TUCSON, ARIZONA -- An affiliate of Diamond Ventures, Old Vail Commerce LLC (Bill Kelley, manager) bought the 43.11 westerly acres of excess land at Las Plazas at Old Vail, on the northwest corner of Houghton and Old Vail Road in Tucson for $4.4 million ($2.34 PSF).
The seller, Old Vail Plaza, LLC (Scott Soelter, member) had originally purchased 62 acres of land in December 2006 for $3.5 million and developed 17 retail pads on 18 acres forming Las Plazas Center. The center is anchored by such tenants as Native Grill, Jiffy Lube, Discount Tire, Taco Bell, Rancho Rustico, Freddy's Frozen Custard and Steakburgers, Arby's and others.
This is the remaining 43 acres of excess land being sold.
The buyer, Diamond Venture, owns the 118 acres across the street with Houghton Town Center, a community shopping center anchored by Super Walmart, T.J. Maxx, Ross, Petco and Northwest Emergency Center.
Scott Soelter with NAI Horizon (Tucson) was self-represented as was the buyer in the transaction.
For more information, Soelter can be reached at 520.204.6969.
To learn more, see RED Comp #10119.