Boulder Oro Valley, LLC (Ross Rulney and Malcolm Berman) in a non-arms length transaction, paid $1.15 million for 11.29 acres to Holualoa Oracle Linda Vista, (Michael Kasser, CEO) Scotia Group Limited (Peter Aranoff, CEO) Ashland Group Millenium (Duff Hearon, manager) and The Lenihan Company (Stephen Lenihan, President) to restructure the investment group and make whole again the abandoned hotel site at the northeast corner of Oracle Road and Linda Vista Blvd in Oro Valley.

The Sunway Hotel Group, based in Overland Park, KS, purchased the site in two transactions in 2007 and 2009, for an aggregate price of $6.57 million. Sunway began construction of a 123-room, 95,000 sq. ft., 2-story hotel, but abandoned the project, partially completed, in May 2011. Leaving a slab, with incomplete buildings and exposed wooden framing that lacked roofs, when it was repurchased out of foreclosure by Boulder Hotel Oro Valley, managed by Ross Rulney. The slab and partial construction was razed by Boulder Hotel Oro Valley.

“The parcel is now back to its original size of 20 acres,” said Rulney, who first began to assemble this site in 2003 for development. “The new plan is to construct a 228-unit multi-family apartment complex on the back 13 acres and 47,200 sq. ft of commercial retail / office in five buildings on the 6.6 acres along Oracle,” added Rulney.

According to the new conceptual site plan labeled “El Corredor” the actual gross acreage of the site is 22.80 acres with 19.58 net; 6.6 acres are reserved for commercial use along Oracle and 12.9 acres in back, for construction of a 228-unit multi-family complex with 40% one-bedrooms, 48% two-bedrooms, and 12% three-bedroom units. The back 12.9 acres was rezoned recently to high density PAD for the multi-family development.

According to Rulney, “The multi-family project is timely, there has been positive apartment absorption since 2010 in the Tucson market. This one should be easy.” Perpetual optimism coming from the guy who has been waiting more than a decade to see something come out of the ground at Oracle and Linda Vista. General Contractors are being interviewed.

For more information on El Corredor contact Ross Rulney at (520) 850-9300.

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In Caddis Haley Estates, D.R. Horton (NYSE: DHI) acquired 16 finished lots for[mepr-show rules=”58038″]$304,000, or $19,000 per finished lot as part of a rolling option for 161 lots, from Caddis Bridge, LLC (Greg Anderson, manager). Caddis Haley is located west of Tucson near Star Valley, close to Casino del Sol. D.R. Horton offers five models there ranging in price from $127,900 to $160,000. Average lot size is 5,128 sq. ft. Dan Feig and Aaron Mendenhall of Chapman Lindsey represented the seller.

In Sahuarita Highlands, D.R. Horton took down an additional 15 lots for $645,000, or $43,000 per finished lot from Red Point Development, Inc. (Daniel Leung, President) as part of a rolling option agreement for 153 total lots. Sahuarita Highlands offers five floor models that range in price from $187,900 to $206,900. Dan Feig of Chapman Lindsey represented the seller.

In a new agreement, D.R. Horton purchased 16 lots in Sonoran Ranch II for $562,000, or $35,125 per finished lot from Son.Land Company (John Agresti, manager). This is the first takedown of 52 lots there. Sonoran Ranch is located west ofTucsonnearStarValleyand offers six models ranging in price from $141,900 to $193,900. The average lot is about 5,000 sq. ft.

D.R. Horton, a Texas based company is one of the largest homebuilding companies in theUnited States, operating in 26 states and 77 metropolitan markets. Homes generally range in size from 1,000 to 4,000 sq. ft. and in price from $100,000 to $600,000. For the year ended September 30, 2012, D.R. Horton closed 18,890 homes nationally with an average price of approximately $223,300.

To contact D.R. Horton’s executive office (817) 390-8200. Dan Feig and Aaron Mendenhall can be reached at (520) 747-4000.

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Pizza Hut franchise owner, Pizza Hut of Arizona, Inc. (Pat McConaughey, President) bought the building it has occupied since 1994 at 1502 West St. Mary’s Road in Tucson for[mepr-show rules=”58038″]$286,400 ($117 PSF) in an all-cash transaction, from Hanna Marital Trust of Irvine, CA, an affiliate of privately-held Hanna Capital Management (Ash Hanna, principal). The property sits on an 18,000 sq. ft. lot, east of St. Mary’s Hospital.

The building was constructed as a 7-Eleven in 1970, and renovated for Pizza Hut in 1994. According to McConaughey, “the decision to buy was not based on current low interest rates, but rather coincided with its lease renewal and the desire to make renovations to the building that were not financially prudent as a tenant.”

Pizza Hut of Arizona operates 16 restaurants in Tucson.

The Pizza Hut franchise first opened in 1959, in Topeka, KS. In 1972, Pizza Hut went public and experienced rapid growth. The company merged with Pepsi in 1977 that bundled all its restaurant holdings and spun them off as Yum! Brands (NYSE:YUM) the parent company of A&W Restaurants, KFC, Long John Silver’s and Taco Bell.

March 1, 2013 – Dunkin Donuts’ franchise owner, RAM Holdings, LLC of Tucson (Walter Thibodeau, manager) bought the retail building at 4676 E Grant Road in Tucson for $610,000 ($297 per sq. ft) from Donald F Averson and Margeret R Arveson Revocable Living Trust of Tucson. The property sits on a 19,375 sq. ft. lot at the southwest corner of Grant and Swan Roads and was constructed in 1979.

Wells Fargo handled the financing for RAM Holdings.

The Dunkin’ Brands (NASDAQ: DNKN) franchise claims almost 120 years of combined franchising experience, with two of the world’s most recognized brands: Dunkin’ Donuts and Baskin-Robbins. Under the Dunkin’ Brands umbrella, both brands share the same vision of conveniently delivering high-quality food and beverages in a welcoming environment, quickly, and at affordable prices.

Dunkin’ Donuts is based in the region of Canton, MA, and was founded in 1950. Dunkin’ Brands achieved a global sales record of $6.58 billion in the year 2012.
There were no brokers involved in either sale.

To reach McConaughey call (520)838-5171 ext. 167. Thibodeau can be contacted at (520) 797-7142. Dunkin’ Brands Corporate Office is at (781) 737-3000. Pizza Hut Corporate can be reached at (800) 948-8488.

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