ORO VALLEY, Ariz. – Due to ongoing construction activities associated with the Naranja Park Expansion Project, the Oro Valley Stormwater Utility announced a new location for Oro Valley residents to pick up free sandbags during monsoon.

The pickup location will continue to be at Naranja Park (810 W. Naranja Drive) but will move from the area known as the “Christmas tree recycling lot” about 600 feet to the north, on the west side of the entry road (see pickup location map below).

The Town of Oro Valley provides free sandbags to residents who may need to protect areas of their homes from storm runoff. Sandbags can be picked up now through the duration of the 2022 monsoon (or while supplies last). Due to a limited number of supplies, only Town of Oro Valley residents are eligible. Sandbags are self-service; the Town will provide the bags and sand, but you will need to bring your own shovel and load your own sand. There is a limit of 10 sandbags per vehicle.

Residents who require assistance may make an appointment with Town Staff to pick up pre-bagged sand at a designated time. To book your appointment, or for any questions about the new location, please contact Stormwater Utility staff at 520-229-4850 option 3 or [email protected]. 

A reminder to residents: The Naranja Park Expansion Project is underway, and sections of the park are gated off because of active construction. Please follow any closure and construction signs that have been set up along the construction perimeter fence. For more information about the Naranja Park Expansion project, click here.

 
Pickup Location Map

ORO VALLEY, ARIZONA – A multi-tenant retail pad with four tenants sold at El Corredor in Oro Valley for $6 million ($575 PSF). The 10,433 square-foot building was built in 2020 on 1.1a acres at 9740 N Oracle Road, at the northeast corner of Oracle and Linda Vista in Oro Valley.  El Corredor is adjacent to a 228-unit high-end apartment community, Pusch Ridge Christian Academy (K-12) and Tucson El Conquistador, a Hilton Resort,  in Oro Valley.

Debbie Heslop of VOLK Company represented the seller, Boulder Oro Valley of Tucson (Ross Rulney).

“We received multiple full price offers on the property that wasn’t on the market very long,” Heslop said. “The location, strong tenant mix and good cap rate made it attractive to investors. The offer that was accepted is a family trust that Wells Fargo out of Denver, CO represented.”

Fully leased to four tenants in the building:  Freytag Orthodontics, La Posada Sales Office, F4 Fitness Studio and SEIS Kitchen. All with long term leases remaining.

Freytag Orthodontics is one of two locations in the Tucson area. Founded in the Kansas City area and has served over 45,000 orthodontic patients since 1977 with 12 locations in Kansas City Metro area, and four offices in Missouri.

La Posada Sales Office supports their newest development in Oro Valley. La Posada’s history dates to the mid-1980’s when the highly renowned Tucson Medical Center (TMC) began their award-winning, multi-faceted retirement community that today serves as a national model. They offer a continuum of care from Independent Living to Assisted Living.

F45 Fitness is owned and operated by a franchisee with 5 studios in the metro Tucson area. The fitness franchise that began in 2011 now has over 1,750 studios in 45 countries across Australia / Oceanic, North America, South America, Asia, Europe and Africa. It is currently one of the fastest growing fitness franchises globally with over 650 locations in the United States.

SEIS Kitchen is a popular restaurant in the area with three locations in Tucson and a loyal following. SEIS specializes in regional Mexican cuisine, offering dine-in, takeout, or delivery to suit customers preferences. SEIS also offers catering.

Hook McCullough with Newmark represented the investor.

For more information, Heslop should be contacted at 520.495.2235.

To learn more, see RED Comp #10082.

PHOTO: El Corredor Neighborhood Retail Center

Phoenix, AZ  — Newmark[1] announces the $111.75 million sale of a two-property, 369-unit multifamily portfolio in the Southeast Valley of Phoenix, Arizona. Newmark Executive Managing Director Brad Goff, Senior Managing Director Brett Polachek and Managing Director Chris Canter represented the seller, a joint venture between Avanti Residential and KKR Real Estate, in the sale to a Denver-based buyer, Jason McCool.

The two-property multifamily portfolio comprises Omnia on 8th, a 188-unit multifamily property in Tempe and Omnia McClintock, a 181-unit property in Tempe. The properties were constructed between 1971 and 1984 and feature a mix of studio, one- and two- bedroom units with average unit sizes ranging from 680 to 750 square feet. Each property offers proximity to some of the city’s most popular destinations and activities and provides easy access to several major freeways.

“This portfolio generated a significant amount of activity due the prime locations of both properties,” said Polachek. “New ownership will have the opportunity to complete value-add upgrades to increase rents and capitalize on the rising rent growth the Phoenix area is experiencing.”

The two properties are situated in the thriving Tempe submarket. The submarket boasts above average statistics when it comes to labor pipelines, average income of residents, median home prices, and rent growth which is bolstered by the proximity to one of the largest universities in the nation – Arizona State University. As office markets and tech sectors evolve and intensify in these two submarkets, demand for housing, occupancy rates, and rents have all increased exponentially.

Following a record 2021, investor demand for multifamily remained robust during the first quarter of 2022 with $63 billion in U.S. sales volume, according to Real Capital Analytics data analyzed by Newmark Research. In addition to this volume signifying the largest first quarter on record, year-over-year volume accelerated 65.4%. Trailing twelve-month volume increased to $374.3 billion. Phoenix ranked sixth among major metros in terms of sales volume over the 12 months ending in the first quarter, with $17.5 billion in volume.

[1] DBA Newmark Knight Frank in Arizona

PHOTO: Omnia on 8th (left) and Omnia McClintock (right)