TUCSON, ARIZONA — Ocotillo Ridge (Tucson) ASLI IX, LLC along with Mark Voigt and Dave Rogers of Voyager Investment Properties in Phoenix closed on 217 acres in the Santa Rita foothills area of southeast Tucson for $2.85 million($13,134 per acre).

The seller in the transaction was H&A LLC, (Charlie Trayers, Manager). Located on south Houghton Road at the base of the Santa Rita mountains, the property is in The Corona de Tucson submarket and home to several active projects, including Santa Rita Ranch, Sycamore Vista, and Sycamore Canyon.

The new group is underway with a new subdivision plat that will maximize the property, planning for more traditional production lot widths and depths. The project will be named Ocotillo Ridge and is estimated to have over 600 lots ready near the end of 2021. Located in the foothills of the Santa Ritas, the property’s elevation provides for panoramic views of the city and large corridors of open space. This redesign will produce lots at a time when the Tucson lot supply, especially in the southeast, Vail submarket is rapidly decreasing.

Will White and John Carroll of Land Advisors Organization-Tucson brokered the sale and will handle the marketing of the lots to homebuilders with an estimated availability date of Q4 2021.

“Demand for lots in the southeast continues to heat up and projects like this, which can be redesigned to maximize yield and costs efficiencies, will fill a huge gap as builder demand continues to outstrip supply,” White commented. “Added to it, the elevation and premium city views from this property along with the fact that it is located in Vail School District are big, positive attributes important to the area’s homebuilders.”

For more information White and Carroll should be reached at 520.514.7454.

To learn more, see RED Comp #8362.

TUCSON, ARIZONA — Developer of The Landing, Irvington Interstate Partners, LLC , an affiliate of Bourn Companies (Don Bourn, Manager) sold two restaurant outpads at the Landing for an aggregate of $5.13 million.

El Pollo Loco ground lease at 4755 S Landing Way in Tucson traded for $1.632 million ($679 PSF) to a California investor. The investor was in a 1033 exchange, having property along Grant Road taken by eminent domain for road widening. The 2,405-square-foot building with a drive-thru opened this past June.

Jamie Medress, Mark Ruble and Chris Lind with Marcus & Millichap represented the seller in the transaction. Don Zech with CDC Commercial Inc of San Diego and Chris Hollenbeck with Cushman & Wakefield Phoenix represented the buyer.

In the second transaction, Irvington Interstate Partners, LLC sold the recently constructed In-N-Out Burger at 1100 West Irvington Road in Tucson. Also at the Landing, the built-to-suit property sold for $3.5 million ($910 PSF). The 3,847-square-foot building with drive-thru is on 1.37-acre pad and also opened this past June.

The buyer is In-N-Out Burger Corporate of California.

Located directly along the main corridor from Mexico to Tucson, The Landing is a 58-acre mixed-use project designed to appeal to visitors and the surrounding community alike. An eclectic mix of retail, restaurants, office and hospitality encircle a vibrant family-friendly zocalo-like plaza with local food, retail, entertainment and amusements. Adjacent residential features 125 single-family rental homes in 1-, 2- & 3-bedroom floor plans.

Phase 1 of The Landing is currently underway with 200,000-square-feet currently tenant occupied. Phase 2 is expected to break ground in 2020.

The Landing has the potential for up to 600,000-square-feet of retail space at full build-out. It’s owned by local developer Bourn Cos. The site was previously owned by the city of Tucson and used by Tucson Water as a facilities yard that was rezoned in 2016.

The Landing is across the street from Tucson Spectrum at the northwest corner of Irvington Road & I-19.

The center’s southern neighbor, the successful Tucson Spectrum, sits on 122-acres and has more than 1 million-square-feet of retail space. Phase 1 was developed in 2001 and Phase 2 in 2008. Phase 1 of the property sits closest to Irvington Road and is anchored by Target and Home Depot. Phase 2 is anchored by Harkins Theatres and JC Penney.

For more information, Medress, Ruble and Lind should be contacted at 602.687.6779.

To learn more, see RED Comp #8391 and #8392.

TUCSON, ARIZONA – Cypress West Partners acquired La Cholla Medical Plaza, a 66,346-square-foot two-story medical office property located at 6130 N La Cholla Blvd in Tucson on the Northwest Medical Campus and Rancho Vistoso Urgent Care, a 50,000-square-foot building at 13101 N Oracle Road in Oro Valley that was vacant at time of sale.

The assets sold for an aggregate of $12.77 million ($110 PSF) according to public records.

Cypress West Partners, a Southern California-based healthcare investment, leasing and property management firm, acquired the high-profile medical office buildings from Healthpeak Properties, a California REIT.

La Cholla Medical Plaza is 83 percent occupied with major tenants that include: Abundant Health Family Practice, AMG Medical & Aesthetics, Arizona Community Physicians, Eye Associates of Tucson, Northwest Healthcare, Pima Heart, and Retina Associates.

La Cholla Medical Plaza represents the rare opportunity to acquire a class A quality medical office building in the Northwest Tucson market. Built in 1997 and 2000, the property benefits from a prominent location on Northwest Medical Center’s Campus, a 300-bed hospital offering a range of healthcare services including emergency services, accredited chest pain and heart failure programs, neurology and neurosurgery, outpatient imaging, a nationally accredited surgical weight loss program, total joint program, spine program and stroke center (distinguished by Joint Commission with Gold Seal designations), robotic surgery, GI lab, a free-standing women’s center, women’s imaging center of excellence (including 3D mammography), inpatient rehabilitation facility, wound care center and five urgent care facilities.

NMC also has three ambulatory surgery centers and affiliated medical practices, including Northwest Allied Physicians offering primary care and a wide range of specialists, Northwest Cardiology, The Heart Center of Southern Arizona and Northwest Heart & Vascular.

Cypress West Realty Management, Inc. will handle property leasing led by Bryan McKenney, director of brokerage services, Cypress West. For more information, McKenney should be reached at 949.478.0087.

To learn more, see RED Comp #8396.