TUCSON, Ariz., June 11, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced today the sale of Midtown on 1st, a 94-unit apartment property located in Tucson, Arizona.

The asset sold for $13,600,000 ($144,680 per unit) and closed on May 22, 2024.

“We are excited to have successfully completed this transaction on behalf of the seller and look forward to seeing the buyer’s vision come to life through the planned community enhancements,” said Hamid Panahi, senior vice president in the firm’s Tucson office.

Panahi and Clint Wadlund, senior vice president in the firm’s Tucson office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Panahi and Wadlund also procured the buyer, an individual/personal trust.

“Midtown on 1st offers investors a partially renovated (54%) multifamily housing option that appeals to the budget-conscious UArizona students, graduate students, non-traditional students, or staff members, by providing prospective residents a high-quality housing alternative without compromising the lifestyle they desire,” adds Wadlund.

Midtown on 1st is at 1920 North 1st Avenue in Tucson, Arizona. Formerly operated as a by-the-bed student property, previous ownership successfully transitioned Midtown on 1st into a market-rate asset with traditional 12-month leases and normalized expenses. Rents at Midtown on 1st are lower than similar-sized, vintage student properties in the submarket and are significantly below core-student mid-rise assets.

For more information, Panahi and Wadlund can be reached at 520.719.6511.

To learn more, see RED Comp #11312.

MARANA, ARIZONA (June 7, 2024) — Lennar Arizona, Inc., (Tom Gansheimer, Division President) closed on 287 finished lots known as Blocks 11/12/13 of the new Monarch master-planned community in Marana. The purchase price was $28,061,000. The lots were a mix of 40’ and 45’ X 120’. It is the first sale of lots in the 450-acre project.

The parcels are located at the SEC of Sandario and Barnett Roads, across the street from the Marana Municipal Complex. The developer, SBH Marana LP, an affiliate of Sunbelt Holdings (Sean Walters, President), sold the lots. Sunbelt Holdings continues to grow its lot delivery program in Tucson, with multiple large-scale projects in the Tucson metro area.

The Monarch masterplan has been one of North Marana’s most anticipated new projects. Lennars’ purchase is the first in the initial phase of 550 shovel-ready lots. Future lots phases are being prepared for late 2024 and into 2025. The project will be planned and developed for a variety of residential and commercial uses.

Will White and John Carroll of Land Advisors Organization in Tucson handled the transaction and are in charge of Monarch’s marketing.

Will White commented:

“Monarch is now “main and main” in north Marana. This project will set the standard for the area going forward. Lennar has been very proactive with their Tucson acquisition strategy and the relationship with Sunbelt Holdings in Tucson made way for a quick, seamless transaction. Monarch getting underway is fantastic for the area.”

To learn more, White and Carroll can be reached at 520.514.7454

MARANA, AZ (June 6, 2024) — A unique retail development is set to rise southeast of Tangerine and I-10 in Marana, offering a diverse range of retail and lifestyle options. The Tangerine Commerce Center development, with its distinctive mix of anchor tenants such as Ace Hardware and O’Reilly Auto Parts, is poised to enhance the local retail landscape significantly.

Cottonwood Properties owns approximately 100 acres that front the four-lane fully improved Tangerine Farms Road, a strategic location for business growth. Tangerine Commerce Park is zoned to accommodate a range of retail, office, and industrial uses. The first major tenant was Ventana Medical Systems, a subsidiary of Roche, the world’s largest biotech company.

This promising project is also set in the previously undeveloped area across the street from the new 2,000 SFR Mandarina masterplan community on the northeast corner.

Now, the stage is set for a vibrant retail scene to unfold!

Tangerine Gateway, LLC, a David Lee Real Estate affiliate, recently bought a 1.36-acre development site to split into three drive-thru pads for $1.3 million ($21.97 PSF).  Gordon Wagner and Ben Craney with NAI Horizon (Tucson) represented the seller, Cottonwood Properties, and Cameron Lee with David Lee Real Estate (Tucson) represented the investor.

Starbucks developer Littleton, CO-based TangerineSBUX paid $900,000 ($22.96 PSF) for its new .9-acre site, which has begun constructing the new Starbucks.  Greg Furrier of Cushman & Wakefield | PICOR (Tucson) represented the buyer, and Ben Craney and Gordon Wagner with NAI Horizon (Tucson) again represented the seller, Cottonwood.

Residents can look forward to a diverse shopping experience with the introduction of Mister Car Wash, QuikTrip, U-Haul already in place, and O’Reilly Auto Parts, Ace Hardware, Starbucks, and Taco Bell currently under construction. This development is more than just a retail hub; it’s a cornerstone for community engagement and economic growth, offering new employment opportunities and serving as a gathering place for residents. It reflects the ongoing evolution of Marana as a thriving area that values community and convenience while taking advantage of the interstate exchange for future growth.

For more information, Wagner can be reached at 520.326.2200, Craney at 520.326.4500, Cameron Lee at 520.954.8008, and Furrier at 520.546.2735.

To learn more, see RED Comps #11301, #11319, #10785 and #11186.