Phoenix, AZ  – BREW is reporting that LaPour Partners Inc. in Las Vegas, Nev. (Jeff LaPour, principal) has teamed up with Holualoa Arizona Inc. in Tucson (Mike Kasser, principal) to develop a $75 million office-hotel project at the southeast corner of 28^th Street and Camelback Road in the Biltmore area of central Phoenix.

LaPour Partners agreed to acquire the 3.618-acre site, and been working to obtain zoning approval for the mixed-use project. Fast forward one year. Zoning is in place. Holualoa has been secured as a venture partner. And in a cash sale, Camelback Collective Holding LLC (LaPour/Holualoa entity) paid $17.475 million ($110.88 per foot for the land) to purchase the property.

The site, which is now occupied by a group of office buildings, has addresses of 2801-2845 E. Camelback Road. The prime real estate was sold by Daily Double LLC in Phoenix, formed by Turf Paradise horse track owner Jerry Simms.

The deal was brokered through Jim Fijan and Will Mast of CBRE in Phoenix.

The Class A mixed-use project, being called Camelback Collective, is comprised of 120,000 sq. ft. of office space in a four-story building and a 160-room boutique hotel in a five-story structure. Construction on the spec office and the hotel is slated to start by year-end, with completion anticipated second quarter 2018. Contractor has yet to be named. Development cost (land and buildings) estimated at $75 million. Construction financing is now being arranged.

The office component will be creative space with high ceilings. Jerry Roberts and Pat Boyle of CBRE have the leasing assignment. Plans include an upscale, select service hotel, which the venture will develop and own. Sources say the developer has finalized a deal to fly the new AC Hotels By Marriott flag on the hospitality amenity.

The prime Camelback Road site is now occupied by 68,000 sq. ft. of office space in four, single-story buildings that were developed in 1978. The structures will be razed for the redevelopment.

Get more from LaPour at (702) 222-3022. Aroon Chinai is the contact at Holualoa, call him at (310) 566-3061. Talk to Simms at (602) 942-1101. The CBRE agents are at (602) 735-5555.

For full story click here https://brewaz.com/hot-news/lapourholualoa-venture-buys-camelback-road-site-planned-for-office-hotel-project/

Tucson-based, Holualoa Arizona (Michael Kasser, CEO) sold the Continental Professional Plaza at 1131, 1141 and 1151 S La Canada Drive in Green Valley for $3.1 million ($97 PSF).

The Continental Professional Plaza is a three (3) building medical complex located along La Canada Drive, just west of Interstate 19 in Green Valley AZ. The improvements were constructed in 1979 using a durable masonry block construction system. The buildings are mostly exterior loaded and are situated around a landscaped interior courtyard.

The property was 78% occupied at time of sale.

Continental Professional Plaza is situated on ±4.30 acres of land with a zoning classification of CB-1. Parking is provided by surface spaces at an excellent ratio of ±6:1000 square feet. Access is conveniently provided from both Continental Road and La Canada Drive.

Situated within the retirement community of Green Valley, Arizona, located within the Tucson Metropolitan area, just 20 miles south of Downtown Tucson along Interstate 19. The community offers excellent recreational opportunities, including golfing, hiking and swimming, and a great quality of life that lures residents year-round. Land use in the Green Valley area is dominated by residential development. This area features many master-planned, age-restricted subdivisions and commercial developments that are narrowly targeted on providing goods and services to the retirement population. Demand for office and medical space in Green Valley is consistently increasing as the growing senior population requires additional services.

The buyer, Jian Ming Wu and Miao Q Zhen of Ontario, CA was represented by Jeff Lin with Marcus & Millichap in Ontario, California.

The seller was represented by Eric Wichterman and Michael Coover of Cushman & Wakefield in Phoenix and Jon Jump and Chad Kouts of JVI of Tucson.

For additional information, Wichterman can be reached at 602.224.4471 x271, Coover is at 602.224.4473 and Jump and Kouts can be contacted at 520.733.0007.

To learn more, see RED Comp #3713.

It’s been a tough few years for the Tucson Industrial Market, but Q4 ended on a high note, when the Industrial market saw 55% of its annual sales close in the last three months of the year. Although a decrease of 7.7% in sales volume from 2013, the market has trended slowly but surely in a growth direction each and every quarter during 2014.

Like the national market, the Tucson industrial market has the stage set, poised and ready, for a full recovery cycle in 2015.

The following four industrial sales, totaling over $8.3 million, wrapped up the rousing year end.

>> Holualoa Capital Management of Tucson purchased an 80,600-square-foot industrial building with excess land at 3301-3321 E Global Loop in Tucson for $3,035,000 ($37.66 PSF). The property is located in Tucson International Business Center and sold vacant with 9.38 acres of excess land. The building was previously occupied by Spectra-Physics and has 20,800-square-feet of clean rooms, a 9,800-square-feet R&D lab, 5,000-square-feet manufacturing space and 45,000-square-feet of office and 215 parking spaces. The buyer purchased to hold for investment.

Bill Divito and Jesse Blum of CBRE’s Tucson office handled the transaction for buyer and seller, Tarlow Family Investments II, LP of Prescott Valley, AZ and will also be marketing the property for sale of for lease. To learn more call Divito at 520.321.3339 and Blum at 520.321.3335.

>> 5505 Nogales, LLC of Greenfield, WI purchased an 81,094-square-foot industrial building (built 1988) at 5505 S. Nogales Hwy in Tucson for $2.8 million ($34.53 PSF). The seller was We Valoroso Holding Corp. of Phoenix (John Lynch, manager) and the property was 100% occupied by Fluoresco Lighting as Corporate Offices.

Ron Zimmerman, Commercial Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction. To learn more call Zimmerman at 520.248.0427.

>> An affiliate of the Presson Corporation of Phoenix (Daryl Burton, manager) bought the 33,082-square-foot industrial building at 4650 S Coach Drive in Tucson for $2.05 million ($62 PSF). The property was not on the market when it sold fully leased by four tenants.

Jon O’Shea, Rob Fischrup and Eric Lamb with Vast Real Estate Solutions of Tucson represented the seller, 3430 Sunrise, LLC of Tucson (Eddy Chernecki, manager). The buyer was represented by Rob Glaser CCIM, SIOR, Industrial Specialist with Cushman & Wakefield | PICOR of Tucson.

To learn more call O’Shea, Fischrup and Lamb at 520.624.9400 and Glaser at 520.546.2707.

>> Deb & Russ, LLC purchased a 12,765-square-foot industrial building at 1215 E Warehouse Ave in Tucson from American Builders & Contractors Supply Co., Inc. for $440,000 ($34.47 PSF). Deb & Russ operate Aztec Flooring, a locally owned and operated flooring company serving Tucson and Southern Arizona since 1967.

Stephen Cohen and Russ Hall, SIOR, GSCS, Industrial Specialists with Cushman & Wakefield | Picor, represented the seller and Neal Manning of Manning Company Realtors in Tucson represented the buyer in this transaction.

To learn more call Cohen at 520.546.2750 and Manning at 520.325.6616.