Recent Residential Development Sales in Metro Tucson Total $6.27 Million
Meritage Homes of Arizona purchased 26.72 acres block platted land at Silverhawke North subdivision in Oro Valley, in the northwest submarket of Tucson, for $3,489,575. Zoning for the block is R1-7 but the number of lots was undetermined. The seller, Capri Company of Tucson (Herb Kai, manager) was represented by Greg Wexler and James Kai of Wexler and Associates in Tucson.
Pepper Viner bought 51 finished lots in the Silverbell Residential subdivision, located in the western submarket of Tucson, near Silverbell and Goret, for $1.581 million ($31,000 per lot). The seller, Rancho Bridge, LLC (Greg Anderson, manager) purchased the lots in 2013 for $700,000. Dan Feig with Chapman Lindsey Commercial Rea Estate Services handled the transaction for the seller.
KB Homes owns 35 lots near this property at La Cholla & Oracle Jayne Station, and purchased an additional 10-SFR lots as an extension to that project about 1.2 mile away for $675,000 ($67,500 per lot). Property consists of 10 finished lots with random dimensions, approximately 8,000-square-foot lots. Buyer plans a new 25′ with 2-story product for these lots. Subdivision may be renamed The Station at La Cholla or The Station at San Joaquin. Jim Vincent of the Carlier Company represented the seller, Catland Properties, LLC of Tucson and Aaaron Mendenhall with KB Home Tucson represented the buyer.
As part of a rolling option, Richmond American Homes of Arizona, Inc. purchased six finished lots from Tucson Land, LLC at Santa Cruz Meadows in Sahuarita. The purchase price was $300,000 ($50,000 per lot) for the sale. The seller was represented by Randy Emerson of GRE Partners, LLC.
As part of a rolling option, Miramonte Homes purchased 4 townhome lots at La Reserve Villas for $220,000 ($55,000 per lot). The builder is constructing 49 townhome lots in La Reserve Villas in Oro Valley in the northwest submarket. The seller is Pusch Ridge Properties, LLC of Pilot Hill, CA.
Pioneer Title Agency Buys Tucson Building for $1+ million
TUCSON, ARIZONA — Keith Newlon of Pioneer Title Agency purchased a 5,940-square-foot office property at 1889 N. Kolb Road in Tucson for $1,069,200 ($180 PSF) for its newest Tucson location. Built in 2003, the building is located in La Playa Caliente Office Park.
Pioneer Title Agency is a full-service company providing title insurance, escrow, account servicing, trustee sales, as well as builder-related trust services. It is a family-owned business with strong local ties. The Newlon family, Bob and his wife Betty, son Keith and his wife Cindy, founded Pioneer Title in Sierra Vista in 1985. However, their foothold into the title business began much earlier. Bob, a life member of the Land Title Association of Arizona, has called Arizona home since 1935 and worked in the industry since 1958. Keith, a 2010 inductee into the Northern Arizona University College of Business Hall of Fame, got his start in the title industry in 1979.
Pioneer has been, up until recently, a rural title agency in Arizona but is now quickly growing into urban areas in metro Phoenix, Tucson and Flagstaff. Last March, Pioneer acquired Metro Title Agency and made its entry into metro Tucson with four new branches –Tucson Ajo, Tucson River, Tucson Sunrise and Green Valley
With 66 offices throughout the state, the people in each of these offices are committed to servicing customer needs as well as being of service in the communities where they live and work.
For example, this year’s company philanthropy project is to give back to schools and in so doing Pioneer has given each of its 550 employees $100 and an extra paid day off in the year to help at the school of their choice.
Pioneer was represented by Frank Arrotta of Tucson Realty & Trust Co. in the acquisition of the new building. Buzz Isaacson and Jeff Casper of CBRE represented the seller, 1889 N. Kolb Road Company LLC, in the transaction.
For more information, Isaacson can be reached at 520.323.5151 and Casper is at 520.323.5181. Arrotta should be contacted at 520.577.7000.
ABI Brokers $1.85M Apartment Sale Near Downtown Tucson/UA
TUCSON, Arizona — ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, is pleased to announce the $1.85 million / $57,813 per unit sale of the 32-Unit Villa Delano Apartments at 123 West Delano Street in Tucson, AZ.
