sheldon Mandell, manager) sold six lots at Santa Cruz Meadows in Sahuarita to DR Horton, Inc. for $306,000 ($51,000 per lot). The lots are part of a rolling option for 93 finished lots.

Dan Feig of Chapman Lindsey Commercial Real Estate represented the buyer and Randy Emerson of GRE Partners represented the seller.

For additional information, Feig can be reached at 520.747.4000 and Emerson is at 520.777.4949.