Investment Sale of Pad at Target Center Tucson Sells for $3.9 Million

TUCSON, Arizona – An affiliate of Bourn Companies (Don Bourn) of Tucson, BP Grant Pad Investors, sold the retail shops at 6572 E Grant Road in Tucson sold in as an investment asset for $3,894,400 ($518 PSF). Located at the Target Shopping center at Grant and Tanque Verde, the 7,525-square-foot building, built in 2017, sits on a 31,748-square-foot pad.

The property was fully occupied when it sold with three tenants: Southern Arizona Urgent Care, Sprint and Nationwide Vision.

The buyer was a private investor from San Diego, Calif. that was represented by Pamela Scott with GPS of Santa Barbara, CA.

Jamie Medress with Marcus & Millichap represented the seller.

For more information, Medress should be reached at 602.687.6778.

To learn more, see RED Comp #5475.




Leman Academy Chooses Sorrento Square in East Tucson for Third Site

TUCSON, Arizona – Brand Properties, LLC (Scott Brand) of Salt Lake City, UT bought 12.48 acres at Sorrento Square for $2.1 million ($3.86 PSF) for a new Leman Academy of Excellence Charter School.

The tuition-free charter school began as a K-6 school in 2014 and has grown to become a full K-8.

The Leman Academy is named for Kevin Leman, a renowned psychologist and author. He has become a radio and television personality, educator, speaker, and author of over 45 books on parenting, marriage and family living.

The idea is to create a learning environment based on a Classical Education platform. Classical Education is based on the three stages of learning: grammar, logic and rhetoric and is rooted in integrating the various subjects thematically, providing a tie between subjects.

The site is at approximately 10142 E Golf Links Road in Tucson and will be its third school in metro Tucson, with a fourth school in Sierrra Vista. Other locations include Marana and Oro Valley were also  built-to-suits while the school in Sierra Vista was a retrofit to an existing school building.

Click Here and Here for earlier stories.

Patrick Welchert, SIOR, of Alpha Commercial Real Estate Service in Tucson represented Leman Academy and Andy Seleznov and Melissa Lal with Larsen Baker of Tucson represented the seller, Larsen Baker, LLC (George Larsen).

For additional information, Welchert can be reached at 520.360.9394 and Seleznov ad Lal are at 520.296.0200.

To learn more, see RED Comp #5472.




VEREIT Buys Retail Pad at Houghton Town Center for $10.9 Million

TUCSON, Arizona — VEREIT, Inc. (NYSE:VER) (Glenn Rufrano, Chief Executive Officer), a real estate investment trust (REIT), purchased a 56,000-square-foot retail pad at Houghton Town Center in Tucson, Arizona for $10.9 million ($195 PSF).

The building, located to the east of Super Walmart, was built for and fully occupied by Ross Dress for Less®, T.J. Maxx® and Petco® that opened in 2017 at 9236 – 9250 S Houghton Road in Tucson’s Vail area.

The Ryan Companies US, Inc. (John Strittmatter, Chairman/Southwest) was the seller, developer and general contractor of this retail project at Houghton Town Center and purchased the 6.13 acres for $1.98 million ($7.39PSF) a year ago. See Real Estate Daily News Houghton Town Center Expands Footprint

Ryan Companies US, Inc. is a 3rd generation, family-owned national developer, designer, capital investment consultant, builder and real estate manager specializing in fully integrated solutions for over 75 years.

To learn more, see RED Comp #5457.

 




Volk Company Handles Sale of Alvernon Way Property in Tucson

TUCSON, ARIZONA — Rick Borane of Volk Company in Tucson represented Panthera Pavilion, LLC (Stephen Grimm, manager) in its purchase of the 8,055-square-foot building and 14,425-square-feet of land at 1030 North Alvernon Way in Tucson for $700,000 ($87 PSF).

The property was fully leased to the UA Department of Family and Community Medicine for its RISE Health & Wellness Center that has been there for a number of years.

The Camp Wellness began in 2009 in response to the fact that adults with serious mental illness (SMI) have a shorter life expectancy than other adults – 25 fewer years on average, nationally. People with SMI are more likely to suffer from chronic medical conditions, including obesity, heart disease and diabetes.

In 2012, Pamela Hyde, JD, director of the U.S. Substance Abuse and Mental Health Services Administration, visited Camp Wellness and talked with students about what they gain from the program. Later that year, at the 2012 conference of the National Council for Community Behavioral Healthcare, she hailed Camp Wellness as the nation’s most comprehensive wellness program for people with SMI.

The seller was CS&Z Holdings, Inc.

For more information, contact Rick Borane at 520.326.3200.

