Tucson, AZ – Las Plazas at Old Vail, a 17-acre retail development at the northwest corner of Houghton and Old Vail Roads in Southeast Tucson, has landed its first wave of restaurant users. CBRE recently completed the sale of the first three lots and the development will soon be home to a Taco Bell, Native Grill and Freddy’s Frozen Custard & Steakburgers.

Nancy McClure and Michael Laatsch with CBRE’s Tucson office negotiated the transactions on behalf of the seller, OVP Development Company, LLC. Taco Bell was purchased as a corporate store, but was then sold to a franchisee with the rest of the corporate Taco Bells in the Tucson market. The company purchased Lot 8 and was represented by Terry Dahlstrom of Volk Company. Native Grill, which will operate as a franchise, bought Lot 7 and was represented by James Neal with Hinkson Company. Freddy’s Steakburger, also a franchise operation, has purchased Lot 6 and was represented by John Hamner with Keller Williams.

“The purchase of the first three lots at Las Plazas at Old Vail confirms there is significant pent-up demand for retail and restaurant options in this underserved area. The surrounding neighborhood residents have expressed a desire for these additional options and users have taken notice,” said McClure. “This is a high-density residential area and is well equipped to handle additional retail amenities and these transactions are just the tip of the iceberg.”

Site work at the project in the form of underground utilities, grading, retention/detention, common drive aisles, landscaping, curbs and parking lot lighting began last spring and was recently competed. All three buyers are slated to begin construction soon and are projected to be open by year’s end.

Las Plazas at Old Vail is divided into fifteen lots ranging in buildable areas from 3,000 to 19,000 square feet. Las Plazas at Old Vail is designed to accommodate retail, office and industrial users. The remaining available lots are for sale to users and developers who want to provide build-to-suits to tenants. The site is approximately a mile and a half from the I-10 freeway, just south of the Rita Ranch master-planned community.

To learn more contact Nancy McClure and Michael Laatsch at 520.323.5100. John Hamner is at 520.623.0000 and Terry Dahlstrom can be reached at 520.326.3200.

See also RED Comp #3210 for additional information.

La Frontera Acquires Cope Behavioral Location for $1.7 Million
COPE Properties sold 101 South Stone Avenue in Tucson to Rally Point Apartments, LP of Tucson an affiliate of La Frontera Arizona (Daniel J Ranieri, CEO) for $1.7 million ($86.31 PSF). The three story, 19,696-square-foot building was built in 1935 at the southeast corner of Stone and Jackson. Seller was an owner occupant and buyer will be the same.

La Frontera Arizona, for more than 40 years, has been committed to working collaboratively with our public and private partners to solve community problems of behavioral health, housing, family and children’s services, employment, crisis intervention, and community and cultural education. See RED Comp #2753 for additional information.

Sonoran Behavioral Health Hospital Expands at 6050 N Corona Road for $1.25M
Sonoran Behavioral Health Hospital, LLC an affiliate of Acadia Healthcare Company in Franklin, TN purchased a 2,719-square-foot medical office condominium at 6050 N Corona Road for $1.25 million for expansion of its facility in the building. 6050 N Corona Road, LLC (Dr. Alexander Zwart and Dr. David Alster) was the seller. For more information see RED Comp #2761.

KW Commercial Negotiates Sale of Giaconda Office Plaza for $975K
Giaconda Office Plaza at 231-235 W Giaconda Way in Tucson sold for $975,000 ($65 PSF). This 15,000-square-foot, class B building was built in 1986 on 1.32 acres located across from La Toscana Vilage Shopping Center near the Oracle & Ina intersection. The transaction was an investment sale to Giaconda 205 Partners, LLC of Tucson (Walter Hoge, manager). The seller was M. Karam and Sons Mercantile Company of Nogales, AZ (Michael Karam, manager).

John Hamner and Gary Best, CCIM, of KW Commercial in Tucson handled the transaction. For additional information see RED Comp #2838.

Prince Professional Offices Sold to Reposition
The Prince Professional Offices at 540 West Prince Road in Tucson sold for $200,000 ($27 PSF) in a short sale. Rich Rodgers Central, Inc. of Tucson bought the 7,491-square-foot property (built 1967) mostly vacant property, with one tenant at time of sale. Property was purchased to reposition it.

