Tucson, AZ. – Octboer 17, 2022 –Larsen Baker, through its affiliate Campbell Avenue Developers, LLC recently acquired the retail building located at 2749 N Campbell Avenue in Tucson, Arizona.  The property was purchased for $950,000.

Larsen Baker plans to redevelop the site into a standalone restaurant building with pick-up lane for Original ChopShop’s first Tucson location. The brand has 17 locations in three major MSAs— Phoenix, Dallas and Houston— with six additional signed leases, including locations in its fourth market of Atlanta. Original ChopShop provides a warm, welcoming place where guests “Fuel Their Well-Being” with flavorful food that’s “Chopped-in-Shop” daily with real, quality ingredients. The menu includes delicious protein bowls, salads (“chops”), sandwiches, fresh juice, protein shakes, acai bowls, breakfast items, and parfaits. The team at Original ChopShop is proud to offer customizable food for “Every/Body,” providing a variety of dietary-friendly items for adults and children, including food free of gluten, dairy, lactose, and soy, along with vegetarian and vegan options.

On the sale transaction, the buyer, Campbell Avenue Developers, LLC, was represented by Isaac Figueroa with Larsen Baker and Jesse Peron of CBRE. The seller, Campbell-Smoothie, LLC, was represented by John Ash and Jesse Peron with CBRE.

On the lease transaction, Campbell Avenue Developers, LLC, was represented by Isaac Figueroa with Larsen Baker and Jesse Peron with CBRE. The tenant, ChopShop Arizona, LLC, was represented by Dave Hammack with Picor.

Original ChopShop hopes to open its new Campbell location 4^th quarter 2023.

To learn more, see RED Comp #10234.

MARANA, Arizona – Oct. 7, 2022 – MODERNE Communities recently closed on its purchase of 14-acres from Gladden Phase II, LLC for $4.35 million ($24,000 per lot). The parcel is situated within the Gladden master planned community in Marana, where MODERNE Communities will develop a build-to-rent community – MODERNE at Gladden Farms. Construction is targeted to begin on the gated community of 182 single-family homes for rent in 2023.

The community will include a mix of one-, two-, and three-bedroom units ranging from approximately 839 to 1,565 square feet. The gated community will include twenty-four-hour security, pocket parks, a community fitness center, clubhouse, resort-style pool, barbecue areas and electric car charging stations.

“We are excited to be building a community in Gladden Farms,” states Randy Bury, founder of MODERNE Communities. “The expansion of businesses and new jobs coming from companies like Shamrock, CTI Trucking, Southwest Gas and the new regional headquarters for Roche is prompting a growing demand for housing options in the area.”

Bury adds, “It also offers easy access to I-10 within about a 30-minute drive to the U of A and Raytheon in Tucson and to Nikola, Lucid, Kohler and all the new distribution centers being created in Casa Grande.”

Will White of Land Advisors Organization represented MODERNE Communities in the purchase of the 14-acre parcel.

MODERNE Communities has construction underway on two other build-to-rent communities –  one  near Tucson and one just outside downtown Phoenix in Tolleson. MODERNE at Rocking K will include 224 single-story homes for rent within the Vail masterplan. MODERNE at Roosevelt in Tolleson is a gated rental community with 185 homes. Both projects expect to begin leasing in early 2023.

For more information on the company and its communities visit modernecommunities.com.

CBRE represented the seller Holualoa Companies

TUCSON, ARIZONA – CBRE represented Holualoa Companies in the recent sale of the Sonoran Reserve apartment community to Milburn & Company that sold for $58.5 million ($215,074 per unit). The property is located at 2800 W. Broadway Blvd. in Tucson and is comprised of 272 units.

CBRE professionals involved in the transaction include First Vice President Jeff Casper, Vice Chairman Asher Gunter, Vice Chairman Tyler Anderson, Vice Chairman Sean Cunningham and Vice Chairman Matt Pesch.

“Sonoran Reserve is a well-built 2005-vintage community with recent transformational upgrades that elevated the community’s luxury appeal,” said CBRE First Vice President Jeff Casper. “Tucson is one of the top-performing multifamily markets for rent growth in the country and Sonoran Reserve is positioned to take advantage of the region’s strong fundamentals.”

Sonoran Reserve was developed in 2005 as purpose-built student housing with best-in-class amenities and was transitioned into a high-quality conventional multifamily community. The seller invested $9.75 million to upgrade the common area amenities, update building exteriors, renovate unit interiors, and add 83 new units through a conversion of 4-bed/4-bath units to 1-bedroom and 2-bedroom floorplans.

“Sonoran Reserve provided a unique opportunity to execute transformational upgrades and convert the community to conventional luxury apartments,” said Holualoa Companies Chief Operating Officer Lani Baker. “Tucson is a high-growth market with exceptionally strong multifamily demand drivers and we look forward to exploring new opportunities in the region.”

According to CBRE’s Q4 2021 Multifamily Report, the U.S. multifamily market set a new annual absorption record of 617,500 units in 2021. Tucson was a top market for rent growth, posting double-digit year-over-year rent growth of 21.7% in the fourth quarter.

“Tucson is a top-performing multifamily market and we remain bullish on the metro’s long-term economic outlook,” said Milburn & Company Executive Vice President Jake Milburn. “Sonoran Reserve is a perfect fit for our investment criteria and the community is positioned for continued growth in a market with tremendous fundamentals.”