MARANA, ARIZONA – The Harkins Theatres Arizona Pavilions 12 Cinema in Marana, AZ sold to  30 West Pershing, LLC, a subsidiary of the Missouri-based investment company, EPR Properties. The sale closed on December 4, 2019 for a purchase price of $8,475,000 ($186 PSF).

EPR is a specialty real estate investment trust (REIT) that invests in properties in select market segments which require unique industry knowledge and offer the potential for stable and attractive returns. With two decades of success and over $2 billion in theatre investments, the company brings valuable experience and insight to theatre real estate investing.

Greg Laing with Phoenix Commercial Advisors represented the purchaser.

“The Harkins Theatre purchase was a straight investment,” Greg Laing said. “The Harkins brand will remain and made the 12-theatre cinema all the more attractive to the buyer with the Harkins brand.”

EPR Properties owns the strongest portfolio of theatres operated by premiere motion picture exhibition companies in the country.

Moviegoing remains the dominant out of home entertainment experience with a stable 25-year revenue compound annual growth rate of 3%, 2018 record revenues of $11.8B and attendance of 1.3B. Today’s audiences are seeking a complete experience when they spend their leisure dollars. Expanded food and beverage concepts, luxury seating and the latest technology enhance the new moviegoing experience.

Tim Westfall and Ryan Moroney of Newmark Knight Frank represented the seller, Marana Cinemas Associates, a Larson Baker affiliate.

For more information, Westfall and Moroney can be contacted at 602.952.3822 and Laing should be reached at 602-734-7207.

To learn more, see RED #7365.

SCOTTSDALE, Ariz. – Scottsdale-based Sunbelt Holdings, who acquired the remaining 680-acres within the 1,000-acre Red Rock Village master planned community in 2018, announced the closing of the first 91 lots to Richmond American Homes. Sunbelt Holdings will begin development of the 50’x120’ sized lots in early 2020 in preparation for a Richmond American Homes’ model completion and grand opening late 2020.

Located in Pinal County, Red Rock Village includes an expansive amenity offering for residents including a 14-acre community park featuring a private water park, lap pool, basketball court, baseball field, skate park, children’s play area, picnic and shade ramadas, hiking and biking trails, and open space. The community is also home to the K-8 Red Rock Elementary school. Additional neighborhood parks are planned for future growth areas within the community.

“We are extremely excited to have closed our first lots at Red Rock Village with Richmond American Homes,” said Bob Bambauer, Executive Vice President of Sunbelt Holdings. “When we purchased the community in 2018, we were attracted and impressed by the extensive amount of infrastructure that already existed within the community. We also looked at the emerging rise of Tucson home prices and believe we could offer a level of affordability at Red Rock Village that would complement the market. We have some exciting plans for Red Rock Village and as we launch into 2020 we look forward to the development of the next era of this community.”

Will White and John Carroll with Land Advisors Tucson handled the transaction.

“Without question, affordability has become a challenge in the Tucson market. Red Rock Village is an established master planned community that allows for homebuilders to fill this niche as the Tucson metro median home price continues to rise,” said Will White. Due to supply and demand, we can’t see a scenario for the next few years that home prices come down and good alternative such as Red Rock Village will continue to be sought after by the region’s homebuilders.”

With the initial lots underway, Sunbelt Holdings is focused on future residential growth at Red Rock Village in 2020. An additional 250 lots are in the final stages of planning and are anticipated to be available for homebuilder sales in 2020.

“We are very excited to start this new phase of the Red Rock Village master planned community,” said White. “We have several active discussions going on additional homebuilders for a variety of lot sizes. With several hundred more lots coming on line in 2020 at Red Rock Village, we expect it to be extremely active. The builders have found success in Tucons’s master plans and Red Rock Village will be another opportunity that will provide affordability, great amenities, and a large pipeline of streamlined lot delivery for years to come.”

Located approximately 7.5 miles north of Marana, AZ the Red Rock Village community currently has approximately 900 completed homes. The community is planned to include approximately 3,800 homes at build out. Sunbelt Holdings’ additional Tucson and Pinal communities include the 565-acre La Estancia community, the 550-acre Sendero Pass community, and the 1,598-acre Sycamore Canyon community.

For more information, White and Carroll should be contacted at 520.514.7454

TUCSON, ARIZONA — Rain Bird Corporation purchased the building at 6991 E Southpoint Road in Tucson, Arizona for $14.05 million ($52 PSF).

Built in 1989, the 270,665-square-foot warehouse / distribution building sits on 25.7 acres northwest of Kolb Road and Valencia Road, near Tucson International Airport. Rain Bird was a long-term tenant of the property prior to purchase.

Rain Bird Corporation is a privately held company, founded in 1933 during the agricultural boom in California. The company is a leading global manufacturer and provider of irrigation products and services. Since the beginning, Rain Bird has produced and offered the industry’s broadest range of irrigation products for farms, golf courses, sports arenas, commercial developments and homes in more than 130 countries around the world.

Over the past eight decades, Rain Bird has been awarded more than 450 patents worldwide, including the first in 1935 for the original horizontal action impact drive sprinkler, which revolutionized the food production industry and ushered in a new era in irrigation, worldwide.

The original impact sprinkler was designated a historic landmark in 1990 by the American Society of Agricultural Engineers.

Today, Rain Bird offers over 4,000 water-saving irrigation products and services and has offices around the world with a commitment to The Intelligent Use of Water™ .

Bob Davis and Tom Hunt, founders of Tango Commercial Real Estate represented Rain Bird in the transaction.

“This purchase shows the commitment of a world class corporation such as Rain Bird to the Tucson community,” Hunt said.

Robert C. Glaser, SIOR, CCIM, of Cushman & Wakefield | Picor represented the seller, EastGroup Properties, LP of Ridgeland, MS..

For more information, Hunt and Davis should be reached at  520.276.9779 and Glaser can be contacted at 520.546.2707.

To learn more, see RED Comp #7356.