AutoZone Purchases Land at Houghton Town Center
AutoZone purchased a .78 acre parcel of land at Houghton Town Center for $700,000 ($20.52 PSF) from Diamond Ventures of Tucson. AutoZone has started construction of the store to be located at 10240 E Old Vail Road, east of Dunkin Donuts. AutoZone has four distinct floorplans that run from 6,500 – 8,000 square-feet. AutoZone will join Walmart, Panda Express, Discount Tire, McDonalds, Dunkin Donuts, Houghton Family Dental Care, SuperCuts, Nationwide Vision, Champion Pool & Spa Supply, Northwest Emergency Center, Hughes Federal and Credit Union at the southwest corner of Old Vail Road and Houghton Road in Vail, in the southeast submarket of Tucson. Shannon Murphy with DVI Realty in Tucson and Ben Craney with NAI represented the seller. Jayme Fabe with Tucson’s CBRE office represented the buyer. To learn more Murphy can be reached at 520.577.0200 and Craney is at 520.326.2200. Fabe can be contacted at 520.323.5100. For additional information see RED Comp #3172.

MU Zoned Acreage Sold for Redevelopment
Sean Bowman of Oro Valley purchased 1.72 acres at 1075 W Wetmore Road in Tucson for $490,000 ($6.54 PSF). The MU zoned property with 1,653-square-feet of buildings was purchased for redevelopment in a joint venture. Located near the Auto Mall, in the Central submarket of Tucson, the property would be great for automotive or industrial use. Tony Reed with Long Realty in Tucson represented the seller, Groome Transportation of Tennessee (Harold Groome, CEO). The buyer was represented by Frank Ali with Portofino Realty. Reed should be reached at 520.577.7400 and Ali can be called at 520.241.9941. Also see RED Comp #3129.

Pre-Leasing Build-to-Suit on River Road Land Sold
Michael R. Wattis has purchased 3.5 acres of TR zoned land at 1107 E River Road in Tucson for $315,000 ($2.07 PSF) from KLK Consulting Group of Tucson (Carla J Keegan, director). The buyer purchased for pre-leasing a 12,000-square-foot built-to-suit office for general or medical use. Buzz Isaacson with CBRE’s Tucson office represented the seller and is doing the pre-leasing for the buyer. Located between Campbell and 1^st Avenue, Isaccson expressed the owner is flexible, and would consider a slightly larger or even multi-tenant building in this pristine natural setting. To learn more Isaacson can be reached at 520.323.5151. For additional information see RED Comp #3139.

Lot in Santa Cruz Plaza Sells for Medical Related Expansion
Dr. Javier Rios of Corona, CA purchased .75 acres of land at Santa Cruz Plaza, located at the northeast corner of I-19 and Ajo Way in Tucson for $165,000 ($5.05 PSF). The buyer owns the adjoining medical clinic, Clinica Medica Familiar at 3770 S 16^th Street and purchased the lot for expansion of a related business to the clinic. Pete Villaescusa and Jesse Peron with CBRE’s Tucson office negotiated the transaction and represented the seller, Sagehen Investments of Newport Beach, CA and the buyer. Villaescusa and Peron can be reached at 520.323.5100. For additional information see RED Comp #3208.

C-1 Zoned Land Sells in REO Sale
Business Park Limited Partnership of Tucson (Phillip Roberts, general partner) purchased 1.82 acres at 8437 E Old Spanish Trail in Tucson for $139,000 ($1.75 PSF). The east side location is located close to shopping, parks, restaurants, and major transportation routes and was previously tentatively platted for 20 SFR lots. The tentative plat has since expired and buyer purchased property to hold for investment. Ben and Adam Becker with CBRE’s Tucson office represented the seller, the Bank of Oklahoma. To learn more the Beckers can be reached at 520.323.5100. For additional information see RED Comp #3154.

Expansion Site for Atlas Transmission Sells
The Izzo Revocable Living Trust purchased .67 acres of vacant land at 2360 W Wetmore Road in Tucson for $112,500 ($3.85 PSF) from Pamela L Potts and Richard L Pittman of Tucson. The large fenced, industrial MU zoned lot will be used for expansion by buyer who owns Atlas Transmission at 2380 W Wetmore Road. Tony Reed with Long Realty in Tucson represented the seller and Chuck Blacher with Tucson Realty & Trust Co. represented the buyer in the transaction. To learn more Reed can be reached at 520.577.7400 and Blacher can be called at 520.577.7000. For additional information see also RED Comp #3158.

Two new prestigious communities in northwest Tucson add an additional 133-P& E lots to the pipeline in June. Home sales are strong as well. According to Tucson Association of Realtors (TAR), Tucson market homes sales were up 20.92% year-over-year in May. See REDaily News June 10, 2015.

Realtor.com is predicting the housing market midyear is on track for best year since 2006. See REDaily News June 12, 2015.

NORTHWEST SUBMARKET

Cottonwood Properties, through affiliate DM Phase IV Investments (Carson Mehl, vice-president), recently sold two parcels along the common boundary between Canyon Pass at Dove Mountain and Saguaro Ranch for $3 million. The sale was to the new owners of Saguaro Ranch, Connecticut-based Northlight Capital Partners, and the combined area of the two parcels is approximately 57 acres.  As shown on the aerial, the parcels are on the other side of the ridge that runs along the east side of Canyon Pass Phase 4 (along New Horizon Ridge Drive).  The parcels that were sold are not visible from existing lots in Canyon Pass and are in the valley where other Saguaro Ranch development is planned. Future residents within the sold parcels will take access only from Saguaro Ranch and not be part of Canyon Pass. This boundary change will reduce the overall number of lots taking access from the Canyon Pass Phase 4 area by about 35 lots. Saguaro Ranch is a quality community and we believe this modification will be very compatible with our overall plan for Canyon Pass.

