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NORTHWEST SUBMARKET
New at Tierra Linda Nueva – D.R. Horton paid[mepr-show rules=”58038″]$160,000 ($40,000 per lot) for four finished lots in the Northwest submarket, southwest of Emigh Road and Sanders Road in Marana. This is the first takedown on an option for 48-lots from Tierra Linda Nueva, an affiliate of Estes Land and Development of Tucson (Kip Volpe, President) in a 190 SFR lot subdivision of 36,000 SF minimum lot size.

New Northwest Community for Meritage Homes of Arizona in Scottsdale. Meritage bought a 50 platted lot subdivision at Tangerine and La Cholla in Oro Valley, in the Northwest submarket, for $982,500 ($19,650 per lot). Rancho de Plata, LLC of Tucson (Yoram Levy) sold the subdivision by the same name, Rancho de Plata. Mike Carlier and Jim Vincent of the Carlier Company represented the seller in the transaction.

A.F. Sterling of Tucson (Randy Agron, VP) took down four finished lots at Tortolita Vistas for $429,800 ($107,450 per lot) for these 3/4 acre custom home sites. The transaction was part of a rolling option for a total of 34 custom home sites that began in 2011. The seller was Cottonwood Properties of Tucson (Bill Hallinan, VP).

SOUTHEAST SUBMARKET
New at Civano in the Southeast – Pepper Viner has entered into a rolling option agreement with Spectrum Capital Holdings of Tucson for 32 total lots at Civano. Eleven of the lots are in Civano I (PAD-12) and 21 lots in Civano Block 2 (PAD-6). Pepper Viner’s first takedown was for four lots, two lots in each subdivision for $175,000 ($43,750 per lot).

SOUTHWEST SUBMARKET
D.R. Horton bought three finished lots at Estancia Del Corozon in Rancho Sahuarita for $165,000 ($55,000 per lot) from Robert Spinelli. Rancho Sahuarita is south of Tucson. The three lot sizes were 80’ x 120’in size. This was a cash purchase for the builder.

WEST SUBMARKET
Willow Bridge, LLC of Tucson (Greg Anderson, managing member) bought 51 finished lots in the Silverbell Residential subdivision located is in the West submarket, at Silverbell and Goret in Marana. The cash purchase for $700,000 ($13,725 per lot) was an investment purchase. The seller was Metropolitan Housing Corporation of Tucson (Gary Bachman, CEO). Aaron Mendenhall and Dan Feig of Chapman Lindsey of Tucson negotiated the transaction and are listing agents on the lots for resale.

D.R. Horton (520) 790-6005. Volpe (520) 571-1958. Meritage Homes (877) 275-6374. Vincent (520) 548-0216 and Carlier (520) 529-3800. Feig and Mendenhall (520) 747-4000. Metropolitan (520) 795-7555. Agron (520) 577-3600. Hallinan (520) 299-8424.

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[ismember] D.R. Horton closed on the lots at Tierra Linda Nueva 5/24/2013. Land area is 174,912 SF. Subdivision is zoned SH, .93 RAC.
Pepper Viner at Civano closed on 6/12/2013. Buyer’s option at Civano I is for (11) cluster lots, zoning PAD-12; and (21) lots (85’ x 110’) in Civano Block 2, zoned PAD 6, totaling 32 lots. Totaling 28,727 SF as follows 3,846 sf; 3,573 sf; 9,350 sf; 11,9578 sf
DR Horton’s Rancho Sahuarita 3 lots sold on 6/25/2013. Land area was 29,779 SF.
Meritage Homes at Rancho de Plata closed 6/21/2013. Gross land area was 19.45 acres, net acres 18.77. All platted to 55’ lots approximately 6,000 SF lots zoned R-7.
Willow Bridge purchase was on 6/6/2013. The subdivision consists of 85 total lots on 20.16 acres. The project is a residential cluster project.
AF Sterling lots at Tortolita Vista closed on 6/27/2013.[/ismember]

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With office activity pretty much flat since 2012, a sudden surge in office condominium sales in the Northwest Foothills area of Tucson is seen as encouraging.

