TUCSON, Arizona– Holliday Fenoglio Fowler, L.P. (HFF) announces the $24.5 million ($248 PSF) sale of and the $17.8 million acquisition financing for Colonia Verde, a 98,937-square-foot, grocery- and pharmacy-anchored neighborhood shopping center in Tucson.

The HFF team marketed the property on behalf of the seller, Westwood Financial Corporation of Los Angeles and represented the buyer, ROK Properties, Inc of Vancouver, Washington.  Additionally, the HFF team placed the 10-year, fixed-rate loan with a global financial services firm.  HFF will service the loan.

Currently 99 percent leased, Colonia Verde is home to anchors Safeway and Walgreens in addition to Ace Hardware, Wells Fargo, Panda Express, Coldstone Creamery, Jamba Juice and more.  The center, which was completed in 1974 and renovated in 1993, comprises three multi-tenant buildings and one outparcel pad.  Situated on 8.6 acres at 7111-7189 East Tanque Verde Road in northeastern Tucson, Colonia Verde is located on the northeast corner of Sabino Canyon Road and Tanque Verde Road, which have combined traffic counts of more than 95,000 vehicles per day.  The center is adjacent to the upscale Catalina Foothills community, and more than 84,000 residents earning an average annual household income of $64,436 live within three-miles of the center.

The HFF retail investment advisory was led by managing director Gleb Lvovich, who represented the seller.  Senior director Nick Kassab worked with the buyer, who was in a 1031 exchange from another HFF-brokered property, Fourth Plain Shopping Center, in Washington earlier this year.

The HFF debt placement team representing the new owner included senior managing director Jeremy Womack.

“The sale of Colonia Verde Shopping Center represents HFF’s second significant grocery-anchored retail trade in Tucson in the past four months, and the pricing achieved underscores investor demand for grocery/drug-anchored retail,” Lvovich said.  “Arizona has seen significant inflows of capital from key West Coast markets, and HFF’s collaborative platform has been a significant driver of this capital into Arizona.”

“We are thrilled to have facilitated a successful 1031 exchange into a strategic asset for one of our great clients,” Kassab added.  “HFF’s debt team, led by Jeremy Womack, was instrumental in driving yield and ensuring the capital stack met our client’s needs.”

HFF, acting by and through Holliday GP Corp., is a commercial mortgage broker licensed with the Arizona Department of Financial Institutions.

HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF).  For more information, please visit hfflp.com.

For more information, Lvovich can be reached at 949.253.8800, while Kassab is at 503.224.0444 and Womack can be contacted at 602.648.8700.

To learn more, see RED Comp #5307.

TUCSON, Arizona – Marcus & Millichap handled the purchase by a private investor from Glendale, Calif of  Desert Palms Apartments at 3125 N Alvernon Way in Tucson for $3.1 million ($45,588 per unit).

Built in 1983, Desert Palms is a 2-story, 68-unit Apartment Community located on Alvernon Way near Ft. Lowell. Kitchens are equipped with refrigerators, electric range, garbage disposals, and a dishwasher. Some units feature wood-vinyl flooring and walk-in closets.

Community amenities feature a swimming pool, laundry facility, covered parking, basketball and volleyball courts, as well as a pet playground.

The complex was 94% occupied at time of sale with a unit mix of 36-studios, and 16 each, one- and two-bedroom units.

The seller, Yorkdale Investment Group of Portland, Oregon and the buyer, Tide Pools, LLC, were represented by Hamid Panahi and James Crawley of Marcus & Millichap in Tucson.

“Based on Desert Palm’s positioning within the competitive landscape of the submarket, the subject property offers the opportunity to create future value through strategic interior and exterior renovations,” said Crawley.

Panahi added, “The buyer benefits from acquiring a property that is experience strong operational momentum through high occupancy and strong rental growth over the past 12 months.”

For more information, Panahi and Crawley can be reached at 520.719.6511.

To learn more, see RED Comp #5349.

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.