 




Sprint Store on Valencia Road Sells in Investment Deal for $1.455 Million

TUCSON, ARIZONA – Local investor, RJK PI, LLC (Robert Kivel, manager) purchased the Sprint Building at 1840 West Valencia Road in Tucson for $1.455 million ($485 PSF). The property was occupied by Sprint in a triple net long term lease and sold in an investment sale.

Build in 2001, the 3,000-square-foot building is located on a 28,600-square-foot pad in a highly desirable area with Lowes’ Center in West Tucson. Near a new Fry’s store and Tractor Supply across the street.

Sprint, controlled by Japanese billionaire Masayoshi Son, the owner of Softbank, converted several hundred Radio Shack locations into Sprint corporate stores last year when Radio Shack filed Chapter 11 for a second time. In an attempt to keep the doors open on 1,740 stores, RadioShack had struck up a partnership with Sprint during its first bankruptcy, inviting the mobile carrier to co-brand with the company and set up smaller stores within its own.

At the time, Sprint viewed RadioShack’s retail footprint as a way to quickly scale up its own business, and RadioShack hoped to benefit from increased liquidity in the form of rent and commission payments from Sprint. However, the relationship did not yield the benefits RadioShack had hoped and the Sprint RadioShack experiment ended with RadioShack’s second Chapter 11.

Debbie Heslop, CCIM, of Volk Company in Tucson represented the investor and Ellen Golden of Goldsmith Real Estate represented the seller, Transbay Capital, LLC of California.

For more information, Heslop can be reached at 520.326.3200 and Golden should be contacted at 520.219.3100.

To learn more, see RED Comp #5433.

 




Northwest Fire District Expanding in High Growth Northwest Tucson

Dove Mountain NWFD site

Marana, Arizona – Northwest Fire District (NWFD) knowing time is of the essence in an emergency has purchased two new sites for stations: a 2.76-acre parcel in Dove Mountain for $735,781 ($6.12 PSF) and a 1.48-acre lot at Gladden Farms for $400,00 ($6.20 PSF) both in Marana, Arizona.

“Northwest Fire District’s stations are strategically located throughout the District to ensure help arrives as quickly as possible,” Dugger Hughes, Deputy Chief, Logistics of Northwest Fire told us.  “The location of each fire station is based on an assessment of the growing community’s specific risks, call loads and types, and areas that offer rapid responses to handle these identified risks.”

The last station built in the district was constructed in 2010 at Tangerine and Thornydale, 12095 North Thornydale Road in Marana, Station #39. With the tremendous growth in residences in the northwest, additional stations are now needed to maintain or improve services, as well as to reduce response times and could have a big impact on Marana.

A third new station is planned for Twin Peaks and I-10 on 2.5 acres of land that was donated to the District and will follow the relocation of Station #37 to the Dove Mountain site and construction of the new Gladden Farms station.

NWFD also has plans to construct a new 13,500-square-foot Administration Building west of I-10 adjacent to its current training center at 5125 W Camino de Fuego in Marana where it owns 12-acres. Anticipated delivery of this building is early Summer 2018.

The expenditures for these projects are made possible through bonds approved by voters last fall.

Core Construction Company of Tucson has been selected for all of these projects to act as General Contractor.

Will White with Land Advisors Organization in Tucson handled the transactions with associate, John Carroll on both the Gladden Farms and Dove Mountain sites. The seller at Gladden Farms was Crown West Realty (Dean Wingert, member) and Tortolita Properties, LLC (Art Powell, member) at Dove Mountain.

For more information, White and Carroll can be reached at 520.514.7454.

To learn more, see RED Comp #5430

 




Office Building in Palisades Corporate Plaza sells for $4.5 Million

8950 N Oracle, Oro Valley

Oro Valley, Arizona — Vast Commercial Real Estate Solutions (Vast CRE) brokered the sale of a Class A corporate building at 8950 N Oracle Road, Oro Valley, AZ 85704. Located along the high-traffic Oracle Road corridor in the Palisades Corporate Plaza, the 41,134-square-foot space sold for $4.5 million ($109.40 PSF) on December 21, 2017.

Constructed in 2007, the two-story building was originally a build-to-suit local corporate office for Pulte Homes, a brand of PulteGroup, Inc., one of the largest home construction companies in the US.

Jon O’Shea, Rob Fischrup, and Eric Lamb of Vast CRE represented the Buyer, 220Properties, LLC of Tucson, AZ.  The Seller, NU-Vista 8950, LLC was represented by Buzz Isaacson of the Tucson branch of CBRE Group, Inc., a global commercial real estate and investment brokerage firm based out of Los Angeles, CA. Financing was provided by Eric Weiss of Vantage West Credit Union in Tucson, AZ.

