TUCSON, ARIZONA – A Northwest Medical Campus medical building at 6060 N Fountain Plaza Drive in Tucson sold for $11.4 million ($214 PSF) on ground lease to an affiliate of Altera Fund Advisors of Dallas, Texas.

Altera is a diversified commercial real estate firm focused primarily on investing in medical and healthcare-related real estate assets as an advisor, sponsor, and general partner. Altera and its affiliates have acquired approximately $450 million of real estate assets across predecessor partnerships and vehicles.

This was the sole acquisition in Tucson for Altera while also acquiring six assets in Phoenix.

Built in 2020, the 52,064-square-foot, class-A two-story building, was 83% occupied at time of sale with such tenants as Allied Physicians, Women’s Imaging, Rincon Pain and Northwest Hospital, the major tenant in building.

The seller, Cotlow Development II, LLC of Tucson was self-represented by Dean Cotlow of the Cotlow Company. The investor was represented by David Montijo with CBRE Tucson.

For more information, Cotlow can be reached at 520.881.8180 and Montjo can be contacted at 520.323.5135.

To learn more, see RED Comp #9232.

TUCSON, Ariz.– Mister Car Wash, Inc. (NYSE: MCW) sold three Tucson locations to an affiliate of Hurd Real Estate Services, HURD CWP, LLC of Des Moines, Iowa (Richard Hurd, president) in sale-leaseback transactions.

Hurd Real Estate is an internally funded commercial real estate investment and development firm based in Des Moines, IA, that owns and manages a portfolio of over 150 income-producing properties in the United States. This was Hurd’s first investments in Tucson, with others in the Phoenix metro.

According to public records, the transactions closed November 1^st for an aggregate amount of $9,442,857.

The Tucson locations include:

• 730 E Broadway Blvd.,
• 3150 E Grant Road, and
• 2409 S Kolb Road

Headquartered in Tucson, Arizona, Mister Car Wash, Inc. operates over 360 car washes nationwide and has the largest car wash subscription program in North America. With over 25 years of car wash experience, the Mister team is focused on operational excellence and delivering a memorable customer experience through elevated hospitality. The Mister brand is anchored in quality, friendliness and a commitment to the communities it serves as good stewards of the environment and the resources used. To learn more visit: https://mistercarwash.com.

To learn more, see RED Comps #9302, 9303 and #9313.

TUCSON, ARIZONA — The Tucson land market continues to build on a record-setting year in Q4. The lack of ready-to-develop lot supply is driving larger deals in both volume and size. This is clearly on display by the current housing market, where demand for new homes continues to dramatically exceed the production supply. The Tucson region’s SFR and multi-family permits continue to rise along with record median new home prices and overall rents.

Land Advisors Organization-Tucson started Q4 off with the sale of over 1,000 lots throughout the Tucson metro area. Among this total, a few noteworthy closings include:

• In north Marana, AMH Development, LLC purchased 435 lots in Remington Ranch from Tucson Farms, LLC.
• In Vail, Forestar (USA) Real Estate Group Inc purchased 135 acres in the Rocking K Master-Planned Community from Rocking K Development Co.
• In north Marana, Richmond American Homes purchased 119 additional lots within the Gladden Farms Master-Planned Community, from Gladden Phase II, LLC.

As entitled land with available utilities becomes more difficult to find and community counts continue to fall, Tucson homebuilders appear to be aggressively seeking out larger positions in specific growth areas to give them room to grow for years to come. This is particularly significant within the region’s Master-Planned Communities.

White commented, “There is unanimous agreement that the Tucson market is severely undersupplied and that consumer demand for housing will continue to outpace supply here. The region is experiencing rapid population growth and a growing employment base that will continue to drive demand for the foreseeable future. We are seeing the robust demand for lots in Q4 as a sign that builders anticipate the market to stay strong for at least the next 24 months.”

Will White and John Carroll of Land Advisors Organization-Tucson can be reached at 520-514-7454

PHOTO: Will White, Land Advisors Organization Tucson.