TUCSON, ARIZONA — Ocotillo Ridge (Tucson) ASLI IX, LLC along with Mark Voigt and Dave Rogers of Voyager Investment Properties in Phoenix closed on 217 acres in the Santa Rita foothills area of southeast Tucson for $2.85 million($13,134 per acre).

The seller in the transaction was H&A LLC, (Charlie Trayers, Manager). Located on south Houghton Road at the base of the Santa Rita mountains, the property is in The Corona de Tucson submarket and home to several active projects, including Santa Rita Ranch, Sycamore Vista, and Sycamore Canyon.

The new group is underway with a new subdivision plat that will maximize the property, planning for more traditional production lot widths and depths. The project will be named Ocotillo Ridge and is estimated to have over 600 lots ready near the end of 2021. Located in the foothills of the Santa Ritas, the property’s elevation provides for panoramic views of the city and large corridors of open space. This redesign will produce lots at a time when the Tucson lot supply, especially in the southeast, Vail submarket is rapidly decreasing.

Will White and John Carroll of Land Advisors Organization-Tucson brokered the sale and will handle the marketing of the lots to homebuilders with an estimated availability date of Q4 2021.

“Demand for lots in the southeast continues to heat up and projects like this, which can be redesigned to maximize yield and costs efficiencies, will fill a huge gap as builder demand continues to outstrip supply,” White commented. “Added to it, the elevation and premium city views from this property along with the fact that it is located in Vail School District are big, positive attributes important to the area’s homebuilders.”

For more information White and Carroll should be reached at 520.514.7454.

To learn more, see RED Comp #8362.

TUCSON, Arizona — VEREIT, Inc. (NYSE:VER) (Glenn Rufrano, Chief Executive Officer), a real estate investment trust (REIT), purchased a 56,000-square-foot retail pad at Houghton Town Center in Tucson, Arizona for $10.9 million ($195 PSF).

The building, located to the east of Super Walmart, was built for and fully occupied by Ross Dress for Less®, T.J. Maxx® and Petco® that opened in 2017 at 9236 – 9250 S Houghton Road in Tucson’s Vail area.

The Ryan Companies US, Inc. (John Strittmatter, Chairman/Southwest) was the seller, developer and general contractor of this retail project at Houghton Town Center and purchased the 6.13 acres for $1.98 million ($7.39PSF) a year ago. See Real Estate Daily News Houghton Town Center Expands Footprint

Ryan Companies US, Inc. is a 3rd generation, family-owned national developer, designer, capital investment consultant, builder and real estate manager specializing in fully integrated solutions for over 75 years.

To learn more, see RED Comp #5457.

TUCSON, Arizona — Richmond American Homes, a subsidiary of M.D.C. Holdings, Inc. (NYSE: MDC) purchased 41-platted and engineered lots at Mountain Vail Estates in southeast Tucson for $1.25 million ($30,482 per lot). Richmond has been open and selling homes here since March, after closing on the first 50-lots. This was phase two of the option agreement.

The seller had re-platted the lots and were reported to be about 80 percent 50’x 115’ and 10-15 percent 60’ wide lots in Mountain Vail Estates, a 155-acre community in southeast Tucson with a 7.5-acre park and Esmond Station K-8 school in the award-winning Vail School District, that opened in 2014. Richmond has two models it is offering here.

Richmond has been staying proactive in the Tucson market and now represents about 37% of the total lots sold to homebuilders during the first half 2017.

In a separate transaction, Richmond bought an additional 76 P&E lots also in Mountain Vail Estates for $2.74 million ($36,000 per lot).

Rick Morris, Richmond American Director of Land Acquisition in Tucson, told us the 21-lot subdivision off Chevrolet Ave., located near the school, sold with a 55 P&E lot subdivision south of Old Vail Connection Road and Chevrolet Avenue. The 21-lots were re-platted by the seller and the 55-lots are a newly platted subdivision. This latest expansion to Mountain Vail Estates has 60’ x 120’ lots on average and is expected to open Q1 2018.

Since 1977, MDC’s homebuilding subsidiary companies, which operate under the name Richmond American Homes, have built and financed the American dream for more than 190,000 homebuyers. MDC’s commitment to customer satisfaction, quality and value is reflected in the homes its subsidiaries build. MDC is one of the largest homebuilders in the United States. Its subsidiaries have homebuilding operations across the country, including the metropolitan areas of Denver, Northern Colorado,  Colorado Springs, Salt Lake City, Las Vegas, Phoenix, Tucson, Riverside-San Bernardino, Los Angeles, San Diego, Orange County, San Francisco Bay Area, Sacramento, Washington D.C., Baltimore, Northern Virginia, Orlando, Jacksonville, South Florida and Seattle. MDC’s subsidiaries also provide mortgage financing, insurance and title services, primarily for Richmond American homebuyers, through HomeAmerican Mortgage Corporation, American Home Insurance Agency, Inc. and American Home Title and Escrow Company, respectively. M.D.C. Holdings, Inc. is traded on the New York Stock Exchange under the symbol “MDC.” For more information, visit MDCHoldings.com.

To learn more, see RED Comps #4965 and #4966.