Vast Commercial Real Estate Solutions (Vast CRE) is a full-service commercial real estate firm that specializes in investment and advisory services. Since its inception in 2008, the company has brokered over $80 million in purchase and sale transactions and has leased over 500,000 sq. ft. in Pima and Cochise Counties. Vast CRE has managed over $12 million of tenant improvement and capital improvement construction.

O’Shea, Fischrup and Lamb should be reached at 520.528.5380.

To learn more, see RED Comp #5432.

 




Vail Area in Tucson seeing Record High Housing Demand

TUCSON (VAIL), ARIZONA — Lennar Homes bought 160 lots at Rincon Knolls in Vail, Arizona before the end of year for $3,024,125 ($18,900 per lot)

The platted and fully engineered lots were sold by TTLC Rincon Knolls, LLC an affiliate of The True Life Companies-(Aidan Barry, Senior VP) in this Phase 1 of Rincon Knolls. True Life will have an additional 189 lots remaining to sell in the next phase.

Will White with Land Advisors Organization in Tucson handled the transactions with associate, John Carroll.

“Rincon Knolls has been of the most sought-after properties in the Vail area,” said White. “Lennar has proven to be strategic and proactive on its acquisitions in 2017 and this is another great example.”

“The Vail area has had an amazing year in new home sales, homebuilder lot acquisitions, and the construction of a large amount of new retail and commercial to support the residents,” White continued. “This area is experiencing record high demand by the region’s homebuilders due to the natural aesthetics, Vail School District, and the pace and pricing power over the past few years. With shovel ready land in extremely short supply, we expect homebuilders to continue to aggressively pursue land positions in Vail in 2018 and beyond as this area experiences a large amount of current success and future potential.”

For more information, White and Carroll should be reached at 520-514-7454.

 




Tucson Restaurant, Vacant building, and Leased parking space on Speedway Blvd. sells for $1.115M

2902-2952 E. Speedway Blvd., Tucson, AZ

TUCSON, ARIZONA – Vice President David Blanchette, CCIM, of the NAI Horizon Tucson office, negotiated the $1.115 million ($247.50 PSF) acquisition of a restaurant, vacant building, and leased parking space at 2902-2952 E. Speedway Blvd., in Tucson.

The freestanding retail building at 2902 E. Speedway is centrally located west of Country Club Road. It formally housed Sav-On Flowers. The restaurant space at 2910 E. Speedway is currently leased to Los Betos Mexican restaurant.

NAI Horizon represented the seller, the Elizabeth McCuistion Living Trust of Ladera Ranch, Calif., in the transaction that includes 4,505 SF of improvements (2,633 SF vacant building; 1,872 SF leased restaurant) and 23,092 SF (.53 acres) of leased parking space.

“There is a strong demand for existing properties and development land on major thoroughfares like Speedway that are close to the University of Arizona,” Blanchette said. “It is rare to see this much property offered for sale on Speedway. The sellers have owned the property for several years and decided that the time was right to sell and reinvest. It will be exciting to see how the new owners develop the property.”

The buyer, 2902-2952 E. Speedway, LLC of Tucson, was represented by John Ash of CBRE.

For more information, Blanchette can be reached at 520.326.2200 and Ash should be contacted at 520.323.5177.

To learn more, see RED Comp #5413.

 




Rancho Sahuarita – Making New Home Building Great Again

(courtesy photo)

SAHUARITA, ARIZONA – Richmond American Homes recently bought 71 finished lots at Entrada La Villita, the newest community in Rancho Sahuarita Master-Planned Community, for $3.266 million ($46,000 per lot) from Rancho Sahuarita VIII, an affiliate of Sharpe & Associates (Robert Sharpe, president).

Ted Herman with Sharpe & Associates, who represented the seller in the transaction told us the decision to finish these 40’x 90’ lots in this new subdivision began about one year ago.

“We were waiting for retail to catch up with price point appreciation,” Herman said. “That seems to be happening now, and the outlook for new home builders looks great again. Rancho Sahuarita is also finishing another 165-lots which are already in escrow with two homebuilders.”  Entrada Del Rio has the potential for 560-lots to be finished, planned in six-phases.

Richmond’s long relationship with Rancho Sahuarita began in 2001 with the Presidio Del Sol neighborhood, before moving north into Presidio San Xavier, Presidio Coronado and Presidio Del Norte, which closed out last year.

