TUCSON, Arizona – The now open, the new Native Grill & Wings at Steam Pump Village, 11107 N Oracle Road in Oro Valley, sold in an investment sale for $3.34 million ($673 PSF) to local investors, Andy and Marilyn Bowden.

The 4,962-square-foot Native Grill & Wings restaurant celebrated its grand opening on Monday, June 5^th and sold June 20^th in a triple net investment.  This was an all-cash deal and the buyers’ upleg in a 1031 exchange.

The restaurant marks the Arizona chain’s first Oro Valley location and its 5th restaurant in the metro Tucson region. The chain prides itself in using only quality ingredients, which sets it apart from a typical ‘sports grill,’ and has as its primary goal to provide a welcoming environment for the whole family. Native, as the regulars call it, is known for offering more than 20 wing flavors that customers can order by the wing. The restaurant also offers pizza, burgers, sandwiches, salads and more.

Steam Pump Native Development, the seller, purchased the 58,072-square-foot pad in October for construction of Native together with an adjoining pad for Freddy’s Custard & Steakburgers’ restaurant.

Roger Breckenridge with Long Realty Tucson represented the seller and Tom Hoch with Park Properties and Investment of Tucson represented the investor.

For additional information, Breckenridge should be reached at 520.577-7400 while Hoch can be contacted at 520.400.0898.

Login and see RED Comp #4930.

[mepr-show rules=”58038″]Sale date: 6/20/2017; document #2017-1710101. Sale price: $3,339,130. Property sold with an NOI of $192,000 with 15-year term and 5.75% cap rate.[/mepr-show]

TUCSON, Arizona — D.R. Horton acquired the final 49-SFR lots at Rancho Resort II for $588,000 ($12,000 per lot) in Sahuarita, AZ. These two final takedowns were part of an option for a total of 61-lots exercised early by the builder for completion. The first takedown was in January 2017.

The lots were originally platted for a 68-lot RV community, with utilities and a slab on each. D.R. Horton has re-platted the subdivision for a total of 61 partially improved lots in this 4.1-acre community.

This 55+ community is located off I-19 and West Sahuarita Road and part of the Rancho Resort Community.

Community amenities include walking and cycling paths, multiple activity rooms for billiards, crafts (including kiln), computer center; fitness center with free classes, heated swimming pool and spa, volleyball courts, pickleball courts, bocce ball, tennis and horseshoes

Ted Herman with Sharpe & Associates handled the transaction for the seller, Rancho Resort, LLC.

For more information on homes in this community by DR Horton, contact 520.572.5478, or this transaction, Herman should be reached at 520.299.8766.

To learn more, see RED Comp #4815 and #4864.

TUCSON, ARIZONA — Office sales of smaller office buildings has been active lately, with market vacancies at a seven year low in Tucson. There has been $17.3.6 million in sales volume this quarter with $400,000 the median sale price and 3,538-square-feet the median building square-footage.

William and Susan Daugherty purchased a 1,900-square-foot office building in the Central Submarket, located at 7479 E. Tanque Verde Rd. in Tucson, from Albatross Enterprise, LLC for $475,000 ($250 PF).   The building in Tanque Verde Place was built in 2007 and was leased to Title Security Agency of Arizona when it sold.  Stephen D. Cohen and Russell W. Hall, SIOR, GSCS, Industrial Specialists with Cushman & Wakefield | PICOR, represented the seller in this transaction.  Tony Reed and Chris Itule with Long Realty Company represented the buyer.

Esquera Development, LLC purchased a 2,400-square-foot office building, located at 810 E. Fort Lowell Rd. in Tucson in the Central Submarket, from Jimmy Dale Pyland for $315,000 ($131.25 PSF). Built in 1961 the property is adjacent to Arizona Tile, also owned by the buyer. Brandon Rodgers, CCIM, Principal with Cushman & Wakefield | PICOR, represented the seller in this transaction.  Rob Glaser, SIOR, CCIM, with Cushman & Wakefield | PICOR and Joshua Brown with Jackson & Cooksey, Dallas, TX, represented the buyer.

Tuczona 2, LLC purchased the 2,500-square-feet free-standing office building in the Eastern Submarket, located at 6475-6479 E. 22nd Street in Tucson. Michelle Minkus of Home Smart represented the buyer.  Bruce Suppes of CBRE represented the seller, The Family Trust, in the transaction. The purchase price was $200,000 ($80 PSF).

EAZ-BAKARETH LLC purchased a 2,159-square-foot freestanding former medical building in the Central Submarket, located at 3925 N 1^st Avenue in Tucson from Loren Cipolla and Marie Mendoza-Cipollo. The purchase price was $180,000 ($83 PSF) that included a second lot for expansion. The building was built in 1973 and was vacant at time of sale. The buyer purchased it for redevelopment as an assisted living home. Roy Drachman with Roy Drachman Realty Company of Tucson represented the seller and Tayyeb Ahmad with OZ Realty in Phoenix represented the buyer.

To learn more, see RED Comps # 4886, #4925, #4926 and #4927.