Tucson Lease Report May 14-19, 2018

Tucson Lease Report May 14-19, 2018

The following commercial leases were reported to the Real Estate Daily News for the Tucson Lease Report from May 14-19, 2018.

OFFICE – 2102 N. FORBES BLVD., TUCSON
Mettler–Toledo Thorton, Inc. renewed their lease for 8,050-square-feet at 2102 N. Forbes Blvd., Suites 103-107 in Tucson, from East Park VI Holding Company, LLC.  Rob Glaser, SIOR, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord; Jesse Blum with CBRE, represented the tenant in this transaction.

RETAIL – 1951 W. GRANT RD., TUCSON
Ironwood Gastroenterology, PLLC and Rehan Iftikhar, PLLC expanded their leasehold for an additional 3,883-square-feet at 1951 W. Grant Rd., Suites 150 and 160 in Tucson, from Wright and Case Holdings, LLC. This expansion brings the total square feet for the gastroenterology practice to 10,657 square feet. Rob Tomlinson, Retail Specialist, and Brandon Rodgers, CCIM, Principal with Cushman & Wakefield | PICOR, represented the landlord; Esther Empens with Tierra Antigua Realty, LLC, represented the tenant.

RETAIL – MISSION RD. and AJO WAY, TUCSON
Jack in the Box will construct and lease a 2,600-square-foot restaurant located at Mission Rd. and Ajo Way in Park View Plaza,.  Aaron LaPrise, Retail Specialist with Cushman & Wakefield | PICOR, represented Jack in the Box in this transaction; Richard Volk represented the landlord.

OFFICE – 5151 E. BROADWAY BLVD., TUCSON
Acorn Associates Architecture, Ltd. renewed their lease for 1,837-square-feet of office space at 5151 E. Broadway Blvd., Suite 1050 in Tucson, from Kent Circle Partners.  Tom Nieman and Rick Kleiner, MBA, Office Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

INDUSTRIAL – 2341 S. FRIEBUS AVE., TUCSON
The Facilities Company, LLC leased 1,725-square-feet at 2341 S. Friebus Ave., Suite 13 in Tucson, from Friebus Investors, LLC.  Rob Glaser, SIOR, CCIM, and Brandon Rodgers, CCIM, Principal with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

RETAIL – 5526 E. GRANT RD., TUCSON
La Botana Grill has signed a lease for 1,693-square-feet at 5526 E. Grant Road, Tucson, AZ in the Ross anchored retail center at the southeast corner of Grant and Craycroft Roads. La Botana Grill plans to relocate their existing Mexican restaurant at 3200 N. 1st Ave. The new restaurant is estimated to open July 1, 2018.  Craig Finfrock of Commercial Retail Advisors, LLC represented the Tenant, La Botana Grill, and the Landlord, Maqsood and Sabrina Enterprises, LLC, was represented by Robert Nolan of Oxford Realty.

RETAIL – SE CORNER of ORANGE GROVE and RIVER RD., TUCSON
Jimmy’s Pita & Poke has leased a 1,300-square-feet space at Marana Marketplace, located at the SE corner of Orange Grove Rd. and River Rd. The Premises will be used as a pita and poke restaurant and for the sale of related products. They are scheduled to open for business September 2018.  Andy Seleznov and Melissa Lal represented the Landlord, Larsen Baker, while Frank Arrota, of Tucson Realty and Trust, represented the Tenant. 

RETAIL – NEC of BROADWAY BLVD and HARRISON RD., TUCSON
H&R Block Enterprises, LLC renewed their lease for 1,200-square-feet in the Broadway Albertson’s Center, located at the NEC of Broadway Blvd. and Harrison Rd. in Tucson, from Grabbert Ranch, Inc.  Rob Tomlinson and Greg Furrier, Retail Specialists with Cushman & Wakefield | PICOR, handled this transaction.

RETAIL – 3553 S. 12th AVE., TUCSON
Jose Corral and Concepcion Leon leased 1,200-square-feet in Plaza Azteca, 3553 S. 12th Ave., Suite 173 in Tucson, from NAI Investments, LLC.  Denisse Angulo-Badilla and Rob Tomlinson with Cushman & Wakefield | PICOR, handled this transaction.

RETAIL – 4444 E. GRANT RD., TUCSON
3 Wishes Tattoo and Supply Company, LLC leased 1,200-square-feet in Grant Square, 4444 E. Grant Rd., Suite 121 in Tucson, from Kolvoord Family Limited Partnership.  Rob Tomlinson, Retail Specialist with Cushman & Wakefield | PICOR, represented the landlord; Hilda Ramirez with HomeSmart, represented the tenant.  