NORTHWEST SUBMARKET
Dr. Mikel Lo, About Faces Cosmetic Surgery, purchased a 5,225 sq. ft. class-A medical condo building at La Cholla Medical Park on the Northwest Medical campus, 5940 N La Cholla Blvd. in Tucson for[mepr-show rules=”58038″]$1.13 million ($216 PSF). The building (built 2003) was leased to a single tenant and had economic vacancy for one year when it sold. It will be owner occupied by Dr. Lo for About Faces next year when its lease at 6127 N La Cholla Blvd. expires. Compass Bank of Tucson handled financing. Doug Marsh with Oxford Realty Advisors in Tucson represented the seller, GACD, LLC of Newport Beach, CA. The buyer was represented by Clint Buckelew of Buckelew Realty in Tucson for this transaction.

Doug Marsh commented, “With interest rates being what they are, businesses prefer to buy rather than lease. To accommodate this trend, Oxford has taken on a condo conversion project in the Northwest to convert a retail center into office condos.”

Also at the La Cholla Medical Park on the Northwest Medical campus, 5910 N La Cholla Blvd. sold for $867,000 ($223 PSF) to the Northwest NeuroSpecialists Medical Group. Built in 2004,  the 3,887 sq. ft. four-condo building was move-in ready for buyer that plans to occupy immediately. Alliance Bank handled the

financing. Doug Marsh of Oxford Realty Advisors in Tucson represented the sellers, Mr. & Mrs. Randall Cohen. The buyer was represented by Alan Moore of Chapman Lindsey in Tucson.

“As the office market comes back, it seems natural for medical use to be in the forefront, since medical space needs are the most predictable for long term space requirements,” according to Gary Heinfeld, CCIM of Advisors in Real Estate

Heinfeld sold a 1,200 sq. ft. condo at San Jose Plaza, 10134 N Oracle Road #11 in Oro Valley for $252,000 ($210 PSF) to Oro Valley Weight Loss Clinic, Dr. Robert McCarver of Chandler. This will be the first office in Tucson for Dr. McCarver. Built in 2009, the building was being marketed for lease or lease-purchase. This is the first occupant in the new condo that sold ready to move-in, after paint and flooring is finished for final build out. Gary Heinfeld, CCIM of Advisors in Real Estate represented the seller. The buyer was represented by David Montijo, 1st Vice President and Bruce Suppes, Vice President with CBRE in Tucson.

Domino Pizza purchased a 3,025 sq. ft. office condo for its Tucson administrative office at Magee Corporate Center, 2205 W Magee Rd. in Tucson. The sale price was approximately $386,000 ($128 PSF) for shell condition in this class-A complex. Constructed in 2007, the 24 month road construction project now completed along Magee and La Cholla must be welcomed news. Domino will be next to Arizona Sunset Dental and complete the tenancy in this building. Tom Nieman and Rick Kleiner, MBA, Principals and Office Specialists with Cushman & Wakefield / Picor Commercial Real Estate Services handled the transaction.

Nieman reported that Magee Corporate Center at the southwest corner of Magee & La Cholla has only one 2,251 sq. ft. shell condo remaining and the developers are considering whether or not the time has come to build another shell office building.

Craig Courtney, owner and developer of Magee Center Office Condominiums, on the northwest corner agrees, “There seems to be signs of a shortage in office inventory coming to the Foothills; but added, as long as there exists such a wide gap in pricing between ‘buying new’ versus ‘refurbished’, it’s challenging to know if new construction is warranted.” Courtney has plans to develop his corner as 50,000 sq. ft. retail and 20,000 sq. ft. office and potential hotel site

Across the street, on the southeast corner at La Cholla Corporate Center, Amram Dahukey, MD bought a 1,748 sq. ft. medical condo at 7590 N La Cholla Blvd. in Tucson for a Podiatrist office

from Dr. Rosenfeld for $230,000 ($132 PSF). Property was previously occupied by the seller as medical space. Buyer purchased to owner occupy dba Premier Foot and Ankle Surgeons. Nancy Gansline of Oxford Realty Advisors in Tucson represented the seller and David Montijo of CBRE in Tucson represented the buyer in this transaction.

Dr. Wenhui Cai bought a 2,567 sq. ft. condo at Plaza Campana, 6879 N Oracle Rd. #32 & #33 in Tucson for $346,545 ($135 PSF) for investment. The condo located southwest of Ina and

Oracle was vacant at time of sale. This is Cai’s second condo purchase in the complex for investment. John Yarborough of Romano Real Estate handled the transaction. Yarborough has listing for the 2,567 sq. ft. available for lease at an asking rate of $22/SF/modified gross in this class-A complex.

