Austin Texas-based Forestar Group Inc. (NYSE:FOR) purchased TLC Dove Mountain’s position in 88-finished lots at Boulder Bridge Pass in Dove Mountain for $6.1 million ($69,318 per lot) not the finished lot value. Miramonte Homes of Tucson retained builder option on the lots. This is Forestar’s second acquisition since March, when they bought 98-platted lots also at Boulder Bridge Pass II in Dove Mountain where they are also partnering with Miramonte Homes for vertical construction.

Boulder Bridge Pass is at the northwest corner of Dove Mountain Boulevard and Boulder Bridge Pass. The 88 lots average 10,022-square-feet and are on about 44.5 acres with open space.

Forestar operates in three business segments: real estate, oil and gas and other natural resources. At first quarter-end 2015, the real estate segment owned directly or through ventures over 112,000 acres of real estate located in 11 states and 14 markets in the U.S. The real estate segment has 11 real estate projects representing approximately 24,400 acres currently in the entitlement process, and 74 entitled, developed and under development projects in ten states and 13 markets encompassing over 11,200 acres, comprised of over 18,500 planned residential lots and approximately 2,000 commercial acres.

In the company’s May 6^th earnings call reported acquiring three future community sites in Q1 2015 for a total of $19 million and 600 potential future lots. In Q1 it sold 289 developed lots at $76,200 average price per lot, the highest quarterly average lot price and profit per lot reported since becoming a public company, compared to 974 lots in Q1 2014 at an average lot price of $42,600.

In its written statement, the company says, “We are well positioned to capitalize on housing through residential lot and tract sales and to deliver the greatest value from every acre by increasing lot margins. We anticipate residential lot sales in 2015 to be in the range of 1,800 – 1,900 lots, with average lot margins up over 2014. Our multifamily team continues to capitalize on stable supply and demand in our target markets through the development of high-quality multifamily communities. Construction is continuing on over 1,700 units in five projects.

Will White and John Carroll with Land Advisors Organization in Tucson represented TLC Dove Mountain LLC an affiliate of True Life Communities of Phoenix (Taber Anderson, manager).

To learn more White and Carroll can be reached at 520.514.7454. For additional information login to see RED Comp #2854.

[mepr-show rules=”58038″]Sale date: 4/29/2015. All cash purchase. Buyer purchased land banking position for Miramonte in this below market value deal.[/mepr-show]

Tucson Marketplace at the Bridges anchored by Costco and Walmart between Park and Campbell at I-10, will have a new Lin’s Grand Buffet, Starbucks and Verizon there soon.

Tucson Park Ave., LLC (Frank Lam, manager) purchased Pad #3, 2.48 acres, for construction of a 10,000-12,000-square-foot Lin’s Grand Buffet. The address at 3387 S Park Avenue, near Walmart, commanded a sale price of $1.4 million ($13 PSF).

Lin’s Grand Buffet & Mongolian Grill has already two successful locations in Phoenix, one in Yuma and more in Texas and California. Researching it on the internet make your mouth water. “Think of quality Chinese cuisine with excellent customer service, in a warm and inviting atmosphere,” that’s what Lin’s Grand Buffet says you can expect.

Kenny Lin was the young man who first introduced Lin’s Grand Buffet. He wanted to introduce a buffet style restaurant with a higher standard of food quality than what the current industry had to offer. With this desire, Kenny opened his first buffet restaurant in New York City in 1993 and has since opened 32 more restaurants throughout Texas and California. The company currently employs over 800 people.

Working with various partners, such as Frank Lam in Phoenix, who share the same goals and aspirations for excellence, Kenny Lin is growing Lin’s Grand Buffets throughout Arizona and other states.

Lin’s Grand Buffet at Tucson Marketplace is expected to be open Q4 2016.

Retail West Properties own Tucson Marketplace at the Bridges, that is being marketed by Randy Titzck and Chad Russell with Land Advisors Organization in Phoenix and continues to build out. Russell told us that ground breaking on an additional 8,000-square-foot out pad directly to the north of Costco should break ground in the next 30 days.

The south 1,900-square-feet end unit with drive-thru is pre-leased to Starbucks and the north 2,100-square-feet pre-leased to Verizon.

To learn more Titzck should be contacted at 480.874.4327 and Russell can be reached at 480.874.4339. For additional information login and see RED Comp #2852.

Circle K Stores of Tempe, AZ purchased a 57,935-square-foot retail pad at La Jolla Verde Commercial Center in Sahuarita for $1 million ($17.30 PSF). This will be the first pad construction at this new retail center located southeast of I-19 on Old Nogales Hwy near the full diamond interchange.

This core retail intersection for Sahuarita with a Super Walmart-anchored center directly across from it. This Walmart center also has Ross Dress for Less, Big Lots, Wells Fargo, Walgreens, Bank of America, 99 Cent Only, and other national retailers.

Brenna Lacey with the Volk Company in Tucson represented the seller, La Jolla Verde Land Holdings, LLC of Los Gatos, CA.

Kurt Maes with Scarbrough & Associates in Phoenix represented Circle K in the acquisition.

To learn more Lacey should be reached at 520.326.3200 and Maes can be contacted at 602.774.4243,

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In a second unrelated transaction, a 42,047-square-foot retail pad (lot 3 block 45) in Rancho Sahuarita, Sahuarita, AZ sold to Gen2Properties, LLC dba Taco Bell for $895,000 ($21.29 PSF).

Located at the southeast corner of I-19 and Sahuarita Road, Taco Bell with join McDonalds, Shell, United States Post Office, and Pima County Public Library.

A growing bedroom community, Sahuarita is only 15 minutes to Tucson Airport and 45 minutes to Nogales and Mexico.

Rob Tomlinson, Retail Specialist with Cushman & Wakefield | Picor of Tucson represented the seller, RSMC VI, LLC and Aaron LaPrise, Retail Specialist with Cushman & Wakefield | Picor represented the buyer.

To learn more Tomlinson should be contacted at 520.546.2757 and LaPrise can be reached at 520.546.2770.

For additional information see RED Comp #2849 and #2850.