TUCSON, Arizona – BP Swan Investors, LLC (Don Bourn, manager) and Maizlish College Partners GLS, LLC (Toufic Abi-Aad, member), affiliates of Bourn Companies, purchased property at 4710 E 29^th Street and 2021 S Swan Road in Tucson for $1.6 million ($1.31 PSF).

The 27.7763 acres sold with 115,245-square-feet of buildings that sold with no value to be razed. The buyer purchased to rezone from R-1 to an office use zoning for redevelopment.

With fundamentals of the Tucson office market improved, healthy demand drove net absorption to 184,040-square-feet in the third quarter of 2017, bringing the year-to-date total to 312,127-square-feet of net absorption. In the third quarter, office-users were particularly active in the Downtown and East Central submarkets.

According to CBRE, Tucson’s vacancy rate tumbled 190 bps quarter-over-quarter to 14.3% during the third quarter of 2017. This is the lowest vacancy rate since Q3 2008.

The seller, the State of Arizona Department of Economic Security in Phoenix, was represented by Ben and Adam Becker with Ian Stuart of CBRE in Tucson.

The investors were represented by James Marian, CCIM, of Chapman Lindsey Commercial Real Estate Services of Tucson.

For additional information, Marian can be reached at 520.747.4000. Ben Becker is at 520.323.5149 and Adam Becker is at 520.323.5188. Stuart can be called at 520.323.5180.

To learn more, see RED Comp #5310.

TUCSON, Arizona – SBH La Estancia, an affiliate of Sunbelt Holdings, the developer of La Estancia has sold 350 lots in 2017 with Meritage, Richmond and now Lennar Homes there. La Estancia has sold more lots than any master planned community in metro Tucson, making it the best performing community for lot sales this year.

Most recently, Lennar closed on 112-lots for $6.16 million, or $55,000 per finished lot and $1,100 per front foot.

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

“La Estancia has been successful from the day it opened. It hits all the marks for homebuilders from location, proximity to major employment and Vail School district. In addition, the community has seen strong sales and price appreciation over the past 18 months. Success builds on success. With all of the new acquisitions in the project this year and all the new construction, we expect La Estancia to have plenty of room to run in 2018 and 2019.”

Senior Vice President at Sunbelt Holdings, Bob Bambauer who oversees the La Estancia project told us that due to the increased demand for the 50-wides, they intend to replat the 65-foot wides to 45-foot wide lots.

“With the recent lots sales and the replatting of the larger lots, we are now focused on planning the southern half of the site,” said Bambauer. “We will have a variety of lot sizes ready for development throughout 2018 and beyond.”

La Estancia, a 556-acre master planned community, offers master-planned living in this prime southeast submarket. Centrally located just off of I-10 and Wilmot Road and nearby some of Tucson’s most prominent employment centers including Raytheon Missile Systems, Davis Monthan Air Force Base, U of A Tech Park and the Tucson International Airport. Residents benefit from community amenities including a sparkling pool, splash pad, shaded ramadas and play equipment, ready for use.  Future plans include sports fields and more.

TUCSON, Arizona – The Marcus & Millichap Real Estate Investment Services Team of Hamid Panahi, Steve Gebing and Cliff David closed on the Sunflower Apartments at 6502 E Golf Links Road in Tucson for $6.67 million ($46,300 per unit).

The seller of the 144-unit complex was GR Partners Sunflower, an affiliate of GR Capital of Colorado. The buyer, Veterans Parkway of California is a private investor.  The property was built in 1983 on 4 acres and was 96% occupied at time of sale.

“Since acquiring the property in 2015, the ownership invested capital towards exterior and interior enhancements, improving the presentation of the property while simultaneously minimizing the future capital cost exposure for the new owner,” said Panahi. “The buyer benefits from adding to their existing footprint within the submarket, while benefiting from operational efficiency.”

Sunflower is a gated community in the Eastern submarket of Tucson. Some of the Community amenities include: fitness center, pool & spa, sports court, playground, reserved covered parking, barbecue grills, 24-hour laundry, 24-hour emergency maintenance.

Unit amenities include: individual A/C units, vaulted ceilings, garbage disposals, dishwashers, electric stoves, and free Wi-Fi in unit.

For more information Panahi, Gebing and David can be reached at 520.719.6511 in Tucson.

To learn more, login and see RED Comp #5263.

[mepr-show rules=”58038″]Sale date: 10/4/2017. Sale price: $6,668.800 with $3,318,000 down. Document #2017-2770554. Property sold at a reported 5.83% cap rate.[/mepr-show]