DOWNTOWN TUCSON
Stone Avenue Homes LLC, an affiliate of Holualoa Companies (Michael Kasser, president), closed on commercial land, a downtown parking lot, at the southeast corner of Stone Ave and Ochoa Street in downtown Tucson for $1.042 million ($50.84 PSF). The 20,490-square-foot parking lot was purchased for development of row housing from De La Warr Investment Corporation of Tucson, an affiliate of Arizona Autoparks. (Geoffrey Shepard, president).
Details of the project, including number of units, was not available at time of publication. Evan Eglin of Eglin + Bresler Architects in Tucson is working on the initial plans and should know more next week.
Holualoa Companies is a real estate investment firm headquartered in Tucson, focused on the successful acquisition, repositioning, redevelopment and disposition of underperforming real estate assets. Its investments span the United States and Europe and include office, retail, industrial, multi-family, hotel and mixed-use investment properties. Holualoa Companies is an experienced, opportunistic investor for its own account and on behalf of a select group of private investors.
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NORTHWEST SUBMARKET
AOMS OVB Realty, LLC an affiliate of Arizona Oral & Maxillofacial Surgeons (Dr. Nicholas Coles and Dr. Robert Wood, managers) bought land at Innovation Park for $244,125 ($33.28 PSF) from Innovation Corporate Center (Jordan Simon, manager). The 7,336-square-foot lot represents half of a four-unit multitenant office building being constructed by Venture West, a leading commercial developer in Tucson.
Jordan Simon, manager, at Venture West explained that the buyer already occupies space at Tanque Verde Place, another of Venture West’s projects and wanted to find a second location in the Northwest. “After showing them every office up and down Oracle Road, they kept coming back to the opportunities and benefits a built-to-suit at Innovation Park offered,” Simon told us.
Being strategically located just north of Northwest Medical Center and Oro Valley Marketplace in Oro Valley Simon told us the majority of recent interest has been for medical use, but it is a mixed-use development offering 100,000-square-feet of professional office sites, in buildings from 1,500 to 40,000-square-feet.
In addition to this sale there are another two or three other buyers at this time at Innovation Park.
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To learn more Simon can be reached at 520.722.9292.
[mepr-show rules="58038"]201 S Stone Ave parking lot – Sale date 3/5/2015, all cash deal. APN: 117-13-176, 177 & 178
1876 E Innovation Park Drive – Sale date: 3/5/2015. Buyer put $165,134 down and financed the balance with conventional financing. APN: 219-55-005 & 006.[/mepr-show]