TUCSON, Arizona – BP Swan Investors, LLC (Don Bourn, manager) and Maizlish College Partners GLS, LLC (Toufic Abi-Aad, member), affiliates of Bourn Companies, purchased property at 4710 E 29^th Street and 2021 S Swan Road in Tucson for $1.6 million ($1.31 PSF).

The 27.7763 acres sold with 115,245-square-feet of buildings that sold with no value to be razed. The buyer purchased to rezone from R-1 to an office use zoning for redevelopment.

With fundamentals of the Tucson office market improved, healthy demand drove net absorption to 184,040-square-feet in the third quarter of 2017, bringing the year-to-date total to 312,127-square-feet of net absorption. In the third quarter, office-users were particularly active in the Downtown and East Central submarkets.

According to CBRE, Tucson’s vacancy rate tumbled 190 bps quarter-over-quarter to 14.3% during the third quarter of 2017. This is the lowest vacancy rate since Q3 2008.

The seller, the State of Arizona Department of Economic Security in Phoenix, was represented by Ben and Adam Becker with Ian Stuart of CBRE in Tucson.

The investors were represented by James Marian, CCIM, of Chapman Lindsey Commercial Real Estate Services of Tucson.

For additional information, Marian can be reached at 520.747.4000. Ben Becker is at 520.323.5149 and Adam Becker is at 520.323.5188. Stuart can be called at 520.323.5180.

To learn more, see RED Comp #5310.

Three Land Sales in Northwest and Broadway total over $3.7 Million for the Week

TUCSON, Arizona — Circle K Stores, Inc. has purchased 2.36-acres of raw land at the southeast corner of Ina Road & Silverbell Road in Marana, from Ina & Silverbell 1, LP and Denton Investments (Don Denton, manager) for$1.25 million ($12.16 PSF).

The site will be used for construction of a new 4,500-square-foot Circle K store and fueling station.

Circle K has been a successful convenience store operator for over 50 years. There are more than 3,300 Circle K stores across the USA and over 4,000 international locations. Circle K is mainly located in the Southern, Western, Southwestern, and Midwestern United States. Internationally, Circle K has stores in Mexico, China, Japan, Guam, Vietnam and the United Arab Emirates.

Brian Gast of Velocity Retail Group in Phoenix represented the Buyer and Andrew D. Sternberg was with Oxford Realty Advisors representing the Seller in the transaction and is now with NAI Horizon in Tucson.

For more information, contact Gast at 602.682.8155 and Sternberg at 520.729.1694.

To learn more, see RED Comp #4790.

DAZ9-Ina Overlook, LLC (Michael Sarabia, member) sold 5.95-acres at 7417 N Thornydale Road in Marana to Ocean WH Medical Solutions of Corpus Christi, TX (Willard Hammonds II). The buyer is a developer and plans to construct a 100+ Assisted Living and Memory Care facility. The new building to be built will be approximately 50,000-square-feet with 105-120 beds. Development plans have been submitted with amendments from neighborhood meetings.

The raw land parcel commanded a sale price of $1.25 million ($4.82 PSF).

Michael Sarabia with DSW Commercial Real Estate, formerly the DESCO Group, was self- represented in the transaction. Pat Welchert was with Cushman and Wakefield | Picor at time of sale and is now with Alpha Commercial Real Estate Service

For additional information, Sarabia should be reached at 520.297.8329 and Welchert is at 520.360.9394.

To learn more, see RED Comp #4762.

Shenitzer Properties, LLC (Steve Shenitzer) and BBV Investment LP, LLP (Bill Viner) bought the Tucson Full Gospel Church property at 4741 E Broadway Blvd in Tucson for $1.2 million ($14 PSF) for land value. There were 16,410-square-feet of church buildings on the property that buyer will raze for retail redevelopment.

The 1.97-acre lot is at the northwest corner of Mountain View Avenue and Broadway Blvd, just east of Swan Road. The redevelop project is to include one or possibly two retail users. There has already been an unidentified single user who is considering the full parcel.

James Marian with Chapman Lindsey Commercial Real Estate Services represented the buyer, and Chris Tsighis and Patricia Ho with Coldwell Banker of Tucson represented the seller in the transaction.

For additional information, Marian should be reached at 520.747.4000 ext. #106, Tsighis is at 520.745.4545 and Ho can be contacted at 520.577.7433.

To learn more, see RED Comp #4768.

KB Homes has New Infill Subdivision in Northwest

TUCSON, Arizona — KB Home closed on a 17+ acres for a new infill project at the southwest corner of La Cholla and Corral Ridge Loop in Northwest Tucson near OMNI Tucson National Golf Resort. The property commanded a sale price of $5.4 million. KB Homes purchased the land from HSL Properties of Tucson.

The property sold as raw land with number of lots still undetermined by KB Homes. A portion of The Fairways at Tucson National II subdivision, the subdivision is being rebranded Montaretto Estates according to the billboard.

Will White and John Carrol of the Land Advisors Organization in Tucson facilitated the transaction for buyer and seller.

“We are continuing to see high demand for better infill sites. These opportunities are becoming fewer and farther between and this is another great example of identifying a great location and being proactive when the right opportunity presents itself,” White said.

“This is one of Tucson’s better infill locations and sites. Close to so many amenities and a property with great access and views. It’s very rare to find all these attributes come together these days. It is a great site,” continued White.

White and Carrol should be reached at 520.514.7454 for more information.

To learn more, see RED Comp #4356.

Pepper Viner Homes adds Elementary School Site in Northeast

Pepper Viner Homes purchased the Eastside Van Horne Elementary School from Tucson Unified School District for $1.4 million. The buyer paid for rezoning to R-1, platting and engineering costs of the 9 acres.

Pepper Viner is expected to pay $32,500 per lot for infrastructure improvements, which makes the cost to buyer approximately $3.16 million, with an average lot size of 40’ x 100’.

Van Horne Elementary School opened in 1975. It is named after James “Doc” Van Horne, an administrator, teacher and coach who served at Tucson and Pueblo high schools before retiring in 1959. The school that has been boarded-up school since 2010 and was torn down for the 54-SFR lot infill project this month.

Van Horne Elementary School was one of several schools that TUSD closed because of declining enrollment and state budget cuts several years ago.

The district says it has lost more than $20 million in capital funding since 2008.

Proceeds from public school sales, by law, must go to capital projects such as maintenance of existing schools. The money cannot go toward salaries or raises.

James Marian, CCIM, with Chapman Lindsey Commercial Real Estate Services in Tucson handled the transaction for the buyer.

For more information, Marian can be reached at 520.747.4000.

To learn more, see RED Comp #4357.