TUCSON, ARIZONA – Tempe investors bought the multitenant retail pad at 1570 E Tucson Marketplace Blvd. in Tucson. Located in the Tucson Marketplace within The Bridges Master Plan. The Bridges Master Plan is a 400-acre vital Tucson retail, commercial and employment hub serving Central Tucson, Downtown Tucson, the University of Arizona, and beyond.  The Regional Center includes a Walmart Supercenter, Costco, Planet Fitness, Century Theatres, McDonald’s, Popeye’s, Taco Bell, a hotel under construction, and more.

The 9,175-square-foot building on 1.5 acres was built in 2013 and had 3,000-square-foot vacant when it sold with a tenant in tow by buyer. Tenants in the property included NextCare Urgent Care, Your CBD Store, AT&T Store and Great Clips.

The asset sold for $3.075 million ($335 PSF).

Brenna Lacey with Volk Company in Tucson represented the seller / developer, Fullerton Tucson Marketplace and Joey Castillo of Volk Company represented the investor, R&P Properties (Patrick Hagestad, manager).

“This prime location got a lot of attention,” said Lacey. “It has significant upside in the lease-up of the existing vacancy, which is a high-profile endcap space with drive-thru potential and buyer had a tenant in tow.”

For more information, Lacey should be contacted at 520.495.2233 and Castillo can be reached at 520.495.2234.

To learn more, see RED Comp #8717.

ORO VALLEY, ARIZONA — Pulte Homes closed on 227 lots (50’X120’, 60’X125’ and 70 X125′) in the Rancho Vistoso Master Planned Community for $12.5 million ($55,066 per lot). The platted and engineered lots were purchased from JEN Arizona 34, LLC (Terrawest Communities, Mike Jesberger).

The plat, known as Tranquilo, is located directly off Rancho Vistoso Boulevard and surrounded by expansive open space, with panoramic views of Pusch Ridge and the Catalina Mountains. The master-plan has been a top performing community in the Oro Valley area for decades.

This closing represents one of the top bulk purchases of 2021 for the Tucson market and is a continuing example of the strength of the housing market. The lots were completely approved, and Rancho Vistoso is widely considered a top tier location.

Will White and John Carroll of Land Advisors Organization in Tucson handled the transaction.

“Rancho Vistoso is a known top performer in the Tucson market,” White commented. The community continually sets records for its strong pricing power and pace. This plat represented the last major availability of approved lots. It is an excellent position.”

For additional information, White and Carroll should be reached at 520.514.7454.

TUCSON, ARIZONA – An affiliate of Portal Investment Management (Scott Tiano and Jon Mendis, Managing Partners) a California-based real estate private equity firm, acquired the Rolling Hills Square Shopping Center in Tucson. Located at the southeast corner of Golf Links and Kolb Roads, at 7050 East Golf Links Road, the neighborhood center was built in 1979 and expanded in 2001 to eight buildings.

A 114,102-square-foot Fry’s Food and Drug anchored center was 97.5% occupied at time of sale with such tenants as Brake Max, Little Caesars, Nationwide Vision, Metro PCS Verizon, Cost Cutters, UPS Store, H&R Block and Banner Health Network.

The asset closed for just over $14,825,000 million, or $130 per square foot, on April 16, 2021.

Portal Investment Management focuses on acquiring and operating grocery anchored shopping centers in growing Western US markets, like Tucson, on behalf of its investor-partners.

“Rolling Hills Square represents an attractive investment opportunity for PIM given its strong real estate fundamentals and location at a highly trafficked intersection,” said Jon Mendis, Managing Partner of PIM. “Fry’s Food and Drug is a leading grocer in the Tucson MSA and the Rolling Hill Square performed well through COVID-19.”

“We are very pleased to kick-off Mandalay Retail Opportunity Fund I, LP with an asset of Rolling Hill Square’s quality,” said Scott Tiano, Managing Partner of PIM. “Rolling Hills Square exemplifies the value add-investment characteristics we are targeting. We expect the asset to generate the solid in-place and consistent cash flow we are seeking on behalf of our investors.”

Michael Hackett and Ryan Schubert of Cushman & Wakefield Phoenix represented the seller. For more information, Hackett and Schubert can be reached at 602.253.7900.

To learn more, see RED Comp #8699.