Saturday, September 22, 2018

Residential Lot Sales are Brisk in Dove Mountain

Pulte Homes closed on additional land for 241 SFR lots in the Del Webb at Dove Mountain Active Adult Community where it plans to build approximately 650 homes on 208 acres when complete. The latest takedown for 241 lots sold for $6.96 million ($28,863 per lot). This was phase...

Dove Mountain Retail Property Sales off the charts this Month

Retail property sales at Dove Mountain Retail Center were much more than usual this month, in fact, Cottonwood Properties sold out of improved properties at the center. We were told remaining are only some out pads and surrounding land that the Dove Mountain community developer still owns for retail...

Tucson Housing Lot Sales Soared in July with 737 Lots Sold

Tucson housing lot sales rose in July, as home sales were up 25% over last year, and sales volume increased by over 28% from 2014. At mid-year, there were reported 14 land transactions totaling over $26 million. In July, there were  11 land transactions totaling $11.6 million, 728 platted...

McCraren Compliance Expands into New Industrial Building

McCraren Compliance (Michael McCraren, member) purchased a 15,186-square-foot industrial building at 3980 E Columbia for $730,000 ($48 PSF). Purchased for business expansion, the company will be relocating from its current location in Tucson that it leased. The company specializes in safety training and consulting for the mining and transportation industries....

Orange Grove Medical Center Sells for $3 Million

Orange Grove Medical Center, a 40,782 total square foot multi-tenant office building, sold for $3 million ($73.56 PSF). The property is located on the southeast corner of Orange Grove Road and La Cholla Boulevard in Tucson. Constructed in 1988, the medical center sits on fee ground at the Northwest...

Bourn brings Second Nordstrom Rack and New Build-to-Suit to Tucson

Seattle-based Nordstrom, Inc. (NYSE: JWN) announced Thursday plans to open Nordstrom Rack at Wilmot Plaza in Tucson, Arizona. The approximately 25,000-square-foot store is scheduled to open in spring 2016. The property is owned by BP Wilmot Plaza LLC, an affiliate of Bourn Companies LLC, a commercial real estate investment,...

Epic Real Estate Partners Buys Ventana Village for $21.55 Million

TUCSON, ARIZONA – Epic Real Estate Partners purchased Ventana Village, a 110,116-square-foot grocery-anchored neighborhood center at 6860-6920 East Sunrise Drive in Tucson, Arizona for $21.55 million ($196 PSF). Strategically positioned at the intersection of Sunrise Drive and Kolb Road, Ventana Village is 90.8% occupied and anchored by a high-performing Basha’s...

Popeyes going in at the NEC Speedway & Stone in Central...

TUCSON, ARIZONA – HZ Props RE, Ltd. of Sugar Land, Texas bought .61 acres at the northeast corner of Speedway and Stone in central Tucson for $800,000 ($30 PSF) for a built-to-suit Popeyes Louisiana Kitchen restaurant. The buyer plans to construct an approximately 3,000-square-foot Popeyes on the site. This will...

Two New Luxury Home Communities Coming to Oro Valley

The Sanctuary at Silverhawke by Meritage Homes Meritage Homes of Arizona (Jeff Grobstein, President Desert Region) purchased approximately 150 acres for $2,526,480 ($57,420 per lot) for a new, gated community in Oro Valley. Located within one of Tucson's most prestigious areas, Sanctuary at Silverhawke will feature 44 new, energy-efficient homes...

Cali Investor Buys University Manor for $4.25 M

TUCSON, ARIZONA -- A California investor bought University Manor Apartments at 1525 N Euclid Avenue in Tucson for $4.25 million ($73,276 per unit) from 742 E Lee Street, LLC (Jarrett Reidhead, manager). The property was purchased by the seller in July 2015 for $2 million to renovate at a cost...

Berkadia Closes on $43 Million Apartment Deal in Tucson

TUCSON, Ariz.– Berkadia announced $43 million in sales and the $30 million financing of Hacienda del Rio and Colonia del Rio, two garden-style multifamily properties in Tucson, Arizona. Senior Managing Director Art Wadlund and Director Clint Wadlund of the Tucson office completed the sales on behalf of the buyer,...

Embassy Suites Tucson Paloma Village Sells for $18.9 Million

Skyline Campbell Hotel Partners, a joint venture with NCSKY, Grace Financial Investment, and The Scotia Group, Ltd. of Tucson (Peter Aranoff, president) sold the Embassy Suites Tucson – Paloma Village hotel at 3110 E Skyline in Tucson for $18.9 million ($158,824 per room / $190 PSF). The 99,330-square-feet hotel,...
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