Houghton Town Center Expands Footprint, Breaks Ground on 56K SF New Retail

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Source: Real Estate Daily News

TUCSON, Ariz.— Ryan Companies US, Inc., Diamond Ventures, one of the leading real estate development and investment companies in the southwest, and elected officials gathered Thursday for the groundbreaking of a 56,000-square-foot new retail pad with three stores at Houghton Town Center: Ross Dress for Less®, T.J. Maxx® and Petco®.

Elected officials attending included City of Tucson Mayor Jonathan Rothschild, Ward 4 Council Member Shirley Scott, and newly-elected Pima County District 4 Supervisor Steve Christy.

Mayor Rothschild welcomed Ryan Companies and spoke proudly about some of the other new developments in the area. The recently completed Houghton Road widening project and the recently announced Raytheon expansion of 1,900 jobs nearby at the UA Tech Center. Also La Estancia, a 2,500-lot masterplan community at I-10 between Kolb Road and Wilmot Road, under development by Sunbelt Holdings, that opened last April with Meritage Homes under construction with 195-homes there.

Ross, T.J. Maxx and Petco will open by fall of 2017 at the 60+ acre community shopping center, at the southwest corner of Old Vail Road and Houghton, which caters to the residents of Rita Ranch, Vail and Corona de Tucson.  The three new stores will be next door to one another and directly east of the 99,000-square-foot Walmart Super Center that opened in 2013.

“We have partnered with Ryan to add these retailers to the development and we believe that it’s a win for all involved,” said Bill Kelley, CFO of Diamond Ventures. “The city of Tucson was very instrumental in getting this approved expeditiously, so that the development and construction timelines agreed to by Ryan could be met.”

Ryan is the owner, developer and general contractor of this $6 million retail project at Houghton Town Center in Southeast Tucson and purchased the 6.13 acres for $1.98 million ($7.39PSF).

Ryan Companies US, Inc. is a 3rd generation, family-owned national developer, designer, capital investment consultant, builder and real estate manager specializing in fully integrated solutions for over 75 years.

“Our team is eager to further enhance the amenities at Houghton Town Center and look forward to continued growth in Tucson,” said John Strittmatter, Chairman/Southwest, Ryan Companies US, Inc.

No brokers were involved in the land sale. Shannon Murphy in-house broker with Diamond Ventures represented the tenant in the transaction and should be reached at 520.577.0200.

To learn more, see RED Comps #4210 and 4386.

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