TUCSON, AZ (Sept. 24, 2025) — The Town of Oro Valley recently closed on the purchase of a 50,500-square-foot building at 13101 North Oracle Road for $3.8 million (approximately $75 PSF), below the original asking price of $4.5 million for the town’s future police headquarters. Because the purchase price came in lower than expected, some of the savings will be applied to repairs and upgrades needed before the building can be occupied, Town Manager Jeff Wilkins told the town council.

The property, situated on a six-acre site, was constructed in 2001 and previously served as a multi-tenant medical office, housing Rancho Vistoso Urgent Care and various physician practices. While Rancho Vistoso Urgent Care has since closed at this location, another clinic, Desert Lotus Clinic, offers nearby urgent care services in Rancho Vistoso/Oro Valley at 1850 E. Innovation Park Drive, although not a relocation of Rancho Vistoso Urgent Care. Classified as a Class B office structure, the building will now be repurposed for the Police Headquarters.

Town officials noted that the existing police headquarters at 11000 North La Cañada Drive has become too small to meet current needs. Expanding that facility was estimated to cost at least $15 million, a figure town leaders agreed would be better invested in a larger building elsewhere. The Oracle Road property presents an opportunity to significantly expand operations, including the creation of new offices, training spaces, and rooms for investigations.

Town Engineer Paul Keesler said staff conducted “a very extensive evaluation” of the building, methodically reviewing its condition among the highest priorities: securing and hardening the structure, replacing the roof, repairing exterior stucco, and swapping out 22 of the 52 roof-mounted HVAC units. He estimated those items could be addressed for about $1 million.

Sundt Construction, which consulted on the evaluation, projected the town would ultimately spend $18 million to acquire the property and renovate 31,000 square feet of interior space. The $700,000 in purchase savings will help cover the immediate structural needs, Chief Financial Officer Dave Gephart said. He also emphasized that other planned 2025–26 capital projects remain unaffected by the acquisition, including $2 million allocated to restore a pond within the Vistoso Trails Nature Preserve.

According to published reports, the repurposing of the Oracle Road building will be carried out in phases, allowing the town to address immediate needs while planning for long-term improvements. Town leaders also note that the expansion of the police headquarters reflects Oro Valley’s own growth, from a population of just 6,600 in the 1990s to nearly 50,000 today.

CBRE’s David Montijo represented the seller, FTB OB Holdings LLC, in the transaction, and the Town of Oro Valley was self-represented.

Source: RED Comp #12103

TUCSON, Ariz. (September 23, 2025) – Cushman & Wakefield | PICOR announced the sale of Hidden Cove Apartments, a 15-unit multifamily property located in the Central Tucson submarket, for $1,010,000. The transaction reflects a price of $67,333 per unit and $93.49 per square foot.

Hidden Cove Apartments is situated at 3240–3276 North Geronimo Avenue and includes 10,803 square feet of living area on 1.25 acres within the Garden Homes subdivision. Built in 1952, the community comprises two studios, a collection of one-bedroom units, and six two-bedroom apartments. With its frame and stucco construction and central location, the property offers investors a stable, income-producing asset in one of Tucson’s most established neighborhoods.

The property was purchased by 220 Fort Lowell LLC of Newport Beach, California, from longtime owners Ivan Ramirez and family.

Cushman & Wakefield | PICOR principals and multifamily specialists,  Allan Mendelsberg and Joey Martinez represented both the buyer and the seller in the transaction. Mendelsberg noted that the deal demonstrates continued investor interest in well-located, small-scale apartment communities in Central Tucson, where limited supply and steady demand continue to drive competition.

“This transaction highlights continued investor interest in well-located Central Tucson multifamily communities,” said Mendelsberg. “With limited supply of small-scale apartment assets, properties like Hidden Cove remain highly sought after.”

For additional information, please get in touch with Mendelsberg at 520.546.2721 and Martinez at 520.546.2730.

Source: RED Comp #12104

MARANA, AZ (September 19, 2025) – Welltower Inc. (NYSE: WELL), one of the nation’s largest healthcare real estate investment trusts, has acquired Cogir at Continental Ranch, a premier Class A assisted living and memory care community located at 8689 N Silverbell Road in Marana, Arizona. The $22,247,103 ($205,991 per unit) acquisition was completed as part of a portfolio transaction.

Built in 2018, as a Watermark Community, the two-story spans 108 units licensed for 118 beds across 101,782 square feet. The property is situated on 3.99 acres along Silverbell Road and Continental Reserve Loop in one of Marana’s fastest-growing corridors. Residences include studio, one-bedroom, and two-bedroom layouts, complemented by a full suite of amenities such as a commercial kitchen and dining hall, fitness center, salon, theater, landscaped courtyards, and specialized memory care wings.

The seller, Kayne Anderson Real Estate of Boca Raton, Florida, developed the project in partnership with Watermark Senior Living and held the property until this transaction.

The acquisition underscores the continued appeal of Southern Arizona’s senior housing sector to national institutional investors. Strong demographics, reliable cash flow, and stable occupancy trends are driving capital inflows into the region. With Welltower’s acquisition and rebranding as Cogir at Continental Ranch, the community is positioned to serve a rapidly growing senior population while benefiting from the scale and operating expertise of Welltower’s extensive national portfolio.

The buyer was 8689 N Silverbell Rd Propco LLC c/o Welltower Inc. (Toledo, OH) and the seller, Marana Property Owner c/o Kayne Anderson Real Estate (Boca Raton, FL) / Watermark Senior Housing JV OPCO LLC – Kayne Anderson Real Estate

Welltower Inc., a leading healthcare real estate investment trust driving the transformation of healthcare infrastructure. The company invests in seniors housing, post-acute communities, and outpatient medical properties in major, high-growth markets in the U.S., Canada, and the U.K.

Source: RED Comp #12060