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 three of a five phase option.

Sales have been brisk in this Del Webb community since it broke ground in February 2013. To date Del Webb has sold 98 homes, closed on 65 of these with 33 under construction. As reported back in February, there were nearly 100 inquiries within a day of posting a “coming soon” sign on the property.

Del Webb Corporation was acquired by Pulte Home in 2001 and is a leading builder in active adult communities. The Del Webb at Dove Mountain Community is located southwest of the Ritz Carlton Resort off Dove Mountain Blvd and is a mixture of 40-, 50- and 60- foot wide lots.

Bob Hadd of the Hadd Company in Tucson represented the seller, Cottonwood Properties’ affiliate, DM Phase IV Investments, LLC (Carson Mehl, member).

Cottonwood Properties of Tucson is privately owned and the original developer of the 6,200-acre Dove Mountain community in Marana, Arizona. In addition to the many neighborhoods within Dove Mountain, Cottonwood developed The Ritz-Carlton Resort, Residences and Golf Club – home to the Accenture Match Play World Golf Championships.

Recently, a 2.04 acres sold at The Ritz-Carlton Resort, Residences and Golf Club for $845,000 for a single custom home lot to an out of state buyer. “We’re very happy with the activity we’ve been seeing at Dove Mountain,” Carson Mehl, president of Dove Mountain Homes, told us. “This was the highest price paid for a single lot since the recession.”

In addition at Dove Mountain, Mattamy Homes recently opened with 11 sales and Miramonte Homes has models under construction that should be ready in a couple of months.

Also in the Northwest, at nearby Tortolita Vistas, Maracay took down six more lots for $963,230 ($160,538 per lot). Located north of Tangerine Road on Thornydale Road, Tortolita Vistas is set in the foothills of the Tortolita mountain range, surrounded by stunning views. Homes are on over-sized one acre sites that feature lush desert open space. Maracay is building a total of 54 homes that began October 2013 in Tortolita Vistas.

Will White of Land Advisors Organization in Tucson represented Maracay in the rolling option.

To learn more, Hadd can be reached at 520.403.2812 and White is at 520.514.7454. Mehl can be contacted at 520.572.8000.

Also see RED Comp #3321 and #3328.

Related story: A Perfect Storm for Home Builders at Dove Mountain

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 development.

In addition to these retail properties, sales have been accelerating for residential lots as well that we will cover tomorrow on Dove Mountain community.

Retail sales include the Walgreens at 12050 N Dove Mountain Blvd. in Marana sold for $5.5 million ($369 PSF) in an investment sale. The California buyer was Wildwood Mobile Villa, Inc. of Canyon Lake, CA (Evelyn Kerber, president) and the seller Dove Mountain Retail II LLC, an affiliate of Cottonwood Properties (David Mehl, president).

This 14,820-square-foot Walgreens was built in 2008 on 1.34 acres near the entrance to the Dove Mountain master planned community, highly visible from Tangerine Road,it sold with 17 years remaining of a 25 year triple net lease.

Jamie Medress, Mark Ruble and Christopher Lind with Marcus & Millichap’s Phoenix office represented the seller and Ryan Shook with Marcus & Millichap’s Newport Beach, CA office represented the investor.

To learn more, see RED Comp #3310.

Also in the Dove Mountain Retail Center, the Wells Fargo Bank branch at 12140 N Dove Mountain Blvd. sold for $2.12 million ($449 PSF) also in an investment sale. The investor was California based, Pacific WFB AZ or Union City, CA. The seller, Dove Mountain Retail II LLC, an affiliate of Cottonwood Properties (David Mehl, president).

The 4,719-square-foot bank was built for Wells Fargo in 2006 on .83 acres in this same retail center.

The seller was self-represented in this transaction and the buyer represented by Mark Ruble of Marcus & Millichap in Phoenix.

To learn more, see RED Comp #3268.

A 28,130-square-foot pad, located directly south of the bank branch, at 12110 N Dove Mountain Blvd. also sold for $550,000 ($19.55 PSF). This retail pad was purchased by IPEN Building LLC (Dr Beth Neuman, DVM, member) a veterinarian at Twin Peaks Veterinary Center.

It was purchased for construction of a Veterinary Center. Dean Cotlow with the Cotlow Company in Tucson represented the buyer.

The seller was Dove Mountain Retail II LLC, an affiliate of Cottonwood Properties (David Mehl, president) and was self-represented in the transaction.

To learn more, see RED Comp #3276.

For related story on recent Marana Retail Sales see Hotel Development next in line at Marana Center

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 Medical Center Campus and was approximately 51% occupied at close of escrow.

The property was sold by a $2.5 billion publicly traded healthcare REIT, HR Acquisition | Corporation, a subsidiary of Healthcare Realty Trust, Inc. Principals Scott Douglass and William Metzler with SOD Brookside LLC, WRM Brookside LLC, and PVP Investments LLC/West Coast Capital Partners purchased the property. West Coast Capital Partners (WCCP) is a privately held commercial real estate investment firm founded in 1993. They have offices in Los Angeles, CA and Scottsdale, AZ. WCCP has acquired, repositioned and disposed of over $1 billion in commercial assets in Southern California, and the Phoenix, Tucson and Las Vegas Metro Areas.

Braxton Glass, Vice President at ORION Investment Real Estate, negotiated the transaction. Glass stated, “The Orange Grove Medical Center acquisition aligns ideally with West Coast Capital’s core strength of repositioning underperforming office and medical office assets. It also represents the firm’s third acquisition at the Northwest Medical Center Campus. The firm acquired Desert Life Medical Plaza and La Cholla Medical Center in 2004 and 2005 respectively, and then completed the successful disposition of both assets to Healthcare Trust of America in 2007 upon stabilization.”

To learn more see RED Comp #3300.