TUCSON, AZ – Nick Miner, CCIM of ORION Investment Real Estate, reports selling a 12,049-square-foot multi-tenant, retail building at 4861 East Grant Road,  just east of the northeast corner of Swan Road and Grant Road in Tucson for $2,750,000 or $228 per square foot. The property was 100% occupied by local and regional tenants.

Miner represented the Seller in the transaction, Vans Tucson Golf Properties, LLC, who Miner has been helping to liquidate other real estate holdings. Miner continues to market a property in Scottsdale, Arizona and Indio, California for the seller.

Tucson, Arizona, Arizona’s second largest city, has a population of 541,482 people and is home to The University of Arizona, one of the major employers in the area. The university gives the city a vibrant college town atmosphere and contributes greatly to the diversity and breadth of its cultural scene. Located in Pima County, Tucson offers residents an urban suburban mix feel.

Nick Miner, CCIM, Senior Vice President at ORION commented, “We had multiple offers within the first week of marketing the property for sale. The buyer that was selected owned other retail centers in the market which provided a high level of confidence of closing.”

Miner continued, “The buyer purchased the property because of the great mix of tenants and location in the Crossroads Festival Shopping Center which is anchored by Fry’s (Kroger).”

Buyer, PALZ Properties, LLC, was represented by Robert Nolan of Oxford Realty Advisors in Tucson.

PHOENIX, ARIZONA — SB Real Estate Partners (“SBREP”) has acquired Bloom 24, a 114-unit garden style multifamily community in Phoenix AZ for $34.2 million ($300,000 per unit).

While recently selling two of its Phoenix properties for nearly $100 million, SBREP remains an active buyer within the Phoenix apartment market.  The firm has two properties – equating to approximately $150 million of purchase price – under contract and set to close in April.

“Our aggressive investment approach in the Phoenix MSA continues to be fueled by the market’s robust multifamily fundamentals,” said SBREP Founder & Managing Principal, Srijin Bandyopadhyay.  “We continue to remain bullish towards the Phoenix apartment market on an intermediate to longer-term basis given the diverse and high-quality employment growth throughout the metro.  Employers continue to be drawn in by the deep labor pool and the city’s pro-business environment, along with net in-migration resulting from the relatively affordable cost of living.  These factors collectively continue to drive very favorable supply/demand dynamics for multifamily investors.”

Built in 1973 and located at 2323 East Flower Street, the property will be rebranded as Portola Biltmore. SBREP is planning a $2 million capital improvement program to enhance the property exterior / curb appeal, common area amenities and unit interiors.

The property’s unit mix consists of one-bedroom floor plans averaging 700 square feet as well as unique two-bedroom loft plans which average 1,100 square feet. Property amenities include a community swimming pool, secure gated access throughout the property, along with a tennis and basketball court area.

Located at the border of the Biltmore and Camelback East areas of Phoenix, the property provides its tenants with immediate access to the SR-51 and Camelback employment corridors. Tenants also enjoy proximity to the retail and lifestyle amenities of Midtown and Uptown Phoenix.

“Designed by Nature,” integrates its builder neighborhoods with natural and open space at Rocking K

TUCSON, ARIZONA –The Rocking K master-planned in Tucson’s southeast Vail sub-market, is emerging as one of the largest and most popular projects in southern Arizona. The extension of Valencia Rd. conveniently connects Rocking K to the region’s major employers, the airport, shopping and two new hospitals.

Rocking K opened in late 2020. The first phase of this 2-year-old project is busy with home construction and sales, subdivision and lot development and work for future phases. Rocking K has been heavily sought after by Tucson’s homebuilders and homebuyers. Incredible views from this foothill’s location, bigger back yards, homes next to natural open space, a large park and miles of trails are all popular selling points.

Pulte, KB Home, Lennar Arizona and Richmond American have had staggered openings during this first phase, with Pulte almost sold out of their first Vail Parke neighborhood and opening their second and Richmond American currently preselling Sky Village homes, opening this spring. KB Home and Lennar are having strong sales in Silver Ridge. These four builders have twelve model homes in Rocking K and as of mid-January recorded 212 sales and 92 closings.

Planning, platting and opening in 2022 will be new neighborhoods from the first phase builders as well as new builders including Moderne homes for rent, Forestar and Del Webb Active Adult.

As Tucson’s employment and population grows and Tucson continues to receive positive national attention, Rocking K’s location is ideal. Rocking K is the southeast region’s premier community providing builders with the lot inventory to offer a range of homebuyers a diverse choice of home sizes, styles and prices.

The Rocking K Master Plan includes almost 5,000 acres both south of Old Spanish Trail and north abutting the Rincon Mountains and Saguaro National Park. Rocking K will be able to provide residential land and lots to builders and buyers for years to come. The Rocking K community design philosophy is to connect neighborhoods to nature. Rocking K, “Designed by Nature,” integrates its builder neighborhoods with natural and recreational open space within the community and encourages outdoor engagement throughout the Rincon Valley and Vail.

David Goldstein, President of Diamond Ventures, commented,  “2022 is projected to be another very good year at Rocking K. With our builder, community and government partners, Rocking K is developing nicely. Given our region’s lot inventory challenges, we are expecting Rocking K to supply homebuilders, under a strong delivery program, for many years.”

“We have a deep waiting list for lots at Rocking K,” said Will White with Land Advisors-Tucson, who represents Rocking K’s lot sales to homebuilders.  “The project has exceeded expectations from day one and with a large supply of lots being approved and delivered on a consistent timeline, we expect the community’s performance and market share to grow substantially over the next several years.”

Land Advisors Organization has the marketing assignment for all lot sales at Rocking K; for more information, Will White and John Carroll can be reached at 520.514.7454.