Retail property sales at Dove Mountain Retail Center were much more than usual this month, in fact, Cottonwood Properties sold out of improved properties at the center. We were told remaining are only some out pads and surrounding land that the Dove Mountain community developer still owns for retail development.
In addition to these retail properties, sales have been accelerating for residential lots as well that we will cover tomorrow on Dove Mountain community.
Retail sales include the Walgreens at 12050 N Dove Mountain Blvd. in Marana sold for $5.5 million ($369 PSF) in an investment sale. The California buyer was Wildwood Mobile Villa, Inc. of Canyon Lake, CA (Evelyn Kerber, president) and the seller Dove Mountain Retail II LLC, an affiliate of Cottonwood Properties (David Mehl, president).
This 14,820-square-foot Walgreens was built in 2008 on 1.34 acres near the entrance to the Dove Mountain master planned community, highly visible from Tangerine Road,it sold with 17 years remaining of a 25 year triple net lease.
Jamie Medress, Mark Ruble and Christopher Lind with Marcus & Millichap’s Phoenix office represented the seller and Ryan Shook with Marcus & Millichap’s Newport Beach, CA office represented the investor.
To learn more, see RED Comp #3310.
Also in the Dove Mountain Retail Center, the Wells Fargo Bank branch at 12140 N Dove Mountain Blvd. sold for $2.12 million ($449 PSF) also in an investment sale. The investor was California based, Pacific WFB AZ or Union City, CA. The seller, Dove Mountain Retail II LLC, an affiliate of Cottonwood Properties (David Mehl, president).
The 4,719-square-foot bank was built for Wells Fargo in 2006 on .83 acres in this same retail center.
The seller was self-represented in this transaction and the buyer represented by Mark Ruble of Marcus & Millichap in Phoenix.
To learn more, see RED Comp #3268.
A 28,130-square-foot pad, located directly south of the bank branch, at 12110 N Dove Mountain Blvd. also sold for $550,000 ($19.55 PSF). This retail pad was purchased by IPEN Building LLC (Dr Beth Neuman, DVM, member) a veterinarian at Twin Peaks Veterinary Center.
It was purchased for construction of a Veterinary Center. Dean Cotlow with the Cotlow Company in Tucson represented the buyer.
The seller was Dove Mountain Retail II LLC, an affiliate of Cottonwood Properties (David Mehl, president) and was self-represented in the transaction.
To learn more, see RED Comp #3276.
For related story on recent Marana Retail Sales see Hotel Development next in line at Marana Center