Brandon Rodgers, CCIM, with Cushman & Wakefield | Picor represented the buyer. Gordon Wagner with Coldwell Banker represented the seller, Brie Dog, LLC of Tucson. For more information see RED Comp #2837.

Roy Drachman Completes Sale of Central Office
The freestanding office building at 3844 E Pima Street was purchased by Larry and Elizabeth Leber for $165,000 ($161 PSF) to owner occupy it for an Orthodontics office. The seller, Catherine Lumenello was also an owner occupant as an Acupuncturist, in the 1,027-square-foot building (bult 1937) on a .16 acre lot in Central Tucson.

Roy Drachman with Roy Drachman Realty Company in Tucson represented the seller in the transaction. For more information see RED Comp #2747.

The following commercial leases were reported to the Real Estate Daily News for the Tucson Lease Report from April 20 thru April 24, 2015.

OFFICE – 3503 N. CAMPBELL, TUCSON, AZ
Bogutz and Gordon, P.C. has executed a three year lease with an option to purchase 3503 North Campbell in the Campbell Office Plaza. The lease is for 6,043-square-feet in the facility with a total of 8,035-square-feet. Dean P. Cotlow of the Cotlow Company in Tucson represented the landlord, Los Tres Abogados, LLC. [mepr-show rules=”58038″]$18.50 SF/YR Modified Gross; Tenant Phone: 520.445.3482[/mepr-show]

OFFICE – 239 N CHURCH AVE., TUCSON, AZ
The Law Firm of Michael Harwin, P.C. leased 2,478-square-feet at 239 N. Church Avenue, from the landlord, Teramark, LLC. Andrew D. Sternberg of Oxford Realty Advisors in Tucson handled the transaction. [mepr-show rules=”58038″]Tenant Phone: 520.624.3500[/mepr-show]

OFFICE – 7445 N. ORACLE RD., TUCSON, AZ
Renewal Centers, Inc. leased approximately 2,150-square-feet of office space at Sun Center at 7445 N. Oracle Rd. from RIW, LLC. Aubrey Finkelstein of Vast Real Estate Solutions in Tucson represented the landlord and John Hamner of Keller Williams Southern Arizona represented the tenant in the transaction. [mepr-show rules=”58038″]Tenant Phone: 520.791.9974[/mepr-show]

RETAIL – 5420 E. BROADWAY BLVD., TUCSON, AZ
La Vie Day Spa has leased a 2,167-square-foot space at The Plaza at Williams Centre, located on the southwest corner of Broadway Blvd. and Craycroft Road. The Premises will be used as a day spa. They are scheduled to open for business August 2015. Andy Seleznov and Melissa Lal with Larsen Baker in Tucson represented the landlord, Larsen Baker. [mepr-show rules=”58038″]Tenant Phone: 520.232.9500[/mepr-show]

RETAIL – 2363 E. FRY BLVD., SIERRA VISTA, AZ
Check Into Cash has leased a 1,960-square-feet at Cochise Plaza, located on the northeast corner of Fry Blvd. and Coronado Rd. in Sierra Visa, Arizona. The Premises will be used as an office offering payday advance services. They are scheduled to open for business September 2015. Andy Seleznov and Melissa Lal of Larsen Baker in Tucson represented the landlord, Larsen Baker, while Trish Keller, of Inverness, LLC, represented the Tenant. [mepr-show rules=”58038″]Tenant Phone: 877.577.7977 (Corporate)[/mepr-show]

OFFICE – 6979 E. BROADWAY BLVD., TUCSON, AZ
Vector Marketing has leased 1,200-square-feet at 6979 E. Broadway Blvd., Suite 123, from Maqsood & Sabina Enterprises LLC, the landlord. Robert Nolan of Oxford Realty Advisors in Tucson represented the landlord in the transaction. [mepr-show rules=”58038″]Lease rate: $7.00 SF/YR NNN; Tenant Phone: 716-373-6141 (Corporate)[/mepr-show]

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