TUCSON, Arizona — CBRE facilitated the sale of Sierra Valencia at the northeast corner of Valencia and Hemisphere Loop in Tucson International Business Center to California investors for $6.314 million ($76 PSF). The 82,737-square-feet industrial flex building was fully occupied technically with two spaces with 9,000-square-feet soon to become available.

Built in 1990 on 5.5 acres near Tucson International Airport, the concrete tilt-up building features 16’ ceilings, 199 parking spaces with 44 covered, and fully sprinklered space for ten office / industrial tenants.

This versatile flex building covers a broad range of uses and can combine one or more uses in a single facility, including office space, research and development, showroom retail sales, light manufacturing research and development (R&D) and even small warehouse and distribution uses.

Tenant mix includes: Advanced Facility Design Architecture and Engineering, MC Technologies, Inner Step Printed Circuit Boards, 4D Technology Corporation, Protection One Security and Stratasys Direct Manufacturing.

The seller, Tucson Property Investors, LLC (Pat Lopez III, manager) was represented by the CBRE Team of Bob Delaney, Tim Healy, Michael Sandahl and Martin Encinas in Tucson.

The buyer, Sierra Valencia Properties LLC and the Tarazi Family Trust, of Tarzana, California purchased for it for investment. Delaney and Healy with CBRE are also handling the leasing of the property for the new owner.

For more information, Delaney, Healy, Sandahl and Encinas can be reached at 520.323.5100.

To learn more, see RED Comp #4739.

15100 Family Limited Partnership purchased Ajo/Evans Business Park, a 35,425-square-foot, multi-tenant industrial property located on 3.07 acres at 1100 & 1200 E. Ajo Way, and 3819 & 3855 S. Evans Blvd. in Tucson.   The property was purchased for investment at $2.2 million ($62 PSF) from Ajo/Evans Business Park, LLC.

Pat Welchert, SIOR, and Jeff Zellet with Cushman & Wakefield | PICOR, represented the seller in this transaction.  Welchert is now with Alpha Commercial Real Estate Service in Tucson. James Leonard with My Home Group, LLC in Tempe represented the buyer.

For more information, Zellet should be reached at 520.546.2739, Welchert is at 520.360.9394, and Leonard can be contacted at 480.685.2760.

To learn more, see RED Comp #4840.

TC Building, LLC purchased a 32,410-square-foot industrial building located at 840 – 850 E. 18^th St. in Tucson, from KAR4 Properties Limited Partnership, Jay D. Farbstein Trustee of the 1995 Farbstein Arizona Trust for Jay Farbstein, and Ellen Farbstein, Trustees of the 1995 Farbstein Arizona Trust for investment at $1,617,720 ($50 PSF).

Stephen D. Cohen and Russell W. Hall, SIOR, GSCS, Industrial specialists with Cushman & Wakefield | PICOR, represented the buyer in this transaction.  Bob DeLaney and Tim Healy with CBRE, Inc. represented the seller.

For additional information, Cohen and Hall can be called at 50.748.7100 and DeLaney and Healy are at 520.323.5100.

To learn more, see RED Comp #4800.

Rocbeat, LLC (Rocco Bruno, Jr. manager) purchased a 7,974-square-foot industrial building located at 1677 S. Research Loop in Tucson, from Java Property Investments II, LLC for $499,950 ($62.69 PSF).

Ron Zimmerman, Commercial Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction.  Greg Boccardo with Boccardo Realty represented the buyer.

For more information, contact Zimmerman at 520.546.2755 and Boccardo at 520.955.0777.

To learn more, see RED Comp #4824.

Long Far Investments, LLC (Tom Kittle, manager) purchased a 5,940-square-foot industrial building located at 19 W. Ventura St. in Tucson for $289,500 ($49 PSF).  The buyer is completely remodeling the property and has it on the market available for lease.

Paul Hooker, Industrial Specialist with Cushman & Wakefield | PICOR represented the seller, 19 West LLC, in this transaction.

For more information, Hooker can be reached at 520.546.2704.

To learn more, see RED Comp #4822.

MESA, Arizona — The beleaguered Fiesta Mall located at 1445 W Southern Ave, Mesa, AZ at U.S. 60 and Alma School Road changed hands to a local Developer with plans to immediately design the Mall into a “Campus”.

According to public records, the property had an $83 million CMBS loan, that has been in the hands of special servicer LNR Partners Inc. for the past four years. The buyer paid $6.72 million ($21 PSF) and plans to invest up to an additional $30 million in the project.

The sale includes only the enclosed mall, surrounding parking areas and three nearby leased retail pads, totaling 318,495-square-feet. The property is currently less than 10 percent occupied.

Originally developed by the Homart Development Company in 1979, Fiesta Mall was previously anchored by four department stores. A Dillard’s clearance center and Sears remain as the mall’s only major tenants but were not part of the current sale.