RETAIL – 6330 N. CAMPBELL AVE., TUCSON
The Ballet of Conservatory Dance Music and Art, LLC expanded their leasehold for an additional 1,189-square-feet at 6330 N. Campbell Ave., Suite 110 in Tucson, from HRA Paloma Village, LP. This expansion brings the total square feet for the studio to 5,247 square feet. Rob Tomlinson, Retail Specialist with Cushman & Wakefield | PICOR, represented the tenant in this transaction.

OFFICE – 5403 E. PIMA ST., TUCSON
Allan Goddard – Farmers Insurance, leased 1,129-square-feet at 5403 E. Pima St. in Tucson, from DBR Investment Properties, LLC.  Ryan McGregor, Office Specialist with Cushman & Wakefield | PICOR, represented the landlord; Bruce Suppes with CBRE, represented the tenant.

RETAIL – 4444 E. GRANT RD., TUCSON
Ai-Yun and Mei-Ying Fang leased 1,080-square-feet in Grant Square, 4444 E. Grant Rd., Suite 104 in Tucson, from Kolvoord Family Limited Partnership. Rob Tomlinson, Retail Specialist with Cushman & Wakefield | PICOR, represented the landlord; Daniel Yan and Chris Tsighis with Coldwell Banker, represented the tenant.

RETAIL – SWC of SPEEDWAY BLVD. and WILMOT RD., TUCSON
True Collectors, a vintage toy store, leased 950-square-feet in Monterey Village Shopping Center, located at the SWC of Speedway Blvd. and Wilmot Rd. in Tucson, from Monterey Village, LLC.  Greg Furrier, Retail Specialist with Cushman & Wakefield | PICOR, handled this transaction.

RETAIL – 3955 E. SPEEDWAY BLVD., TUCSON
Presidio Hair and Nails leased 900-square-feet in Central Point Business Plaza, 3955 E. Speedway, Suite 107 in Tucson, from Central Point Tucson, LLC.  Rob Tomlinson and Greg Furrier, Retail Specialists with Cushman & Wakefield | PICOR, handled this transaction.

OFFICE – 4560 E. BROADWAY BLVD., TUCSON
Hairdoer Studio, LLC leased 425-square-feet of office space in Midstar Plaza, 4560 E. Broadway Blvd., Suites 229-230 in Tucson, from Midstar Partners, LLC. Isaac Figueroa, Office and Investment Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

OFFICE – 1200 N EL DORADO PL, TUCSON
Monier Insurance leased 275-square-feet of office space in El Dorado Square, 1200 N. El Dorado Pl., Suite D-430 in Tucson, from El Dorado Ventures, LLC. Tom Nieman, Office Specialist with Cushman & Wakefield | PICOR, represented the landlord; Mark Monier, Monier Realty & Insurance, represented the tenant in this transaction.

RETAIL – SE CORNER of BROADWAY BLVD. and KOLB RD., TUCSON
Big D Flooring has renewed their lease for an additional 5-years at Circle Plaza Shopping Center, located on the SE corner of Broadway Blvd. and Kolb Rd. Andy Seleznov and Melissa Lal of Larsen Baker represented the Landlord.

RETAIL – SE CORNER of SPEEDWAY BLVD and PANTANO RD., TUCSON
SW Motor Vehicle has renewed their lease for an additional 5-years at Speedway Pantano Square, located on the SE corner of Speedway Blvd. and Pantano Rd. Andy Seleznov and Melissa Lal of Larsen Baker represented the Landlord.

RETAIL – SE CORNER of BROADWAY BLVD. and KOLB RD., TUCSON
Big D Flooring has renewed their lease for an additional 5-years at Circle Plaza Shopping Center, located on the SE corner of Broadway Blvd. and Kolb Rd. Andy Seleznov and Melissa Lal of Larsen Baker represented the Landlord.

RETAIL – SE CORNER of SPEEDWAY BLVD and PANTANO RD., TUCSON
SW Motor Vehicle has renewed their lease for an additional 5-years at Speedway Pantano Square, located on the SE corner of Speedway Blvd. and Pantano Rd. Andy Seleznov and Melissa Lal of Larsen Baker represented the Landlord.