The property is a garden style apartment community originally built in 1980 of frame/stucco construction and sits on 1.4-acres of land near the intersection of Fort Lowell and Stone Ave. Villa Delano has four, 2-story buildings featuring all 2-bedroom, 2-bath units with a weighted average size of 878-square-feet. The property also features a community swimming pool, BBQ grill area, and laundry facility.
“The Buyer was in search of a stable asset with upside potential,” states Lance Parsons, Senior Vice President at ABI, who represented the Seller. “The entire Downtown/University area submarket has witnessed sustained private and public investment over the last several years. The Buyer hopes to capitalize on this growing trend.”
The Buyer in this transaction is a private individual based in Arizona.
The Seller in this transaction is a private individual based in Colorado.
ABI Multifamily’s Tucson office, and the multifamily brokerage team of Lance Parsons, Jonathan Ibrahim and Ryan Kippes, represented the Seller in this transaction.
For more information, Parsons should be reached at 520.265.1945, Ibrahim is at 520.265.1127 and Kippes can be contacted at 520.265.1895.
Bourn Buys Tucson Land for Future Office Development at 29th & Swan
TUCSON, Arizona – BP Swan Investors, LLC (Don Bourn, manager) and Maizlish College Partners GLS, LLC (Toufic Abi-Aad, member), affiliates of Bourn Companies, purchased property at 4710 E 29th Street and 2021 S Swan Road in Tucson for $1.6 million ($1.31 PSF).
The 27.7763 acres sold with 115,245-square-feet of buildings that sold with no value to be razed. The buyer purchased to rezone from R-1 to an office use zoning for redevelopment.
With fundamentals of the Tucson office market improved, healthy demand drove net absorption to 184,040-square-feet in the third quarter of 2017, bringing the year-to-date total to 312,127-square-feet of net absorption. In the third quarter, office-users were particularly active in the Downtown and East Central submarkets.
According to CBRE, Tucson’s vacancy rate tumbled 190 bps quarter-over-quarter to 14.3% during the third quarter of 2017. This is the lowest vacancy rate since Q3 2008.
The seller, the State of Arizona Department of Economic Security in Phoenix, was represented by Ben and Adam Becker with Ian Stuart of CBRE in Tucson.
The investors were represented by James Marian, CCIM, of Chapman Lindsey Commercial Real Estate Services of Tucson.
For additional information, Marian can be reached at 520.747.4000. Ben Becker is at 520.323.5149 and Adam Becker is at 520.323.5188. Stuart can be called at 520.323.5180.
To learn more, see RED Comp #5310.
Lennar Joins Meritage and Richmond at La Estancia in Tucson
TUCSON, Arizona – SBH La Estancia, an affiliate of Sunbelt Holdings, the developer of La Estancia has sold 350 lots in 2017 with Meritage, Richmond and now Lennar Homes there. La Estancia has sold more lots than any master planned community in metro Tucson, making it the best performing community for lot sales this year.
Most recently, Lennar closed on 112-lots for $6.16 million, or $55,000 per finished lot and $1,100 per front foot.
Will White with Land Advisors Organization in Tucson handled the transactions with associate, John Carroll.
“La Estancia has been successful from the day it opened. It hits all the marks for homebuilders from location, proximity to major employment and Vail School district. In addition, the community has seen strong sales and price appreciation over the past 18 months. Success builds on success. With all of the new acquisitions in the project this year and all the new construction, we expect La Estancia to have plenty of room to run in 2018 and 2019.”
Senior Vice President at Sunbelt Holdings, Bob Bambauer who oversees the La Estancia project told us that due to the increased demand for the 50-wides, they intend to replat the 65-foot wides to 45-foot wide lots.
“With the recent lots sales and the replatting of the larger lots, we are now focused on planning the southern half of the site,” said Bambauer. “We will have a variety of lot sizes ready for development throughout 2018 and beyond.”
La Estancia, a 556-acre master planned community, offers master-planned living in this prime southeast submarket. Centrally located just off of I-10 and Wilmot Road and nearby some of Tucson’s most prominent employment centers including Raytheon Missile Systems, Davis Monthan Air Force Base, U of A Tech Park and the Tucson International Airport. Residents benefit from community amenities including a sparkling pool, splash pad, shaded ramadas and play equipment, ready for use. Future plans include sports fields and more.
