Chipotle at The Crossing at Sahuarita Sells for $2.233 Million

Chipotle, 18725 S Nogales Hwy., Sahuarita, AZ

SAHUARITA, ARIZONA — Chipotle at The Crossing at Sahuarita Shopping Center in Sahuarita, Arizona sold for $2.233 million ($969 PSF). The 2,305-square-foot building was built in 2019 at 18725 S Nogales Hwy. in Sahuarita and fully leased as a Chipotle restaurant with drive-thru.

The Crossing at Sahuarita is a 150,000-square-foot center that boasts a Sprouts Farmers Market, TJ Maxx, PetSmart, Beall’s Outlet, and several restaurants and shops to compliment the diverse tenant mix. The project is located at the southeast corner of Nogales Highway and Abrego Drive in Sahuarita, Arizona, which is about 20 minutes south of Tucson.

Chad Tiedeman and Steven Underwood with Phoenix Commercial Advisors represented the seller, FAE Holdinga of Utah and Art Flores with CBRE in Newport Beach, CA represented the investor.

“Pandemic proof retailers prove to be in high demand these days,” said Underwood. “Especially high quality quick service restaurants such as Chipotle with a drive thru. We could sell 50 of these tomorrow if we had the listings.”

Dutch Bros, 18800 S Nogales Hwy., Sahuarita, AZ

Dutch Bros at 18800 S Nogales Hwy. in Sahuarita also sold for $1.93 million ($2,386 PSF). The 810-square-foot Dutch Bros constructed in 2019, sits on a 16,754-square-foot lot was purchased by James D. Borel for investment, leased to Dutch Bros.

CVP- Sahuarita Plaza DB LLC, an affiliate of Cole Valley Partners of Portland Oregon, purchased the land from Team Adams Sahuarita in November 2018 for $765,000 ($28 PSF) to develop the Dutch Bros Coffee. in Sahuarita Plaza.

Sean Heitzler with CBRE in Newport Besch represented the seller, CVP-Sahuarita Plaza and Dustin Olive with West USA Prescott represented the investor.

For more information, Tiedeman and Underwood can be reached at 602.957.9800. Flores can be contacted at 949.725.8625 and Heitzler is at 310.567,1425

To learn more, see RED Comp #7952 and #8076.

CBRE Brings New Investor to Tucson with Apartment Sale

Horizon Reality Advisors Makes Entry into Dynamic Downtown Tucson

Tucson, Arizona – CBRE arranged the sale of the 186-unit multifamily community 255 North on behalf of a partnership between The Bascom Group and funds managed by Oaktree Capital Management, L.P. to Horizon Realty Advisors.

Public record shows the asset sold at $40 million ($216,000 per unit)

Jeff Casper, Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Multifamily Institutional Properties represented the sellers. The transaction is Horizon Reality Advisors’ first acquisition in Tucson.

Located in Tucson’s Downtown Corridor, 255 North features spacious one, two, and three-bedroom units with well-appointed kitchens, walk-in closets, and a washer and dryer in every unit. Built in two phases in 1985 and 2005, 255 North’s common area amenities were recently renovated including extensive upgrades to the 24-hour fitness center, resident clubhouse, leasing office and pool area. The sellers upgraded 157 units with quartz countertops, modern vinyl plank flooring, undermount sinks, stainless steel appliances, new cabinetry, upgraded plumbing and lighting fixtures and two-tone paint.

“Tucson remains a very attractive market for multifamily investors and this transaction illustrates the market’s economic resilience,” Casper said. “The seller’s excellent renovations to the community and the downtown market’s strong fundamentals generated significant buyer interest.”

Downtown Tucson is home to approximately 40,000 jobs and many of the region’s top employers including Caterpillar, the City of Tucson, Pima County, Hexagon Mining, HDR Engineering, New York Life and Ernst & Young. The community’s location adjacent to Interstate 10 provides direct access to the region’s largest employers including Raytheon Missiles and Defense and the Sun Link Streetcar connects 255 North to the University of Arizona (±16,000 jobs, ±44,000 students) and Banner University Medical Center (±4,000 jobs).

“We have been targeting strong growth markets like Tucson and 255 North was an excellent fit for our investment criteria,” said Horizon Realty Advisors partner Rob Marshall. “The community is a great entry into the Tucson market and will complement our broader multifamily focus of delivering diversified, consistent returns for our investors.”

To learn more see RED Comp #8075.

North Marana continues strong 2020 as DR Horton picks up phase of Village at Barnett

MARANA, ARIZONA — DR Horton, Inc. purchased Phase 1 of The Village at Barnett, a new subdivision at the northeast corner of Barnett and Sanders Roads in Marana. The phase consisted of 105 platted and engineered lots and were purchased for $2,415,000 ($23,000/platted lot). The seller in the transaction was RB Land Barnett Partners, LLC (Randy Bury, Manager) who will now turn its focus to the sale of Phase 2 which consists of 146 fully approved lots. The purchase signals a new push of development activity on the west side of Interstate 10 in this area.

Bury commented, “The availability of developable land unencumbered by major infrastructure and environmental constraints, the pro-growth attitude of the Town, and easy access to I-10 make North Marana extremely attractive to homebuyers.  The nexus of North Marana to the emerging job corridors of South Pinal County ie Nikola, will become more and more important over time.”

The transaction was handled by Will White and John Carroll of Land Advisors Organization in Tucson. Land Advisors has the marketing assignment on Phase 2 of The Village at Barnett.

“Homebuilder demand on the west side of Interstate 10 in Marana continues to ramp up in 2020,” said White.  This part of north Marana has infrastructure and plats that are fully approved, allowing homebuilders to immediately proceed to developing lots. The focus right now is on lots that can be built and ready for home construction in 2021 to accommodate the surge in housing demand in the area”

“The closing of these lots, and subsequent development, is a sign of things to come as it is the first-time lot development is pushing north of Barnett road.  This will open up several new opportunities and synergies for other deals to get done in this portion of north Marana as the market moves forward.”

To learn more, White and Carroll should be reached at 520.514.7454.