TUCSON, ARIZONA – Flint Development (“Flint”) acquired 47.74 acres from several affiliates of Tucson-based Red Point Development (Daniel Leung, manager) at the southwest corner of Alvernon Way and Valencia in Tucson for $10.4 million ($217,805 per acre) being called Tucson Commerce Center.

Tim Healy, First Vice President with CBRE Tucson, represented Flint Development and Jason Wong, CCIM, MBA, LEED-AP with Red Point Development, represented the sellers.

The asset closed on June 17, 2022.

Flint is a commercial real estate development firm based in Kansas City, specializing in industrial, multi-family and senior living development throughout the country.  Flint has over 50 years of combined experience and a proven history in development projects making positive impacts in communities.

Tucson Commerce Center is to break ground on 806,606 square feet of industrial spec space in three high cube warehouse buildings simultaneously. Building 1 at 3610 E Valencia is 302,443 square feet, building 2 at 3780 E Valencia is 259,274 square feet, and building 3 at 6690 S Alvernon Way is 244,889 square feet.  All are being constructed together with groundbreaking anticipate for early August with completion for Q2 2023.

Tucson Commerce Center will have an aggregate of 196 trailer spaces, 80 dock doors, and 6 drive-in doors, all with 32 feet clear height.

Flint has $1.35 billion and 18 million square feet of development in its project pipeline including the Southern Arizona Logistics Center in Marana where Flint is constructing two buildings totaling close to a million square feet. One building at 507,600 square feet and the other at 431,460 square feet located at W Clark Farms Blvd, Marana, Arizona 85653, near Gladden Farms. This is all part of phase one of the project breaking ground in July with an estimated completion by Q2 2023.

“We are really excited to be working with Flint Development on the lease up of the Tucson Commerce Center and Southern Arizona Logistics Center,” said Healy. “It’s great to have a company like Flint building class A warehouse distribution buildings in Tucson and Marana. This will be the first logistics hub in Marana and the premier hub in the Tucson metro area with almost 1.8M square feet combined.”

Tucson is Flint’s entry into Arizona. Flint has strategically developed over $80 million and 1.3 million square feet of speculative industrial space to deliver solutions that meet future demands and growth opportunities in other key markets. The company is in approximately 25 markets and prefers market sizes such as Tucson with populations close to 1 million versus larger metro areas such as Phoenix.

For more information on this sale, Wong can be reached at 520.408.2300 ext 109. Healy can be reached on this sale or leasing information at 520.323.5119.

To learn more, see RED Comp #9952.

SIERRA VISTA, Ariz. – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Port Royale, a 252-unit multifamily property in Sierra Vista, Arizona. The $46.5 million sales price equates to $184,524 per unit.

“Southern Arizona is one of the state’s most rapidly growing areas and in April 2022, Sierra Vista was ranked No. 7 nationally for year-over-year rent growth,” said Hamid Panahi, IPA senior vice president. “The seller recognized that a post-2000-vintage asset like Port Royale is rarely available to new investors and capitalized on the demand.”

“Previous ownership implemented a robust renovation program that new ownership can continue, further adding value for existing and new residents,” said Clint Wadlund, IPA senior director. Panahi, Wadlund and IPA’s Steve Gebing and Cliff David represented the seller, Element Property Company, and procured the buyer, Sundance Bay. The property is located near Arizona State Routes 82 and 90, the University of Arizona South, Cochise College, and Sierra Vista Municipal Airport. Shopping is close by at the Plaza Vista Mall, Cochise Crossroads, and Hastings Center. Sierra Vista’s major employers include Canyon Vista Medical Center and Fort Huachuca, which is five miles from Port Royale.

Constructed in 2004 and 2008 on 13 acres, the property is a gated, 18 residential building asset with a renovated leasing office and clubhouse, a resort-style swimming pool, assigned covered parking and detached garages. The one-, two- and three-bedroom apartments have full-size washers and dryers and private patios or balconies. The average unit size is 874 square feet.

Tucson, ARIZONA — LGI Homes closed on another 126 lots in the Star Valley master-planned community MPC in Tucson’s southwest submarket. The paper lots were purchased for $4,961,250 ($39,375/Lot). The land was purchased from GAC Star Valley, LLC. The Star Valley MPC ownership is a partnership formed in 2020 between Mike Geddes, Rick Andreen, and Sunbelt Holdings. With several large-scale Tucson projects in different stages of production, Sunbelt Holdings has become one the largest master developers in the region.

The new lots are 45’X120’ and located in Block 3, south of Yedra Road. The latest purchase -will offer LGI product flexibility in addition to the 101- 40’X110’ lots that LGI purchased in January of this year.

Star Valley has emerged as one of the best producing projects in the Tucson metro area. Sales at Star Valley Destiny Collection (Lennar), Las Patrias at Star Valley (Meritage Homes) and Seasons at Star Valley (Richmond American) continue to be strong and have signaled a renewed strength to Tucson’s southwest submarket. The project will have new phases approved and available lots towards the end of 2022 which will continue to provide seamless lot supply for the community’s homebuilders.

Will White and John Carroll of Land Advisors Organization in Tucson handled the transaction and have the marketing assignment for all of Star Valley.

White commented, “The growing homebuilder roster at Star Valley is very impressive. The master-plan has supplied a large amount of lots in the past 18 months and the permit/construction activity is reflective of that. It is becoming more apparent that the southwest Tucson submarket was severely undersupplied and underserved. Star Valley has definitely been part of the solution to this pent-up demand. Just driving through the project and seeing all the construction, you can feel the synergies”

For more information, the Land Advisors Organization team of White and Carroll can be reached at 520.514.7454.

To learn more, see RED Comp #9954.