“We’re delighted to be building in Rancho Sahuarita again,” said Michael J. Del Castillo, President of the Tucson Division of Richmond American Homes of Arizona, Inc. “In addition to all the wonderful amenities the community boasts, Entrada La Villita will feature four different two-story floorplans designed with homebuyers’ needs in mind.”

Rancho Sahuarita is located in the town of Sahuarita, Arizona, just 20 minutes south of downtown Tucson. Entrada La Villita is located southwest of the Rancho Sahuarita Clubhouse, near the intersection of La Villita Road and Sahuarita Road.

Other homebuilders currently active at Rancho Sahuarita include Insight Homes, D.R. Horton, KB Homes which will be closing out soon at Entrada Del Rio and now the return of Richmond American Homes.

For more information, Herman should be reached at 520.299.8766. To get updates about Entrada La Villita and to sign up for the neighborhood interest list, please visit www.RanchoSahuarita.com/LaVillita.

To learn more, see RED Comp #5396.

 

 




CPM LABFAB Buys 5-acres in Marana to Relocate Headquarters

MARANA, ARIZONA – CPM LABFAB, Inc. (Kim & Kerry Bergman, principals) purchased 5-acres of HI zoned land at 7979 W Tangerine Road in Marana for construction of a new manufacturing facility. LABFAB fabricates standard and custom modular laboratories for general chemistry, vivarium or BSL use. Virtually any size requirement can be met. Often the fabrication, delivery and start-up is completed in a matter of just a few months, allowing the users to be “up and running” very quickly.

Originally located in Colorado, CPM LABFAB recognized the need for a modular laboratory that was built of quality materials, could be built quickly and was cost-effective for the customer. After many successful years in Colorado CPM relocated its operations to Tucson, Arizona in 2004 to take advantage of the excellent labor force and favorable working conditions necessary to fabricate laboratories in a timely manner.

Currently located on Casa Grande Hwy in Tucson, the company will relocate operations once building is complete. The property commanded a sale price of $475,000 ($95,000 per acre), with electricity in the road.

Tom DeSollar of Arizona First Properties in Tucson represented the seller, Edge Investors, LLC of Reno, NV. The buyer was self-represented. DeSollar represents several other properties in the area, on Breakers Road, and across the road at the Marana Technology Center where International Towers is headquartered.

For more information, DeSollar should be reached at 520.400.2732.




Avilla Marana I & II Sell for $45.44 Million

TUCSON, Ariz. –  Two multifamily properties, Avilla Marana I and Avilla Marana II, totaling 284-units sold for $45.44 million ($160,000 per unit). The multifamily properties are located at 4050 and 4115 West Aerie Drive in Marana, AZ.

Senior Managing Director Art Wadlund and Associate Director Clint Wadlund of Berkadia Real Estate Advisors in Tucson completed the deal on behalf of the buyer, California-based M3 Multifamily, LLC and the seller, Alta Vista Communities of Arizona, a joint venture of Karber Holdings (Roger Karber) and Brav Holding Company (Garry Brav) an affiliate of BFL Construction.

Seller has retained 27 acres at the site on Aerie Drive for future construction of another 500- units.

The buyer is a Santa Barbara, California company, M3 Multifamily, LLC. Formed in 2008 by John Mosby and Jon Martin for the purpose of acquiring, renovating and managing existing apartment communities in the United States in order to create cash flow and profits for their investors. Since then M3 has grown steadily, and currently owns/manages communities in Austin, San Antonio, Nashville, Reno, and Tucson.

This transaction represents the fourth acquisition for M3 Multifamily in Tucson from the same seller. It also owns Aerie at Tanque Verde, an 85-unit detached luxury rental community, located at 2495 N Desert Links Drive in Northeast Tucson purchased in 2013; Avilla River luxury rental community, a 76-unit community at 1000 W River Road, Tucson sold in 2014; and Avilla Preserve Orange Grove, a 184-unit luxury rental community, located at 2501 W Orange Grove Road, Tucson was acquired in 2015.

“The buyer was attracted to the properties for multiple factors, mainly the single-story apartment home concept,” said Art Wadlund referring to the latest transaction. “The homes are ideally located in the I-10 and Ina/Thornydale corridor and have many features similar to custom homes.”

Avilla Marana I and Avilla Marana II are adjacent properties. Avilla Marana I sold for $26.56 million, and Avilla Marana II sold for $18.88 million in two separate transactions. Both properties feature one-, two- and three-bedroom floorplans with high ceilings, custom cabinetry, in-home alarm systems, stainless steel appliances and granite countertops. Residents can also enjoy a resort-style pool, a gated neighborhood and garages.

For additional information, Art and Clint Wadlund can be reached at 520.299.7200 and Karber is available at 520.977.5456.