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.

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, 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.