Two new prestigious communities in northwest Tucson add an additional 133-P& E lots to the pipeline in June. Home sales are strong as well. According to Tucson Association of Realtors (TAR), Tucson market homes sales were up 20.92% year-over-year in May. See REDaily News June 10, 2015.

Realtor.com is predicting the housing market midyear is on track for best year since 2006. See REDaily News June 12, 2015.

NORTHWEST SUBMARKET

Cottonwood Properties, through affiliate DM Phase IV Investments (Carson Mehl, vice-president), recently sold two parcels along the common boundary between Canyon Pass at Dove Mountain and Saguaro Ranch for $3 million. The sale was to the new owners of Saguaro Ranch, Connecticut-based Northlight Capital Partners, and the combined area of the two parcels is approximately 57 acres.  As shown on the aerial, the parcels are on the other side of the ridge that runs along the east side of Canyon Pass Phase 4 (along New Horizon Ridge Drive).  The parcels that were sold are not visible from existing lots in Canyon Pass and are in the valley where other Saguaro Ranch development is planned. Future residents within the sold parcels will take access only from Saguaro Ranch and not be part of Canyon Pass. This boundary change will reduce the overall number of lots taking access from the Canyon Pass Phase 4 area by about 35 lots. Saguaro Ranch is a quality community and we believe this modification will be very compatible with our overall plan for Canyon Pass.

There were no brokers involved in the transaction. See RED Comp #3036 for additional information.

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Lennar Arizona bought 75 lots for Eagles Rest, a new subdivision in Rancho Vistoso MPC, at Moore Road west of Rancho Vistoso Blvd in Oro Valley for $2.94 million ($39,200 per lot). The gross area of the project site is 39.02 acres and net area is 26.57 acres. In addition to the sale price, the developer paid to plat and engineer the 75-lots while in escrow. All are 70’ by 125’lots.

The seller was The Kenneth W Olsen Family Trust of Cortaro and was represented in the sale by Ben Becker and Adam Becker of CBRE in Tucson. The developer / builder was self-represented. See RED Comp #3077 for additional information.

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DR Horton bought 58 platted and engineered lots at Sterling Meadows, a new subdivision in Marana, for $1.86 million ($32,000 per lot). Located southwest of Hartman and Overton Roads in Marana the gross area of the subdivision is 58.8 acres. All are 70’ by 125’lots.

Dan Feig and Aaron Mendenhall with Chapman Lindsey Commercial Real Estate Services in Tucson represented the seller, Pacific International Properties, LP (Daniel Leung, manager). See RED Comp #2976 for additional information.

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WESTERN SUBMARKET

DR Horton purchased 9 finished SFR lots at Mission Antigua in the western submarket of Tucson. This purchase was the 4th takedown for 8 finished lots of a 38-lot rolling option for $265,917 ($29,546 per lot). The lots are mostly 45’ by 110’.

Dan Feig and Aaron Mendenhall with Chapman Lindsey Commercial Real Estate Services in Tucson represented the seller, Antiqua Associates, LLC, an affiliate of Red Point Development (Daniel Leung, manager). The gross area of the subdivision is 58.8 acres. See RED Comp #3044 for additional information.

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 the nearby UA Tech Park.

Hughes Federal Credit Union recently purchased a 44,339-square-foot pad at Houghton Town Center for $1 million ($22.55 PSF) from Houghton Developers, LLC, the developer, an affiliate of Diamond Ventures of Tucson.

Hughes will be joining the 60+ acre Walmart Supercenter anchored community shopping center located in southeast Tucson at the intersection of Houghton and Old Vail Roads. Construction is not expected before next year for the new credit union branch

Other pads open for business include Panda Express, Discount Tire, and Dunkin Donuts with McDonalds and BrakeMAX coming soon. The first shops are also open and fully leased to such tenants as Dental Village, Champion Pool and Spa Supply, Nationwide Vision and SuperCuts. A second 9,200-square-feet of shop space will soon break ground to the west of the existing shops’ pad, with more pads in negotiation.

The 11,500-square-foot Northwest Emergency Center is currently under construction and on schedule to open by year end. Click here for full story

Shannon Murphy with DVI Realty of Tucson and Ben Craney with NAI Horizon of Tucson represents the seller / developer, Diamond Venture. Brian Harpel with The Harpel Company of Tucson represented Hughes Federal in the transaction.

To learn more Murphy can be reached at 520.577.0200 and Craney is at 520.326.2200. Harpel can be contacted at 520.721.7999.

For additional information see RED Comp #3061.

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 by G&W Masonry Supplies that closed for business in April, the property was vacant when the County closed on it June 22^nd for its heavy equipment storage, office space and a repair yard for the Pima County Regional Wastewater Reclamation Department.

The property comes with 1,870-square-feet of office/showroom space with two restrooms, four offices and a break room. The warehouse area has three grade level roll up doors each with 12 foot clearance height.

Alan Moore with Chapman Lindsey Commercial Real Estate Services in Tucson represented the seller, Eagle River Land Holdings, LLC (Walter E. Kountz, manager).

To learn more Moore can be contacted at 520.747.4000.

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RWC International sold the property at 2802 N Flowing Wells in Tucson for $1 million ($46.86 PSF) to an adjoining business, Trafficaid, for expansion. The 21,339-square-foot industrial building on 3.04 acres is at the northeast corner of Flowing Wells and Glenn Street. RWC has consolidated its business into larger space at 3220 E Irvington Road in Tucson.

The transaction was brokered by Tom Hunt and Bob Davis, previously with Rein & Grossoehme and currently Principals of Tango Commercial Real Estate of Tucson, a firm they started June 1. Hunt and Davis will also sell the Trafficaid property at 2721 N Flowing Wells.

To learn more Davis can be contacted at 520.906.5682 and Hunt is at 520.288.1231. See also RED Comp #3063 for additional information.

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Rodgers Investment Fund II Limited Partnership, LLLP purchased a 17,400-square-foot industrial building at 3755 E. 34^th St. in Tucson from Alvernon South, LLC for $550,000 ($32 PSF). The multitenant flex building is located off the Ajo and Palo Verde corridor. Brandon Rodgers, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, represented the buyer and Dean Cotlow with Cotlow Company of Tucson, represented the seller in this transaction.

To learn more Rodgers can be called at 520.546.2714 and Cotlow is at 520.881.8180. See also RED Comp #2989 for additional information.

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Schaffer Land Holdings, LLC purchased a 12,195-square-foot industrial building on (±) 0.86 acres of fenced yard at 4045 N. Highway Dr. in Tucson from J H Associates, LLC for $550,000 ($45 PSF). The property is located southwest of Gardner Lane and Highway Drive, east of I-10. Ron Zimmerman, Commercial Specialist with Cushman & Wakefield | PICOR, represented the seller and Brandon Rodgers, CCIM, Commercial Specialist with Cushman & Wakefield | PICOR, represented the buyer in this transaction.

To learn more reach Zimmerman at 520.546.2755 and Rodgers is at 520.546.2714. See also RED Comp #2990 for additional information.