Monday, December 11, 2017

Lennar Homes Acquires 45 Lots at Eagle Crest Ranch (Pinal County)

CRVI H-AZCO, LLC, an affiliate of Cypress Real Estate Advisors of Austin, TX sold 45 finished residential lots to Lennar Homes of Arizona, a subsidiary of Lennar Corporation of Florida (NYSE:LEN), for $2.25 million, or $50,000 per lot in Eagle Crest Ranch V. Eagle Crest Ranch is a community...

Tucson Retail Up and Down, Housing Inventory Declines, and Consumers ‘Only...

Picor Commercial Real Estate an affiliate of Cushman & Wakefield released its ‘Marketbeat Retail Snapshot’ for Q1 2013 last week. The report indicates little change in retail vacancies, with little more than a percentage point in movement since Q3 2009, “for years, Tucson’s retail vacancy has inched up and...

A Tale Of Two Multi-Family Properties On Geronmino

Two apartment properties on Geronimo Avenue sold within one day of each other recently; they were located within two blocks of each other, but sold for dramatically different prices. The two sales when viewed side-by-side demonstrate the buyers’ individual preferences, only time will tell which was the better investment. The...

New Hope Machine Exercises Lease Purchase

Robert Sites, the owner of New Hope Machine Shop exercised a purchase option on the building leased for three years at 1840 W Wetmore in Tucson. The purchase price was $304,000 for the 4,000 sq. ft. ($76 PSF) for the steel building constructed in 2001 on a 13,049 sq....

Culver’s Opens Second Restaurant April 22nd at River & First

Culver’s will open its second restaurant in Tucson on Monday, April 22nd at 4810 N First Avenue, at the southeast corner of River and First Avenue, its owner Kevin Hart, announced today. G4 Construction of MN, a partner, was the builder of the 4,517 sq. ft. restaurant on 2...

First Goodwill “Good Threads” Boutique Now Open On Oracle

Goodwill Industries of Southern Arizona opened its first boutique store, ‘Good Threads’ on April 4th at 7366 N Oracle Road, Suite 190, Oro Valley, north of the northeast corner of Ina and Oracle Roads. The 5,000 sq. ft. was formerly occupied by Tres Amigo Primo, and leased by Goodwill...

Tucson Estate Once Listed for $22 Million On Auction Block

A 25,000 sq. ft. luxury estate on 20 acres with 4 ready-to-build lots was listed in 2007 for $22 million. “The price was lowered to $15.9 million in 2011 and reduced to $12.95 million in 2012,” the Wall Street Journal quoted the current listing agent, Martha Briggs of Long...

A Penney For Your Thoughts – Readers Asked To Ponder Options...

A recent version of this article appeared March 27, 2013 on page C6 in The Wall Street Journal, with the headline: Mall Landlords Get a Penney for Thoughts. Penney leases three spaces in Tucson, the El Con Mall (115,900 SF), Tucson Mall (136,864 SF) and Tucson Spectrum (99,956 SF)....

El Corredor Rises From the Ashes of Abandoned Hotel Site, Oro...

Boulder Oro Valley, LLC (Ross Rulney and Malcolm Berman) in a non-arms length transaction, paid $1.15 million for 11.29 acres to Holualoa Oracle Linda Vista, (Michael Kasser, CEO) Scotia Group Limited (Peter Aranoff, CEO) Ashland Group Millenium (Duff Hearon, manager) and The Lenihan Company (Stephen Lenihan, President) to restructure...

National Student Housing Groups Posture For UA Students’ Business

CPP Star Pass, LLC an affiliate of Columbus Pacific Properties, Inc. (Brian Shirkin and Rick Margolis, partners) of Santa Monica, CA bought The Reserve at Star Pass from EDR Tucson Phase II, LP a subsidiary of Education Realty Trust, (NYSE:EDR) a real estate investment trust based in Memphis, TN...

Sam’s Club axed by Tucson

After four years of negotiations, the elected officials of the City of Tucson (COT) voted unanimously to kill the sale of 22 acres at the northwest corner of Irvington and I-19. The City canceled the purchase option it had with Irvington Interstate Partners, an affiliate of Irvington Interstate Manager,...

Tucson Builders Join In Phoenix Land Rush

With the Arizona Republic reporting a “land rush” in metro Phoenix and new home building up 71% in 2012 over 2011, there are indications of recovery underway from the past six year slump. On February 11, 2013, Alta Vista Communities ASNE, LLC (Roger Karber, manager) paid $2.36 million for 9.61...
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