Palm Canyon Dermatology, Dr. Gregory Ertle is relocating from Yuma and purchased the 2,143 sq. ft. condo at 12460 N. Rancho Vistoso Blvd., Ste 110 in Oro Valley for $300,000 ($140 PSF). The space was previously owner occupied dba Desert Day Spa. The clinic will be open for business on September 3 according to the recorded phone message there. We were unable to determine if there were brokers involved.

Marsh and Gansline with Oxford Realty can be reached at (520) 232-0200. Buckelew at Buckelew Realty is at (520) 975-2409. Moore with Chapman Lindsey can be contacted at (520) 747-4000. Heinfeld with Advisors in Real Estate should be reached at (520) 299-0760. At CBRE, Montijo is at (520) 323-5136 and Suppes is at (520) 323-5155. Nieman can be contacted at (520) 546-2728 and Kleiner is at (520) 546-2745 at Picor. Courtney of Courtney Realty can be contacted at (520) 293-8280. Yarborough of Romano Realty can be reached at (520) 577-1000.

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[ismember] 5940 N La Cholla sold on 5/16/2013. Tucson class A office (BOMA class B). The recorded buyer was MTCL, LLC and seller, GACD, LLC. It was in escrow 90-days. Buyer put $175,000 down and financed the balance.
5910 N La Cholla sold on 5/13/2013. Tucson class A office (BOMA class B). The recorded buyer was Four Legged, LLC (Drs. David Weidman, Reuben Hill et al, and seller, Mr. & Mrs. Randall S & Cathryn Cohen of Tucson. The escrow time was 45-days. Buyer put $214,000 down and financed the balance.
10134 N Oracle Rd #11 sold on 6/19/2013. Tucson class A office (BOMA class B). The recorded buyer was Oro Valley Weight Loss Clinic, LLC and seller San Jose Commercial Center Lot 4, Inc. Square footage is appraised SF, assessor uses 1,143 SF. Escrow time was 23 days, all cash.
2205 W Magee Rd #22 & 23 sold on 5/23/2013. Tucson class A office (BOMA class B). The recorded buyer was Team So-Cal, Inc. of Ventura, CA and the seller, Landmark Title Trust #18,183-T, Magee Corporate Center, beneficiary. The space was on the market for sale or lease at $21.96 / SF. Escrow time: N/Av, all cash transaction.
7509 N La Cholla sold on 6/3/2013. Tucson class A office (BOMA class B). The recorded buyer was 7590 La Cholla, LLC and the seller, Rosenfeld Building, LLC of Virginia Beach, VA. Square footage is per tax assessor. Escrow time: N/Av, all cash.
6879 N Oracle sold on 4/25/2013. Tucson class A office (BOMA class B). The recorded buyer was Cyan, LLC and the seller, San Carlos Institute of Art & Design, Inc. of Tucson. Escrow Time: N/Av, all cash. The other condo Dr Cai purchased last year by this same buyer is currently leased on a short term lease to Nova Homes.
12460 N Rancho Vistoso Blvd sold 4/25/2013.Tucson class A (BOMA class B). The recorded buyer was Gregory A & Sue A Ertle, the seller PR Properties, LLC Pamela Crim. Escrow Time: N/Av, all cash deal. SF is per buyer, tax assessor shows 2,119 SF. [/ismember]

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D.R. Horton, a Texas based company and one of the largest homebuilding companies in the United States, operating in 26 states and 77 metropolitan markets.

In Caddis Haley Estates, D.R. Horton (NYSE: DHI) acquired 9 finished lots for[mepr-show rules=”58038″]$180,000, or $20,000 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, west of 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 6 lots for $258,000, 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 that began 1Q 2013, D.R. Horton purchased 12 lots in Sonoran Ranch II for $294,000, or $24,500 per finished lot from Son.Land Company (John Agresti, manager). This is the second takedown of 52 lots there. Sonoran Ranch is located west of Tucson near Star Valley and offers six models ranging in price from $141,900 to $193,900. The average lot is about 5,000 sq. ft. Dan Feig with Chapman & Lindsey in Tucson represented the seller.

D.R Horton 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 call (817) 390-8200. Dan Feig and Aaron Mendenhall can be reached at (520) 747-4000.[/mepr-show]