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NAI Horizon negotiates long-term industrial lease for distribution firm

2075 W. Obispo Ave., Gilbert, AZ

PHOENIX, ARIZONA – NAI Horizon Senior Vice President Jeff Adams represented the tenant in negotiating a long-term lease for a Gilbert-based distribution company at 2075 W. Obispo Ave., in Gilbert, Arizona.

NAI Horizon represented AES Direct Express, LLC, an Arizona limited liability company in the industrial lease worth $1.676 million. AES, an administrative, distribution, pick and ship, and logistics firm, will occupy 40,415-square-feet of the building, which totals 110,975-square-feet.

“Working together in conjunction with the listing agent, we were able to identify and procure a unique potential growth opportunity in this present high-tenant demand market,” Adams said. “It afforded my client the ability to nearly double its space capacity while also providing a no-downtime, solid long-term lease solution for the landlord.”

The building is an attractive, two-user property with Papa John’s distribution occupying the balance of the space.

The landlord, LIT Industrial Limited Partnership (a Clarion company) of Dallas, Texas, was represented by Steve Sayre and Steve Larsen of JLL.

 




Davis-Monthan named top base in the Air Force for the Second Time

U.S. Air Force Captain Cody Wilton, A-10 Demonstration Team pilot, prepares to takeoff during the 2018 Heritage Flight Training and Certification Course at Davis-Monthan Air Force Base, Ariz., March 4, 2018. During the course, aircrews practice ground and flight training to enable civilian pilots of historic military aircraft and U.S. Air Force pilots of current fighter aircraft to fly safely in formations together. (U.S. Air Force photo by Senior Airman Mya M. Crosby)

To be awarded accolades that include $700,000 for base improvements

TUCSON, ARIZONA — Davis-Monthan Air Force Base (D-M) in Tucson Arizona is reporting the Office of the Secretary of Defense named Davis-Monthan the top base in the Air Force for the second time in six years.

The base won the 2018 Commander-in-Chief’s Installation Excellence Award, which recognizes the outstanding and innovative efforts of the service members who operate and maintain U.S. military installations. Davis-Monthan last won the award in 2012.

Installations from across the Air Force competed for the award based on how well they achieve departmental objectives in several areas of installation management, including mission support, energy conservation, quality of life and unit morale, environmental stewardship, real property management, safety, health and security, communications and public relations.

“This trophy recognizes 11,000 D-M Airmen who think, innovate and execute at an extraordinary level every day,” said Col. Scott Campbell, 355th Fighter Wing commander.

D-M  is comprised of 34 unique mission partners that support four combatant commanders worldwide. Some of these operations include close-air support, combat search and rescue, airborne electronic combat, weather operations, and aircraft storage and regeneration.

The base is well positioned to execute this variety of mission sets given its consistent weather, abundant airspace, proximity to dynamic training areas and location within Tucson, Ariz., a city of over one million people. These qualities allow units here to conduct year-round training events in the most realistic simulated deployed conditions possible.

D-M will be awarded several accolades, including the installation excellence trophy and flag, and granted $700,000 for base improvements.

Airmen were able to suggest improvements by filling out an electronic survey that let them select from a list of improvement options or add their own.

“It wasn’t the chiefs and commanders that won this award, it was the Airmen,” Campbell said. “This is all thanks to them.”

 




IPA Sells Valley View Multifamily Asset in Tucson for $24.75 Million

Valley View Apartments, 5025 N 1st Ave, Tucson

TUCSON, Ariz. – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the sale of Valley View Apartments, a 304-unit multifamily asset in the Catalina Foothills area of northern Tucson, Arizona. The $24.75 million sales price equates to $81,414 per unit.

“Valley View represents an excellent opportunity to refresh and modernize a well-located apartment property within a prosperous community,” says Hamid Panahi, first vice president investments with Marcus & Millichap. “The acquisition is part of an investment strategy that allowed the buyer to create scalable growth at a robust pace by acquiring 831 units in 36 months.”

Panahi, Lane Schwartz and IPA senior managing directors Steve Gebing and Cliff David procured the buyer, a private investment entity based in Beverly Hills, California. The seller is Northland Investment Company.

Built in 1979 on more than 11 acres, Valley View Apartments is approximately five miles from central Tucson. The property is close to Rillito River Walk Park and near access to Arizona State Route 77, Interstate 10 and Interstate 19. The Catalina Foothills area is one of the most prestigious and affluent communities in Arizona and home to La Encantada, the largest upscale shopping center in the Tucson metropolitan area.