There were no brokers involved in the transaction. See RED Comp #3036 for additional information.

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Lennar Arizona bought 75 lots for Eagles Rest, a new subdivision in Rancho Vistoso MPC, at Moore Road west of Rancho Vistoso Blvd in Oro Valley for $2.94 million ($39,200 per lot). The gross area of the project site is 39.02 acres and net area is 26.57 acres. In addition to the sale price, the developer paid to plat and engineer the 75-lots while in escrow. All are 70’ by 125’lots.

The seller was The Kenneth W Olsen Family Trust of Cortaro and was represented in the sale by Ben Becker and Adam Becker of CBRE in Tucson. The developer / builder was self-represented. See RED Comp #3077 for additional information.

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DR Horton bought 58 platted and engineered lots at Sterling Meadows, a new subdivision in Marana, for $1.86 million ($32,000 per lot). Located southwest of Hartman and Overton Roads in Marana the gross area of the subdivision is 58.8 acres. All are 70’ by 125’lots.

Dan Feig and Aaron Mendenhall with Chapman Lindsey Commercial Real Estate Services in Tucson represented the seller, Pacific International Properties, LP (Daniel Leung, manager). See RED Comp #2976 for additional information.

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WESTERN SUBMARKET

DR Horton purchased 9 finished SFR lots at Mission Antigua in the western submarket of Tucson. This purchase was the 4th takedown for 8 finished lots of a 38-lot rolling option for $265,917 ($29,546 per lot). The lots are mostly 45’ by 110’.

Dan Feig and Aaron Mendenhall with Chapman Lindsey Commercial Real Estate Services in Tucson represented the seller, Antiqua Associates, LLC, an affiliate of Red Point Development (Daniel Leung, manager). The gross area of the subdivision is 58.8 acres. See RED Comp #3044 for additional information.

Homebuilders enthusiastic for more lots last month were DR Horton, Maracay Homes and Insight Homes. In three separate transactions, only 37 lots sold during the month of January in the Tucson metro area with half in the Northwest and half in the Westerly submarket of Tucson.

NORTHWEST SUBMARKET
Insight Homes of Tucson (Mike Jones, manager) purchased 12-SFR lots at the new La Canada Ridge for $1.23 million ($102,000 per lot). The lots were platted and engineered and buyer had an option for an additional 21-lots from Sharpe & Associates of Tucson (Bob Sharpe, manager) Insight Homes is a custom home builder in Tucson, Oro Valley, Marana and Dove Mountain. La Canada Ridge is a 33-SFR development, located southwest of Moore Road and La Canada. Ted Herman with Sharpe & Associates represented the seller and Ben Becker with CBRE in Tucson represented the homebuilder. For more information see RED Comp #2401.

Maracay Homes took down an additional 6 finished lots at Tortolita Vistas as part of a 54-lot rolling option with Ready Eight Corporation, an affiliate of Cottonwood Properties (David Mehl, manager) for $945,765 ($157,628 per lot). With this purchase, Maracay has taken down 19-lots in this gated community since October 2013 when the option began. These over-sized one acre home sites feature lush desert open space. Conveniently located just north of Tangerine Road on Thornydale Road in Marana, the Tortolita Vistas community is set in the foothills of the Tortolita mountain range, surrounded by stunning views. Will White and John Carroll of Land Advisors Organization in Tucson represented Maracay in the transaction. For more information see RED Comp #2397.

WESTERLY SUBMARKET
Tierra Valencia of Tucson, an affiliate of the Estes Companies (Bill Estes III, manager) sold 19-SFR lots at Eagle Point Estates to D.R. Horton in Tucson (Brent Davis, Division President) for $712,000 ($37,500 per lot). This is the first takedown of an 83-lot option agreement at Eagle Point Estates, located to the Northwest of Valencia and Vahalla Roads in the West Tucson submarket. The 19 finished lots total 4.96 acres. Dan Feig and Aaron Mendenhall of Chapman Lindsey represented D.R. Horton.  For more information see RED Comp #2407.

To learn more Ted Herman can be reached at 520.299.8766. Ben Becker is at 520.323.5100 and Will White and John Carroll should be contacted 520.514.7454.

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[mepr-show rules=”58038″] # 1 sale above: Insight Investment Company was buyer at La Canada Ridge. Sale date: 1/2/2015. Fidelity Title Trust #60,217 Sharpe & Associates, beneficiary and the seller. Exact sale price was $1,260,720,Down Payment was $1,020,000. The sale price has broker’s commissions included. APNs: 219-49-104 thru 115.

#2 sale above: Maracay 91, LLC was the buyer. Sale date 1/5/2015. Sale price: $945,764.60, down payment: 890,764.60. There are fees for infrastructure included in sale price that make the price per lot different in each take down. APNs: 219-36-014, 045, 046, 048, 066 & 092 all over 1 acre in size irregular lots.

#3 sale above:  D.R. Horton was the buyer. Sale date: 1/13/2015. Sale price $712,500 all cash. APNs: 210-15-304 thru 306, 321, 322, 779 thru 785, 792 thru 796, 798 & 805.[/mepr-show]