TUCSON, ARIZONA — KB Home Tucson purchased 28 platted lots in northwest Tucson for $758,800 ($27,100 per lot) and a second infill project at Irvington and Cardinal 32 platted for 32-lots in West Tucson for $264,000 ($8,250 per lot).

The property in the northwest is located south of Orange Grove at Oracle and Lavery Lane and is 6.3 acres platted for 35’x105’ lots.

The seller was JRC Fiesta Lavery LLC, an affiliate of Broadway Realty & Trust (Joseph and Larry Cesare, managers) and were self-represented. KB Home, the buyer was represented in house by Aaron Mendenhall.

The second property at Cardinal & Irvington consists of 14.43 acres and was platted for 32-lots. The buyer reported that there are high development costs associated with this property that account for the sales price.

Ben and Adam Becker with  CBRE represented the seller and Aaron Mendenhall with KB Home represented the buyer.

For more information, Ben Becker can be contacted at 520.323.5149 and Adam Becker is at 520.323.5188. Larry Cesare should be reached at 520.747.5700 and Aaron Mendenhall at KB Home is at 520.668.8640.

To learn more, see RED Comp #6360 and #6363.

Commercial Real Estate Firm to Invest $75 Million in Next 12 Months

TUCSON, ARIZONA — Heslin Holdings, Inc. a privately owned commercial real estate investment and development firm, purchased a second big box for redevelopment recently in Tucson. In October, we reported Helsin acquired the 35,000-square-feet former Safeway building at 5548 E Grant Road in Tucson.

The following month, Heslin purchased a second big box store, the former Babies“R” Us at 4619 N Oracle in Tucson for $3.4 million ($92.48 PSF).  The 36,763-square-foot property on 2.59 acres was sold by Wells Fargo Commercial Mortgage Service that bought it out of bankruptcy for $2,631,644.

The retail space at 4619 N Oracle is located across from the Tucson Mall and a 211,152-square-foot, single-tenant office building occupied by Comcast in a high density retail area.

The acquisitions were part of a larger plan by Heslin to invest $75 million in retail properties over the next 12 months. Both properties were purchased for conversion into Chuze Fitness Centers.

“Heslin Holdings is aggressively looking for retail acquisitions, such as this one, in key metro markets in the western United States,” said Casey McKeon, vice president of acquisitions for Heslin Holdings said regarding the purchase of the Safeway. “Shifts in the retail marketplace continue to open up opportunities to reposition quality older assets for increased ROI.”

“Our firm has re-worked a number of similar spaces and been successful at attracting quality tenants back into these properties, to the benefit of the local community,” said Matthew Heslin, principal and CEO with Heslin Holdings. “With so many larger retailers going out of business, or reducing many of their physical real estate locations, there’s a heightened need to reimagine these assets.”

The firm continues to pursue additional value-add commercial property opportunities throughout the country, with an emphasis on the Western U.S. growth regions where market fundamentals such as positive employment, housing and retail indicators support the firm’s value-add investment strategy.

To learn more, see RED Comp #6357.

TUCSON, ARIZONA — Tesoro Enterprises (Gary Emerson, member) sold Lakeside Business Park at 7941-8051 East Lakeside in Tucson to Lakeside BP, LLC for $3.875 million ($58 PSF).

The 66,670-square-foot business park in three buildings is zoned C-2 and was built in 1984 and expanded in 1990 on 4.47 acres.

Tenants at the property include:

• Unity Church of Peace
• Auto Dynamic Specialists
• Even Par Auto Sales
• ServiceMaster By Tom Butcher
• 520 Cycles LLC
• Sunland Imports Llc
• B & D Install & Custom Blinds
• Korey’s Lakeside Auto Repair
• Motor Car Care

The transaction closed December 3, 2018.

Gary Emerson of GRE Partners, LLC in Tucson was part of the selling group and represented the seller and Brandon Rodgers, CCIM, of Cushman & Wakefield | PICOR was self-represented in the transaction.

For more information, Emerson should be reached at 520.777.4949 and Rodgers is at 520. 546.2714.