For more information, Panahi can be contacted at 520.719.6511.




Fiesta District Shopping Center Trades for $2.8 Million

Shops at Banner

PHOENIX, Arizona CBRE negotiated the sale of a Mesa shopping center located near the intersection of Southern Avenue and Dobson Road. Wong 168, LLC, based in Novi, Michigan, purchased the property from 2120 Southern Avenue, LLC, a group formed by local developer Jeff Geyser, for $2.8 million ($262 PSF).   Geyser has owned, developed and redeveloped over 70 properties throughout the Western U.S., primarily in Arizona.

Jesse Goldsmith and Steve Julius with CBRE Phoenix represented both the buyer and seller in the transaction.

Shops at Banner is a 10,675-square-foot multi-tenant infill retail center situated in Mesa’s Fiesta District at 2110 W. Southern Ave. The center features a mix of local and national tenants including Little Caesar’s, Studio 21, Firehouse Subs and ABC Eye Specialists. The property is located across the street from Mesa Community College and Banner Desert Medical Center and is in close proximity to the U.S. 60 freeway.

“The Shops at Banner is well located within Mesa’s iconic Fiesta District and features a strong mix of tenants that will ensure a long term stable investment for the buyer,” said CBRE’s Goldsmith. “With the seller’s revitalization investment, the center will continue to perform well and attract similar tenants to this dyanmic area of Mesa.”




NAI Horizon negotiates $3.23M sale of Surprise office building

14780 W. Mountain View Blvd., Surprise, AZ

PHOENIX, ARIZONA – NAI Horizon represented the seller in the $3.23 million sale of an office building at 14780 W. Mountain View Blvd., in Surprise.

NAI Horizon Senior Vice President Tyler Smith, along with Marcus Muirhead of Lee & Associates, represented the seller, Surprise Mountain, LLC of Bellevue, Washington.

“The property is well designed for office or medical tenants,” Smith said. “It has abundant parking and is well located with the Banner Del Webb Medical Center in close proximity.”

Constructed in 1998, the 32,505-square-foot office building sits on 4.27 acres. It features 212 parking spaces. It is 82 percent occupied by tenants ranging from those in the medical industry to those in financial services. It is adjacent to the Del Webb community of Sun City Grand. It is located near Grand Avenue and the Loop 303 freeway.

The buyer, Development Services of America, Inc., of Scottsdale, Arizona, was represented by John Cerchiai of Lee & Associates.

 




Landsea Homes Acquires Land in Chandler for First Arizona Community

Chandler, Arizona —Landsea Homes announced a strategic expansion with the purchase of land in Chandler for the homebuilder’s first community in Arizona, slated to star in Fall 2018.  The company has developed homes in New York, Boston, New Jersey, and throughout California in Silicon Valley, Los Angeles and Orange County.

“We have been considering an expansion into Arizona for quite some time,” said John Ho, chief executive officer of Landsea Homes.  “Our strategic focus continues to be creating communities in highly-desirable markets across the United States that appreciate exceptional planning, an unmatched attention to detail and best-of-class, high-performance homes.”

The new community in Chandler is slated to include 78 single-family homesites with resort-style amenities including a community pool and expansive open space for gatherings.  Land development is expected to begin in fall 2018, and the first closings are expected in late 2019.

“Chandler’s low unemployment, steady job growth and premier school district have made it a destination location for new homebuyers,” noted Ho.  “Home to important, global technology companies like Intel and Orbital ATK, Chandler is the perfect market to introduce Landsea Homes.”

Led by a veteran team of industry professionals who boast years of worldwide experience and deep local expertise, Landsea Homes is committed to positively enhancing the lives of our homebuyers, employees and stakeholders by creating an unparalleled lifestyle experience that is unmatched everywhere we build.

Landsea Homes is a wholly-owned U.S. subsidiary of Landsea Group, an international homebuilder that thinks globally but operates locally.   Operating on three continents including Europe, Asia and North America, Landsea’s deep knowledge and experience of building and living in different environments all over the world deliver homes that embrace the local lifestyle in which they are built.

For more information about Landsea Homes, visit www.landseahomes.com.




Volk Closes 3 Office Deals in 7 Days – Tucson Office Sales up 17.79% Y-O-Y

2020 E Broadway Blvd, Tucson

TUCSON, ARIZONA – Office and medical office sales volume surpassed the $22 million mark in metro Tucson in Q1, up 17.79% over one year ago. The average sale price was $588,315 and median price $356,750, all trending in a positive direction.

