Vintage Partners, a leading Arizona real estate development and investment company, sold 6 acres at Marana Center to a Tucson-based hotel developer for approximately $3.5 million.
The buyer, Dupont Station Partners II, LLC (Michael Rabstoff, manager) plans to use half of the 6 acres for development of a hotel and the other half for restaurant and other retail use. Rubstoff has been dong hotel development mostly in Washington State for Marriott Hotels and others prior to this.
“We’re excited about the Marana project,” Rabstoff told us. The whole center, with Tucson Premium Outlets now open, we believe will become a significant destination shopping spot, and a hotel fits well into the Town's plan there.
"We may be ready to announce more specifics on the hotel brand in as little as 90-days,” Rabstoff said.
Marana Center, a 170 acre mixed-use commercial center located in Marana, is on the south side of Twin Peaks Road between I-10 and Linda Vista Boulevard anchored by the new 366,000-square-foot, open-air outlet mall, Tucson Premium Outlet Center that opened on October 1st is owned by Simon Property Group.
Vintage Partners has been working closely with the Town of Marana to respond to market demand while creating a development that reflects the lifestyle choices of the Town it represents. The Town approved Vintage’s development plan for Marana Center in July 2014, that is zoned for a wide variety of commercial uses, including retail, restaurants, hotels, auto dealerships, office and medical.
David Scholl of Vintage Partners said, “Marana Center is poised to become Southern Arizona’s favorite regional shopping destination. As the only super regional shopping destination in the Metro-Tucson area with easy Interstate 10 access, Marana Center will be a convenient drive from most Tucson neighborhoods and will offer shopping and entertainment to fit anyone’s needs.”
There were no brokers involved in the sale. To learn more see RED Comp #3311.