Sunflower Apartments in Tucson Sell for $6.67 Million
TUCSON, Arizona – The Marcus & Millichap Real Estate Investment Services Team of Hamid Panahi, Steve Gebing and Cliff David closed on the Sunflower Apartments at 6502 E Golf Links Road in Tucson for $6.67 million ($46,300 per unit).
The seller of the 144-unit complex was GR Partners Sunflower, an affiliate of GR Capital of Colorado. The buyer, Veterans Parkway of California is a private investor. The property was built in 1983 on 4 acres and was 96% occupied at time of sale.
“Since acquiring the property in 2015, the ownership invested capital towards exterior and interior enhancements, improving the presentation of the property while simultaneously minimizing the future capital cost exposure for the new owner,” said Panahi. “The buyer benefits from adding to their existing footprint within the submarket, while benefiting from operational efficiency.”
Sunflower is a gated community in the Eastern submarket of Tucson. Some of the Community amenities include: fitness center, pool & spa, sports court, playground, reserved covered parking, barbecue grills, 24-hour laundry, 24-hour emergency maintenance.
Unit amenities include: individual A/C units, vaulted ceilings, garbage disposals, dishwashers, electric stoves, and free Wi-Fi in unit.
For more information Panahi, Gebing and David can be reached at 520.719.6511 in Tucson.
To learn more, login and see RED Comp #5263.
Tractor Supply Center to be joined by Goodwill Store at Midvale Park in Tucson
TUCSON, ARIZONA – Earlier this year, Tucson South Development Group LLC, an affiliate of Long Development Corporation (David Long, president) purchased 5.34-acres south of the southeast corner of Indian Agency Rd and Valencia Rd in the Midvale Park Shopping Center in Tucson, Arizona to split into two lots.
The construction of a 21,702-square-foot Tractor Supplystore with 15,000-square-foot fenced outdoor display area was constructed at 1715 W Valencia that recently sold for $5.075 million ($234 PSF) in a net lease sale to IS Corporation of Boca Raton, Florida.
The remaining 2.68 acre undeveloped pad sold to WG Midvale Holdings LLC, an affiliate of Whirlygig Properties of Tucson (Barry Kitay and Lynn Taylor, principles) for $1 million ($8.57 PSF).
The buyers purchased to develop a Goodwill Store on this site adjacent to the Tractor Supply store
The Goodwill store at 1680 W Valencia Road will be expanding into this location when complete. Located near the new 104,000-square-foot Fry’s Supermarket along Valencia Road, a major arterial road serving the southwest submarket of Tucson, neighboring tenants include Walmart Supercenter, Lowe’s and several banks and restaurants.
Bryan Babits with Western Retail Advisors of Phoenix represented the seller and the buyer was self-represented in the transaction.
For more information, Long should be contacted directly at 602.574.0731.
Tucson’s Tractor Supply on Valencia Sells for $5.075 Million
TUCSON, ARIZONA – Tucson South Development Group, LLC, an affiliate of Long Development Corporation (David Long, president) sold the Tractor Supply store at 1715 W Valencia to IS Corporation of Boca Raton, Fla. for $5.075 million ($234 PSF) in a net lease sale.
The 21,702-square-foot Tractor Supply store on 2.3 acres was a built-to-suit in 2017 and is the fourth Tractor Supply in metro Tucson with other locations in Catalina, Green Valley and Marana. The store includes a 15,000-square-foot fenced outdoor display area.
Located near the new 104,000-square-foot Fry’s Supermarket along Valencia Road, a major arterial road serving the southwest submarket of Tucson. Neighboring tenants include Walmart Supercenter, Lowe’s and several banks and restaurants.
Tractor Supply Company targets ranchers, homeowners, do-it-yourselfers, contractors and trade workers, with its inventory that includes tractor/trailer parts and accessories.
Long was self-represented in negotiations for the seller.
For more information on this transaction and the future development, Long should be contacted directly at 602.574.0731.
To learn more, see Red Comp #5273.
Popeye’s Restaurant Joining Tucson Marketplace at the Bridges
TUCSON, Arizona — Tucson Marketplace at the Bridges is at Kino and I-10 in the southern submarket of Tucson. This 114-acre project anchored by Costco and Walmart will have approximately 1 million-square-feet of shops, pads, entertainment and anchors when fully completed. It has experienced some exceptional growth this past year.