The highest sale price was $3.25 million for 6950 E Golf Links Road, the 13,989-square-foot El Rio Santa Cruz Neighborhood Health Center South Campus purchased by the tenant to be owner occupied. Rounding up the top three sales, there was Northwest Allied Physicians Medical Office, 7,805-square-feet at 7890 N Cortaro Road in Marana for a $2.875 million investment and 16,830-square-feet at 6420 E Broadway Blvd. in Tucson for a $2.5 million investment.

Market fundamentals have significantly improved from a year ago, and momentum appears to be continuing into Q2 as expected.

Kevin Volk with Volk Company in Tucson reported Monday marked three successful closings of owner/user sales for office properties over the course of the past week:

  • 1247 & 1249 E 22nd Street (office/industrial) sold for $437,000. “A great freestanding building in a location near downtown that will only get better,” said Volk.  John Ash of CBRE represented seller, Robert Williams of Texas while Kevin Volk represented the buyer, TRC Properties. Closed 5/8/18.
  • 6802 E Broadway Blvd. (office) sold for $755,000 ($160 PSF), a very strong number for the East Side office market.  Bruce Suppes of CBRE represented buyer, Tucson Broadway Property and Volk represented the seller, Prince Lane Properties (Tracy Cole). Closed 5/11/18.
  • 2020 E Broadway Blvd. (office) sold for $238,000.  Sales price of $238,000.  This is a great location, but Broadway has been subject to serious condemnation blight, so I’m very happy to get this sold.  Danny Roth of Keller Williams represented buyer, Miguel Fuentevilla, et al and Volk represented the seller, Guihua and Gina Hua Zhang. Closed 5/15/18.

For additional information, Volk should be reached at 520.326.3200.

To learn more, see RED Comp #5664, #5519 and #5630.




SanTan Village Marketplace Trades for $51.4 Million

SanTan Village Marketplace

Cushman & Wakefield Sells Premier Power Center in Gilbert, Ariz.

PHOENIX, Arizona – Cushman & Wakefield completed the sale of SanTan Village Marketplace, a premier destination center located in Gilbert, Ariz. Michael Hackett and Ryan Schubert of Cushman & Wakefield Phoenix represented the seller. An entity formed by CP Retail Inc. of Santa Monica, Calif. purchased the property for $51.4 million ($180 PSF).

“CP Retail is pleased with the acquisition of SanTan Village Marketplace and remains focused on acquiring similar Class A properties across the country,” said Phillip Duke, Principal at CP Retail Inc.

Constructed in 2006, SanTan Village Marketplace is a 285,581-square-foot regional power center spanning 25.67 acres. The property is currently 97.2% leased to a diverse tenant roster, and over 93% of the center is leased to national/credit tenants including Jo-Ann Fabrics, Bed Bath & Beyond, Marshalls, DSW, Office Max and Old Navy, to name a few.

“SanTan Village Marketplace is a Class A regional center servicing the growing and affluent Southeast Valley of Phoenix,” said Michael Hackett, Executive Managing Director at Cushman & Wakefield Phoenix.

Located in the Gilbert submarket, one of the fastest growing communities and one of the largest towns in the U.S., SanTan Village Marketplace benefits from a strong retail market with vacancy in the first quarter of 2018 posting at 9%. Additionally, the property benefits from proximity to top employers located in Gilbert via the nearby Loop 202 and sits just to the south of the SanTan Village Mall – a 1,057,000-square-foot mall featuring top retailers including Macy’s, Dillard’s, Harkins Theatres, Dick’s Sporting Goods, Coach, Apple and Barnes & Noble.




North Central Phoenix Neighborhood Center sells for $5.225 million

Mountain View Plaza, 9812 – 9832 N. 7th St. in Phoenix, AZ

PHOENIX, ARIZONA — Neighborhood retail center, Mountain View Plaza, recently sold for $5,225,000. The property consisted of three buildings totaling just over 26,000 SF on approximately 2.70 acres.  The retail plaza is located at 9812 – 9832 N. 7th St. in Phoenix, which is in close proximity to North Mountain Park, Sunnyslope Park and Honor Health John C. Lincoln Medical Center.

Local restaurateurs and brothers, Robert Brescia and Dino Brescia represented by Justin Horwitz and Paul Borgesen of SVN Desert Commercial Advisors, sold the center to Hawaiian based investor, Rajan Watumull of Watumull Enterprises represented by Brian Kocour of Kocour Companies.

