MARANA, ARIZONA -- 6350 Marana, LLC, an affiliate of Miravest, Inc. of Marana (Michael Rabstoff, manager) sold the newly constructed Northwest Emergency Center ground lease at 6350 W Marana Center Blvd. in Marana for $2.775 million ($29 PSF). The 2.2-acre site with an 11,500-square-foot Emergency Center was built-to suit and is one of three lots on the across from Tucson Premium Outlets.
Miravest purchased 6-acres here from Vintage Partners, the developer of the Tucson Premium Outlets across the street in 2015, planning to use half for development of a hotel and the other half for other speculative retail use.
Miravest and HSL Properties have since partnered together in the construction of a four-story Hampton Inn & Suites hotel on approximately 3-acres of the project, at 6300 W Marana Center, that will consist of 101 guest rooms with amenities such as a fitness center, breakfast area, pool and meeting space. The hotel is expected to be delivered this Fall, with an anticipated September opening, according to Rabstoff.
Development of the remaining lot is yet to be determined, Rabstoff told us. It would make a great coffee shop or other fast food use that needs a drive-thru. Across from the 90 store outlet center and near new residential development on all sides, the property also has I-10 visibility.
Jamie Medress with Marcus & Millichap in Phoenix represented the seller in the ground lease sale. Brian Parnareck and Josh Hergott with Marcus & Millichap In Chicago represented the investor, a family trust from Los Altos, California.
For additional information, Medress can be reached at 602.687.6770. Rabstoff is marketing the remaining retail pad himself and should be contacted at 520.395.1086 for more details.
To learn more, see RED Comp #5731.
