MARANA, AZ (April 12, 2024) — Velocity Retail Group LLC is pleased to announce the sale on April 3, 2024, of the 14-acre Heritage Park commercial development site, located at the southeast corner of Tangerine Road & Lon Adams Road, Marana, AZ, for $3,800,000 ($6.23/SF). Brian Harpel and Eli Castronova of Velocity Retail Group LLC brokered the transaction.

The site sits across from the Gladden Farms Marketplace, which is currently under construction and will include a new Fry’s Marketplace, anticipated to open in 3Q 2024. The Gladden Farms Master Planned Community surrounds the property and forms a part of the rapidly developing Tangerine Road commercial corridor.

The Seller, HOH Land Holdings LLC (Waseem Hamadeh), is a highly successful real estate investment company.  The Buyer, an entity of Rio West Development & Construction (Walter and Brad Hoge), has an excellent track record with a 30-year completed project history across all commercial sectors in the Tucson metro area. They will continue developing the property into the “Heritage Park Commercial Center” project. The project comprises nine retail frontage pads and two mixed-use pads in the interior. Multiple national tenants are negotiating to participate in the development, and additional pads are also available.

“The buyer and seller are highly qualified real estate firms, and we are happy to help them come together to complete the subject transaction that was a win/win for both,” commented Eli Castronova, who, along with Brian Harpel, is excited to remain on board to continue marketing the pads for Rio West.

For more information about the Heritage Park Commercial Center project, contact Harpel at 520.909.8505 or Castronova at 602.999.5425.

To learn more, see RED Comp #11231.

Tucson, AZ (April 11, 2024) – Larsen Baker, through its affiliate Bambi Speedway Associates, LLC, has acquired the Bambi Bar located at the SWC of Speedway and Rosemont, 5050 & 5056 E Speedway Blvd., Tucson, Arizona, for $750,000.00.

The property consists of 30,000 square feet of C-2 and R-2 zoned land on the hard corner of the signalized intersection of Speedway and Rosemont.

Larsen Baker is in the process of rezoning the property to full C-2 for redevelopment for a freestanding drive-thru building. Once rezoned, the property will be available for sale or build-to-suit for lease, or ground lease.

The buyer was self-represented by Isaac Figueroa, CCIM, SIOR, of Larsen Baker. The seller, Dorothy Hoff, and the estate of Guy Beaty were represented by Rob Tomlinson with Cushman & Wakefield Picor.

TUCSON, AZ (April 10, 2024) — Larsen Baker is pleased to announce the sale of 3232-3248 E. Speedway Blvd, the retail center also known as the Chroma building. The retail strip center, which formerly housed T-Mobile and Fronimo’s Greek restaurant and is currently home to Athletico, sold for $2,800,000.00 ($187 PSF).

The buyer, Habib Holdings, LLC, purchased the parcel as an owner-user for the Liver Institute. They will occupy half the building with the second-generation restaurant space and west-end cap retail space still available for lease. Larsen Baker will retain the management and leasing for the building.

The transaction closed on April 5, 2024.

The seller, Chroma Speedway Investors, LLC, an affiliate of Larsen Baker, was represented by Isaac Figueroa, CCIM, SIOR, who handled the transaction.

For more information, contact Figueroa at 520.296.0200 ext 218.

To learn more, see RED Comp #11232.