TUCSON, ARIZONA – Meritage Homes closed on 105 additional lots at La Estancia for $5,788,125 ($55,125 per finished lot) or $1,225 per finished front foot. This is the second purchase for Meritage there in less than 30 days. The lots are 45’x115’ an located on the opposite side of the community from Meritage’s earlier purchases.

In September, Meritage acquired 47 lots of 40’x115’ in size and at $1,208 per finished front foot or $2,257,040 ($48,022 per lot). La Estancia is a 565-acre residential community located along the I-10 corridor between Wilmot Road and Kolb Road, and offers residents access to the nearby Julian Wash trail system.

Will White and John Carroll of Land Advisors Organization in Tucson handled the transaction for buyer and developer, Sunbelt Holdings.

“La Estancia’s 2019 performance is extremely impressive,” said White. “Homebuilders continue to purchase lots at record pace which is reflective of their successful home sales and pricing power.”

“We expect 2020 to be a huge year at La Estancia, as momentum continues and new phases are expected to be available. The master-plan’s convenient location, price point, proximity to Tucson major employers, and Vail School District have produced exactly the right formula for La Estancia’s homebuilders to be successful.”

In April, Tenet Healthcare bought land for a micro-hospital site that is under construction at the Wilmot Road entrance of La Estancia. It will provide emergency and lower acuity inpatient procedures, with an around the clock emergency center staffed by board-certified physicians. Similar facilities built by Tenet in Phoenix and Marana have a footprint and design within a 32,500-square-foot building.

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

To learn more, see RED Comp #7202.

TUCSON, Arizona – A new 6,300-square-foot building is going up at Ina Road Professional Center, originally platted and constructed the mid-1980’s.  This new building will be a built-to-suit for Dr. Susan S Courtney Family Medicine.

A 6,737-square-foot fully improved padded lot at 1671 West Ina Road, in the Ina Road Professional Center, was purchased by 1671 W Ina Rd, LLC (Dr. Susan Courtney, manager) for $428,000 ($63.53 PSF).  Ready for construction, the pad is to the west of property with parking 7.14 / 1000.

Caylor Construction Company (Rob Caylor, owner) of Tucson is the general contractor for the project.

Craig Courtney of Courtney Realty & Investment Company handled the land purchase for the buyer.

Tom Nieman of Cushman & Wakefield | Picor handled the sale for the seller, Amigo Properties, an investment group from Tucson.

For additional information, Courtney can be reached at 520.290.5700 and Nieman should be contacted at 520.546.2728.

To learn more, see RED Comp #6388.

TUCSON, ARIZONA – Chicago-based, Boyd Watterson Asset Management affiliate, Boyd State Tucson, LLC (Kristen Frank, VP Asset Management) bought the building at 2255 West Ina Road in Tucson for $10 million ($216 PSF) in an all-cash transaction.

The 3-story, 46,094-square-foot, high profile building was fully leased to government agencies at time of sale. The Department of Economic Security (DES) occupies the 1^st and 2^nd floors while an undisclosed GSA tenant recently leased the 3^rd floor.

Located at the southwest corner of Ina and La Cholla Blvd. in northwest Tucson, the building was built in 1981 as a charter school originally, dba Sonoran Science Academy. The seller purchased it in 2017 for $3 million with a 52,276 -square-feet of excess land in an REO sale. The seller, WRM Loans and PVP Investments did major renovations to the building.

Phil Skillings and Andrew Sternberg with NAI Horizon of Tucson handle building leasing and are also the listing agents to contact for the 52,276-square-foot vacant pad.

For more information, Sternberg should be reached at 520.729.1694.

To learn more, see RED Comp #6441.