The new Owners, Dimension Financial & Realty Investments, Inc. (“DFRI”) and its Principals, Jerry Tokoph and Wayne Howard, have developed many substantial projects throughout Metropolitan Phoenix.  These include the redevelopment of the Honeywell/Bull 160-acre mixed-use facility at I-17 and Thunderbird which now houses Fry’s Electronics, Best Buy and Lowe’s Home Improvement along with hundreds of residences and over a million square feet of offices leased to diversified national and local tenants.  Additionally, Mr. Tokoph acquired the former Revlon manufacturing facility with over 75 acres of land and redeveloped 700,000 square feet of flex/office and mixed industrial facilities.  Mesa Mayor, John Giles, said, “Fiesta Mall is the in the heart of the Fiesta District and I am excited to welcome DFRI to the team of developers working to revitalize one of Mesa’s greatest assets”.

Glenn Smigiel, Bob Young, Steve Brabant and Rick Abraham with CBRE’s Phoenix office and George Good with CBRE’s Chicago office represented the seller in the transaction.

Cashen Realty Advisors represented DFRI and Ray Cashen will spearhead marketing of the “Campus”.  He indicated the Property is ideally located in the epicenter of the Phoenix Metropolitan Area.  It is 15 minutes from Sky Harbor Airport, has over one million residents within a 10-mile radius, 10 minutes from Arizona State University, served by all transportation modes including light rail, bus and minutes from the 101 and 202 Freeways which connect to all the neighboring communities.  The Property is in close proximity to the Mesa technology boom area with firms like Apple, Intel, Boeing and Fujifilm minutes away.  The “Campus” contains over 1.2 million square feet including the Mesa Fiesta Corporate Center situated immediately to the east of the Mall, and currently owned by the Principals, which will be bridged into the Mall and become part of the main “Campus”.

Brad Smidt, Senior Vice President of the Greater Phoenix Economic Council said, “This will be an exciting adaptive reuse development and of great interest to corporate users looking to locate in Greater Phoenix.  We look forward to working with the Owners and the City of Mesa on this development”.  The “Campus” will showplace an innovative facility for those who desire a state-of-the-art environment to commingle with their peers.  The “Campus” will be a vibrant community within itself, day and night, with all the amenities one would ever need.  The primary focus will be on health and education with numerous areas designed for medical learning centers and colleges specializing in business, economics, engineering, global communications, law, nursing and liberal arts.

It is anticipated the “Campus” may build specially designed housing and provide eating and entertainment venues located in key areas.  These will also serve the offices, health club and a futuristic sanctuary that will cater to the entire community along with relaxing coffee, yogurt and specialty shops in internet-friendly gathering spaces and a German-style beer garden/sports venue for all to enjoy.

For additional information, contact Ray Cashen at 602-393-4447 or by email at [email protected].

ORO VALLEY, Arizona — Lennar Homes purchased 58.6-acres with 106-platted lots at Overton Reserve in Oro Valley from an affiliate of Tucson Land and Cattle Co., TLC Jackson, LLC of Tucson (Jim Campbell, manager) for $5.83 million ($55,000 per platted lot).

Located at Overton and La Canada Drive in Oro Valley, the seller had assembled the property in December 2016 and needed to buy, barter and trade several properties for easement and right-a-way access with Desert Springs Evangelical Presbyterian Church to achieve connecting parcels to the property.

The plan is to develop 106 lots in two parts: the Northern 39-acres with 83 lots and a 2.1 RAC, and the Southern 19.6-acres with 23 lots and 1.2 RAC all part of the same Overton Reserve.

The seller completed final plat approval for Lennar to record.  Lot sizes are 66×120, 76×120, and 81x 120. Lennar plans to build homes in the 2,200-3,200-square-foot range and Overton Reserve to have homes ready by Q2 2018.

Lennar is building homes in some of the most desirable areas of Tucson: Signatures at Tortolita Reserve in Marana, Discovery at Mountain Vail, Star Valley, Rob Hill Estates in Tucson and also in Oro Valley, Eagle Summit at Vistoso.

Ben and Adam Becker of CBRE Tucson represented the seller in this transaction.

The Becker Team can be reached at 520.323.5100, for additional information.

To learn more, see RED Comp #4763.

MARANA, Arizona — The historic Lazy K Bar Guest Ranch is now slated to become a 178-home subdivision, after the Marana Town Council approved the rezoning of a 103 acre portion the Lazy K Bar Ranch property Tuesday. The council approved the plan 4-2, with some caveats, including added protection of the open space to ensure that no further development is done on the property.

The meeting included 49 speakers, with 40 speaking in opposition to the plan. Of the nine who spoke in favor of the plan, just one identified themselves as a Marana resident, while several others were either Marana area business owners or owned property within the town. The biggest complaint about the proposal was its proximity to Saguaro National Park and Sanctuary Cove. That area is a major wildlife corridor and the fear is the housing will disrupt animal migration. Lot size was another concern. Currently all of the adjacent properties sit on big lots, with many having three acres of property.

With 60% open space, the new design would average 1.29 RAC, with smaller lots because the design calls for the homes to be clustered to preserve large uninterrupted open spaces.

Linda Morales of the Planning Center in Tucson, who represents the landowners, and Greg Wexler of Wexler and Associates, the developer, said the move to smaller lots was made to provide more open space. Morales said larger, spread out lots, would actually make things more confusing for animals traveling through the area.

The developer is committed to retaining some component of the original Lazy K Bar Lodge and patio in order to recall the history of Lazy K.

Although the rezoning and specific plan were approved, the landowner does not have a builder and there is not timeframe to begin developing the land.