Costco and Walmart were already joined by McDonald’s, Great Clips, Mattress Firm, Sports Clips, Sprint, Verizon, and Starbuck’s. This past year delivered a 25,000-square-foot Planet Fitness and a 53,678-square-foot Century Theatre with 14 screens in addition to a 12,550-square-foot Lin’s Chinese Buffet. A 30,000-square-foot Dave & Buster’s getting ready to tentatively open April 10th.
Recently, Texas-based, Global New Millennium Partners purchased a 2.8-acre pad for construction of a 2,844-square-foot Popeye’s Restaurant with an addition 1,000-square-foot patio. The developer paid $860,000 ($7.00 PSF) for the pad.
Popeye’s restaurant is known for its New Orleans style menu featuring spicy Bonafide® Chicken, Handcrafted Tenders and fried shrimp as well as jambalaya, red beans and rice and signature buttermilk biscuits. This will be Popeye’s fifth location in the Tucson metro area.
Randolph Titzck and Chad Russell with Land Advisors Organization in Phoenix represented the seller, Fullerton Properties of Toronto, Ontario, Canada. Dave Cheatham and Darren Pitts with Velocity Retail Group in Phoenix represented the buyer.
For additional information, Titzck and Russell should be reached at 480.483.8100. Pitts can be contacted at 602.682.6050 and Cheatham is at 602.682.6060.
Realty Executives’ Tucson Associate Negotiates $1.15+ Million in Two Transactions
TUCSON, Arizona — James P. Robertson Jr., CCIM, Senior Commercial Associate Broker with Realty Executives Tucson Elite, announced the closing of two commercial transactions in Tucson, one a multifamily and the other for an automotive center.
Robertson assisted the seller, Frank and Florence Cotta in the sale of Coventry Manor Apartments at 5770 E. 10th St. Tucson, AZ. A 32-unit community, built in 1962 in the Park Mall retail corridor. The property consists of 20 one-bedroom, 4 two-bedroom and 8 studio units, with pool and laundry facilities amenities.
This was one of only a few remaining distressed multifamily properties in the Tucson marketplace.
“Count this sale as another victim and hopefully the last of the recent real estate valuation collapse. I applaud the buyers and the buyers’ representative for being knowledgeable on the multifamily sale process. It is not for the light-hearted,” said Robertson. “The buyer saw that the property had good bones, but needed cosmetic and mechanical upgrades. An opportunity was there at the right price.”
After a three-month escrow and countless negotiations with the lenders, escrow closed with a sales price of $860,000 ($26,875 per unit).
The buyer, Catalina by Bakerson, LLC, was represented by Rich Rose with Praedium Advisors from Phoenix, AZ.
In a separate transaction, Robertson assisted both the sell and buy the former Tucson Automotive Center to Central Collision Center at 2420 & 2430 N Palo Verde Blvd. in Tucson for $295,000 ($46 PSF) in the Central Tucson submarket.
“The location at 2420 & 2430 N. Palo Verde Blvd was an ideal location for Central Collision Center to expand their exotic car renovation division,” said Kevin Styer, President of Central Collision Center. “Central Collision Center’s new location consists of 6,373-square-feet in two buildings. One of the buildings is retrofitted with mechanical lifts ideal for mechanical repairs and the second building is perfect for the fine details needs to put the final polished touch to our client’s collectable automobiles.”
“After a short tenant improvement build out period, Central Collision Center is ready for their clients,” said Robertson.
Robertson, as a CCIM specialized in multifamily, has earned the internationally recognized professional designation that signifies expertise in commercial investment real estate.
For more information, Robertson should be reached at 520. 284.9572.
Thornydale Plaza in Marana sells for $1.97 Million
TUCSON, Arizona — The former Canyon Community Bank Plaza, now Thornydale Plaza, at 6811 N Thornydale Road in Marana sold for $1.97 million ($237 PSF) to a Tempe-based, private investor, Thornydale Plaza, LLC.
Dave Carroll of Romano Real Estate in Tucson handled the transaction for buyer and seller, Canyon Community Bank.
Carroll told us, the seller, Canyon Community Bank, occupied an anchor space in the center for its mortgage office. Canyon recently vacated this space and leased it to Enterprise Car Rental. Additional tenants in the Plaza include First Impression Security Doors, Sports Buzz, 5 Star Electronics and coming soon Celebrity Tanning to bring it to 100% occupancy.
