Com Land Deals

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Compass Bank of Birmingham, AL sold a 1.6 acre parcel at the southwest corner of Valencia and Valley Indian Agency Roads in Midvale to Broadway Realty and Trust of Tucson (Joseph Cesare) for $959,000 ($13.50 PSF). The parcel, zoned C-1, was excess property owned by Compass purchased for a bank branch site, before the pull-back in bank expansion took place. Broadway Realty and Trust subsequently transferred the property to Midvale Development Company, LLC formed by Cesare with other investors to hold for development. The corner is platted for retail use and shopping center but it is unknown at this time what will be constructed there.

Eat Sports, LLC of Tucson (Danny Roth) sold one acre of C-3 zoned land to Blue Iguana, LLC of Tucson (David Dabdoub) at 3452  N Dodge Blvd in Tucson for $279,000 ($6.40 PSF). The property was formerly an auto repair garage that was razed by the seller for a commercial recreational center project that was cancelled by the economic meltdown. The buyer and seller were both self-represented in the transaction.

Great Western Bank of Lincoln, NE sold 15 acres of raw land at 4625 W Ajo Hwy in Pima County to ADG Ajo, LLC (Stephen Grimm, manager) for $425,000 (65¢ PSF). The property was rezoned to CB-1 in 2007 with plans for retail or multi-family uses at different times. This transaction was an REO sale and will be held for investment by the buyer. Steve Grimm is manager and designated broker at Grimm Commercial, LLC in Tucson represented the investor. Jerry Hawkins and Mike Chapman of CBRE in Tucson represented the seller.

BP SWC 22nd and Harrison, LLC (Don Bourn, manager) bought 1.2 acres at 9484 E 22nd Street in Tucson, at the southwest corner of 22nd St and Harrison, from Wells Fargo Bank of Phoenixfor $475,000 ($8.90 PSF). The property, also referred to as Block A in Harrison Terrace, was purchased by World Savings Bank of Oakland,CA in 2004 for $985,000 for a bank site. Wells Fargo acquired World Savings in 2006 and is selling excess sites. The parcel zoned C-1 is within Harrison Terrace, a developed 74-home residential subdivision that was built by KB Homes. The property was purchased for development of an 8,000 sq. ft. retail center that is under construction and expected to be ready for Mattress Firm and Five Guys to begin TIs by June for Fall openings. Paul Schloss and Jayme Fabe of CBRE in Tucson handled the transaction.

Farid Mahmoodi dba Super Shuttle purchased the 18,295 sq. ft. at902 S 6th Avenuefor $145,000 ($7.93 PSF) from Federico Martinez. The former used car lot dba Moe’s Auto Sales in Barrio Santa Rosa is fully paved, zoned C-3, and has a small 143 sq. ft. building that will be owner occupied by Super Shuttle.  Moe’s moved out abut one year ago to a location on Oracle Road.

To contact Cesare at Broadway Realty & Trust call (520) 747-5700. Roth, an agent with Keller Williams can be reached at (520) 490-4000. Grimm is at (520) 795-5200.  Contact Bourn at  (520) 323-1005. Hawkins, Chapman, Schloss and Fabe at CBRE can be contacted at (520) 323-5100.

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