Over the course of 27 years of owning the center, the Brescia brothers were able to successfully build a loyal tenant base which includes Scramble, Mucha Lucha Taco Shop, VCA Animal Hospital, and Ziggy’s Il Posto Ristorante, which the Brescia Brothers originally operated under the name Our Gang Café before selling.

Justin Horwitz and Paul Borgesen of SVN Desert Commercial Advisors represented the Brescia’s in the transaction and successfully sold the property in what ultimately was a ninety-day transaction.  It was said Horwitz, “We were very thankful that the Brescia’s allowed us the opportunity to be involved in this sale. It was evident from the start that this center carried far more value than just a typical real estate transaction given their history in the center, as well as they close relationships they forged with the tenants and the community.” Horwitz and Borgesen focus heavily on property sales along the Central Corridor. According to Borgesen, “This transaction is just another indicator that validates the continued positive trend we are seeing along the Central Corridor.”




NorthMarq secures $46.15 million in financing for spec office project in Chandler, AZ

CHANDLER, AZ – Eric Flyckt, senior vice president and Wyatt Campbell, vice president of NorthMarq Capital’s San Diego office, arranged a $32,650,000 construction loan and $13,500,000 mezzanine equity investment for a Class A spec office project located in Chandler, Arizona. The development comprises two, three-story, buildings totaling 270,000-square-feet. The non-recourse loan was provided by a bank and the mezzanine equity was funded by an insurance company for whom NorthMarq is a correspondent.

Park Place is a ±180-acre business park assembled and developed by the Douglas Allred Company beginning in 2007. It is located at the intersection of the 101 and 202 Freeways in one of the fastest growing employment corridors in Metropolitan Phoenix. In addition to Class A office buildings, this master-planned park includes restaurants and hotels. These two buildings will offer 10’ to 12’ ceiling heights and 6/1,000 parking. To date, the Douglas Allred Company has completed eight Class A, spec, office buildings in the park totaling over 635,000-square-feet which are 100 percent leased.

Douglas Allred Company, based in San Diego, is a full-service real estate firm with projects in office, industrial, retail and residential sectors. The 37-year-old firm is a recognized leader in both real estate development and asset management.

“We thoroughly scoured the market so as to source non-recourse construction lenders and equity investors who would finance a spec office project. We were able to secure interest from several groups who offered competitive terms and were attracted to this project due to its strong location in a very healthy market, the quality of the buildings, and the Douglas Allred Company’s expertise and solid track record of building and leasing similar spec projects throughout the Phoenix area and in Southern California,” noted Flyckt.

For more information, Campbell can be reached at 858.675.7860.

 




Northwest Emergency at Marana Center Ground Lease Sells for $2.8 Million

MARANA, ARIZONA — 6350 Marana, LLC, an affiliate of Miravest, Inc. of Marana (Michael Rabstoff, manager) sold the newly constructed Northwest Emergency Center ground lease at 6350 W Marana Center Blvd. in Marana for $2.775 million ($29 PSF). The 2.2-acre site with an 11,500-square-foot Emergency Center was built-to suit and is one of three lots on the across from Tucson Premium Outlets.

Miravest purchased 6-acres here from Vintage Partners, the developer of the Tucson Premium Outlets across the street in 2015, planning to use half for development of a hotel and the other half for other speculative retail use.

Miravest and HSL Properties have since partnered together in the construction of a four-story Hampton Inn & Suites hotel on approximately 3-acres of the project, at 6300 W Marana Center, that will consist of 101 guest rooms with amenities such as a fitness center, breakfast area, pool and meeting space. The hotel is expected to be delivered this Fall, with an anticipated September opening, according to Rabstoff.

Development of the remaining lot is yet to be determined, Rabstoff told us.  It would make a great coffee shop or other fast food use that needs a drive-thru. Across from the 90 store outlet center and near new residential development on all sides, the property also has I-10 visibility.

Jamie Medress with Marcus & Millichap in Phoenix represented the seller in the ground lease sale. Brian Parnareck and Josh Hergott with Marcus & Millichap In Chicago represented the investor, a family trust from Los Altos, California.

For additional information, Medress can be reached at 602.687.6770. Rabstoff is marketing the remaining retail pad himself and should be contacted at 520.395.1086 for more details.

To learn more, see RED Comp #5731.