The 8,327-square-foot retail plaza is of masonry construction, built in 2004, and located between Ina Road and Orange Grove on Thornydale in front of Costco, Home Depot, Savers, and Sportsman’s Warehouse and many other big box tenants nearby, within a retail hub for Marana, Arizona.
This is the first Tucson area investment for the buyer who was introduced to the property by Carroll without it being on the market for sale.
In a separate transaction, the investor, Thornydale Plaza, also acquired 47,810-square-feet of adjoining land for parking expansion and a car wash to be leased by Enterprise Car Rental. Debbie Heslop of Volk Company in Tucson represented the seller, BOKF, N.A. in this transaction and Carroll represented the buyer.
For more information, Carroll should be reached at 520.577.1000 and Heslop can be contacted at 520.326.3200.
ADP Workforce Adding 250 Jobs to Williams Centre in Tucson, AZ
State and City Officials Join Company Executives at Ribbon-Cutting Celebration at ADP’s Sales Facility
TUCSON, Arizona — ADP® is adding 250 positions to its Tucson workforce, bringing to 400 the number of ADP associates in Tucson and to nearly 2,000 the number of ADP associates who will be working in Arizona.
ADP has leased 49,543-square-feet on two floors of the company’s signature facility at 5451 East Williams Blvd. in Tucson. That sold at the end of the year along with 5431 E Williams Blvd for $13.85 million ($144 PSF) to an affiliate of the Decurion Corporation based in Los Angeles, California, parent company to Pacific Service Company.
The seller was WCCP Williams Tech, LLC of Torrance, California (Phil Skillings, member) that acquired the two properties in September 2016.
At a news conference during a ribbon-cutting ceremony, ADP CEO Carlos Rodriguez praised the company’s partnership with state and city officials to create the kind of environment conducive to ADP’s ongoing growth.
“I’m quite pleased with the collaboration between the State of Arizona, the City of Tucson and ADP that has helped us create these new jobs in Tucson and 1,500 additional new jobs in Tempe,” said Rodriguez. “ADP is all about helping our clients succeed, and I’m delighted that the people of Arizona will be playing key roles in helping us do that.”
Tucson Mayor Jonathan Rothschild and Sandra Watson, president and CEO of the Arizona Commerce Authority, joined company executives and associates during a ribbon-cutting celebration in Tucson this past week
“I’m delighted that ADP has chosen to increase its presence in Tucson, a city with a talented workforce that is focused on helping companies like ADP succeed in meeting the needs of their clients,” said Mayor Rothschild.
Watson echoed those remarks.
“ADP’s impressive growth in our state emphasizes Arizona’s competitiveness in meeting the needs of business and providing jobs for our citizens,” said Watson. “Under Governor Ducey’s leadership, the Arizona Commerce Authority and our partners are proud to support ADP’s continued success in both Tucson and Tempe.”
The Tucson facility is a sales location, where associates help clients and prospects find the right payroll, HR and human capital management solutions for their business needs.
Among the talent ADP is seeking to attract to its Tucson facility: Associates who reflect the diversity inherent in the clients ADP serves; graduates of the University of Arizona, especially those from the Eller School of Business, and veterans and military spouses given the presence of Davis-Monthan Air Force Base in Tucson, among others.
“We need to match the diversity in the marketplace with diverse sales talent and expertise, and Tucson is rich in highly educated, diverse talent,” Rodriguez said. The company also said it has been impressed with graduates it has met from the Eller School of Business and the University of Arizona.
ADP also has a valued team of more than 1,000 veterans who work at the company.
“We’ve learned through experience that veterans have demonstrated strong leadership skills, strong resiliency, and a wonderful ability to work as team players to get things done,” Rodriguez said. “Those are exactly the kinds of skills we need.”
Veterans at ADP have come from all branches of the military and served in every major conflict since Vietnam. The company currently employs 56,700 associates globally.
ADP is a comprehensive global provider of cloud-based human capital management solutions that helps companies build better workforces by uniting HR, payroll, talent, time, tax and benefits administration. The company is a leader in business outsourcing services, analytics, and compliance expertise. ADP serves more than 640,000 clients of all types and sizes in 111 countries around the world, and pays one in six workers in the United States (26 million people) and 13 million wage-earners elsewhere.
People interested in applying to work at ADP in Tucson can visit jobs.ADP.com.
ADP has long been recognized as a valued employer. Recent accolades have included: