Trends in land sales for the metro Tucson region over the past few years shows a limited supply of finished lots and the need for new lots from both Tucson Homebuilders and developers. Finished lot inventory continued to decline through the end of the year with an all-time low of only 3,025 finished lots in the market on December 31, 2015.

This trend does not appear to be changing as we enter into 2016 and is expected to be below 3,000 finished lots next year. This depletion of lots has builders scrambling to find replacement inventory as existing communities build out and the buying platted lots has become the norm for 2016.

D.R. Horton purchased 79 platted lots at Vista Del Lago Norte in Vail for $1,145,500 ($14,500 per lot). The Property consists of 79-platted lots in a 198 lot subdivision that were platted by the seller, Vail UPRR North LLC (Duff Heron, manager). Lot sizes are 45′ x 115′.

Ben Becker with CBRE in Tucson represented the seller in this transaction and Dan Feig and Aaron Mendenhall with Chapman Lindsey Commercial Real Estate Services represented the buyer.

For more information, Becker can be reached at 520.323.5100. Feig and Mendenhall should be contacted at 520.747.4000.

To learn more, see RED COMP #3626.

Lennar Homes bought 57 platted lots at Mountain Vail Estates for $1,474,875 ($25,875 per lot) from Diamond Ventures of Tucson (Chad Kolodisner, vice-president). Lots are 45’ x 115’. Lennar was already in this southeast subdivision along with builders, KB Home and Richmond American.

Mark Weinberg with DVI Realty represented the seller, Diamond Ventures in the transaction and Lennar was self-represented.

For more information, Weinberg can be reached at 520.577.0200.

To learn more, see RED Comp #3652.

Shannon 77 LLC of Tucson (David Williamson of Fairfield Homes, manager) acquired 77 acres at the southeast corner of Shannon and Naranja in Oro Valley for $2.2 million. The seller was Shannon Road Partners LLC of Tucson (Neal Manning, manager). The buyer, a local developer, plans to hold the property for rezoning from R1-144 for development.

Thrac Paulette with Cantera Real Estate in Tucson represented the seller in the transaction. The buyer was self-represented.

For more information, Paulette should be reached at 520.904.5055.

To learn more, see RED Comp #3660.

Natural Grocers bought 1.75 acres of vacant land for its fourth Tucson location at the southeast corner of River and Craycroft Roads for $1,308,456 ($17 PSF). The seller / developer is Craycroft / River Holding LLC of Tucson (Joseph Cesare, manager).

A 15,000-square-foot built-to suit grocery store on this site should be ready for shoppers by mid-2016.

Other Tucson Natural Grocers locations are open at the southeast corner of Broadway and Kolb, at Orange Grove and Oracle, and the newly opened Broadway Village that are leased properties. This is the first build to suit for Natural Grocers in town.

The family-run Natural Grocers was built on the premise that consumers should have access to affordable, high-quality foods and dietary supplements, along with nutrition knowledge to help support their own health. The company operates 109 stores in 19 states.

G.T. Alley with Broadway Realty and Trust represented the seller and Craig Finfrock with Commercial Retail Advisors in Tucson co-brokered the deal.

For more information, Alley can be reached at 520.747.5700 and Finfrock can be contacted at 520.290.3200.

To learn more, see RED Comp #3659.

Wetmore Office Plaza at 698 E Wetmore in Tucson sold for $4.6 million ($143 PSF) to 3430 Sunrise LLC (Eddy Chernecki, manager) in a 1031 exchange investment. The 32,253-square-foot, two story building was built in 1984 on 2.35 acres. Located at a highly visible and high traffic intersection, at the southwest corner of First Avenue and Wetmore Road in North Central Tucson.

The Class-B office space was approximately 95% occupied by 11 tenants when it sold.

David Benjamin with Marcus & Millichap in San Diego represented the seller, Tucson-based Town West Realty (James Horvath, manager). Jon O’Shea, Rob Fischrup and Eric Lamb with Vast Real Estate Solutions in Tucson negotiated the purchase for the investor.

Aubrey Finkelstein, also with Vast Real Estate Solutions will be handling the leasing of the property.

For more information, the Vast Real Estate Solutions team of O’Shea, Fischrup, Lamb and Finkelstein should be reached at 520.398.7104.

To learn more, see RED Comp #3589.[mepr-show rules=”58038″] Property sold at a 7.51% cap rate.[/mepr-show]

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DSBNG Craycroft, LLC (Senait and Duane Dyson, managers) purchased a 14,798-square-foot office building at 2222 N. Craycroft Rd. in Tucson from 2222 North Craycroft, LLC (Rob Glaser, manager) for $690,000 ($47 PSF). The building was constructed in 1964 on a one-acre lot at the northeast corner of Craycroft and Hampton, south of Grant.

The property had been used for various medical and other uses in the past. Buyers purchased it to occupy for a medical practice after renovating. Dr. Duane Dyson, MD, is a pediatrician and Dr. Senait Dyson, MD, a dermatologist.

Rob Glaser, SIOR, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, represented the seller and Mark Irvin, SIOR, CCIM, with Mark Irvin Commercial Real Estate Services, represented the buyer in this transaction.

For more information, Glaser should be reached at 520.546.2707 and Irvin should be contacted at 520.620.1833

To learn more, see RED Comp #3639.

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The Town of Oro Valley Police Department purchased the building at 500 West Magee in Oro Valley for $315,000 ($63 PSF). The 5,030-square-foot office building sits on .48 acres and was constructed in 1985. The property had been vacant for several years and was purchased to be a substation and administrative offices for the Oro Valley Police Department.

Located in Magee Plaza, the property is west of Oracle on Magee Road.

Jeff Casper with CBRE in Tucson represented the seller, Coastline RE Holdings Corp. of Gilbert AZ and the buyer was self-represented.

For more information, Casper should be contacted at 520.323.5181.

To learn more, see RED Comp #3617.