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Tucson’s real estate market is staying hot, with year-over-year home prices up nearly 20% in certain neighborhoods. This is attracting a variety of investors and developers, with different plans on how to take advantage of the demand. Earlier this month, residential real estate development company Moderne Communities announced a new housing project in Rocking K Ranch southeast of Tucson near Saguaro National Park. 

The company plans to break ground on “Moderne at Rocking K Ranch” later this month, with leasing planned for 2023. The project is a “built-to-rent” community, and is currently the only such community within the Vail masterplan. According to Moderne, the community will include 224 single-story, single-family homes and will be situated on 17 acres near the entrance of the community, and across the street from the masterplan’s main park/amenity area. The neighborhood within the masterplan will also include its own designated resort-style pool, barbecue area and community fitness center.

“After the success of our Moderne at Centennial in Las Vegas, which is now 90 percent leased, I am excited to begin building in Arizona,” said Moderne president Randy Bury in a press release. “To be the only build-to-rent neighborhood among homes being built and sold by Pulte, Lennar, KB Homes and Richmond American is especially exciting. Rocking K is a beautifully planned community with wonderful nearby amenities.”

Rent rates for Moderne at Rocking K Ranch are not currently available. However, the rents at their aforementioned Las Vegas location are a bit higher than average, with a one bed, one bath units at Moderne at Centennial in Las Vegas starting at $1,500, whereas average rent for a one bedroom apartment in Las Vegas is around $1,200. 

 

 

SALES

 

Albany Road-East Elvira LLC purchased 109,969 square feet of industrial space at 2650 E. Elvira Road in Tucson, from Holualoa Elvira, LLC for $16,200,000. Jesse Blum, Industrial Specialist, and Alex Demeroutis with Cushman & Wakefield | PICOR, and Chris Marchildon and Barry Gabel with CBRE, represented the seller in this transaction. 

Zambinc, LLC, purchased a single-tenant NNN investment property, a newly constructed Dollar General, located at 6450 S. Sandario Rd. in Tucson. The investment sale transaction was purchased from DCM Development Company, LLC, for $2,071,414. Dave Hammack, Principal, and Retail Specialist with Cushman & Wakefield | PICOR, represented DCM Development in this transaction. Sheila Myers-Moore with S A Moore Realty Services, LLC, represented Zambinc. 

BLC Real Estate Subsidiary AZ LLC purchased The Conrad Apartments, a 11,586 square feet multifamily investment property located at 301 W. Helen Street in Tucson. The 19 unit apartment facility was purchased from BRInc Colonial, LLC for $1,950,000. Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented both parties in this transaction. 

Brinc Dale MHP, LLC, purchased 4,807 square feet of multifamily space located at 3074, 3102, 3106 N. Alvernon Way, and 3101, 3102, 3125, 3130 N. Dale Ave. in Tucson. The investment sale transaction, purchased from Joseph E. Schulte, Jr. for $1,925,00, included the acquisition of three, single-family residences and Dale Mobile Home Park, a 36-space manufactured housing community. Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented both parties in this transaction. 

Hedgehog, LLC purchased 8th Street Apartments, a 3,286 square foot multifamily investment property located at 837 S. 8th Avenue in Tucson. The 4 unit apartment complex was purchased from 837 8th Ave LLC for $725,000. Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented the seller in this transaction. Michael Bennett and Larry Burr with Atlas AZ, LLC, represented the buyer. 

Jaguar Electric, L.L.C. purchased 3,080 square feet of office/retail space at 2540 E. 22nd Street in Tucson, from Soka Gakkai International - USA for $300,000. Rob Tomlinson, Principal, Retail Specialist, and Dave Hammack, Principal, Retail Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction. Patricia Martin and Patrick Teske, with Tierra Antigua Realty, represented the buyer. 

WB Real Estate, LLC, purchased a 7.10-acre land parcel located at 5050 E. Valencia Rd. in Tucson, from Jet King Shing Ho for $775,000. Greg Furrier and Paul Hooker, Principals with Cushman & Wakefield | PICOR, represented the seller in this transaction. Bonnie Arlia and Darren Pitts, with Velocity Retail Group, Phoenix, represented the buyer. 

 

Backyard Pool Plastering Service & Repair, LLC, purchased 3.20 acres of industrial land located in Swan Industrial Park, 4630 E. Eco Industrial Pl. in Tucson. The vacant land parcel was purchased from Swan Industrial, LLC, and Kazolt, LLC, for $99,500. Paul Hooker, Principal, and Industrial Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction. Pat Welchert, with Alpha Commercial Real Estate Services, represented the buyer. 

 

Leases

 

United Refrigeration, Inc., leased 16,520 square feet of industrial space from GS Eternal, LLC-Series C, located at 2125 E. Beverly Dr. in Tucson. Paul Hooker, Principal, and Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Tim Healy, with CBRE, Tucson, represented the tenant. 

CJ 5 Enterprises, LLC, leased 10,600 square feet of industrial space from 6363 S Country Club, LLC, located at 6363 S. Country Club Rd., Suite 151 in Tucson. Paul Hooker, Principal, and Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. 

Lechner Construction, Inc. leased 2,400 square feet of industrial space at Exchange Place, 1870 W. Prince Road, Suite 59/60 in Tucson, from Pegasus Tucson Owner LLC. Paul Hooker, Principal, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Dave Hammack, Principal, Retail Specialist with Cushman & Wakefield | PICOR, represented the tenant. 

Optimal Wireless, LLC leased 2,034 square feet of retail space at Kino Gateway Shopping Center, 2091 E. Irvington Road, Suite 129 in Tucson, from Kino Gateway Center, LLC. Greg Furrier, Retail Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. 

Liberty Partnership Community Council leased 2,022 square feet of industrial space from ABP, LLC, located in the Airport Business Park, 3191 E. Valencia Rd., Suite 111 in Tucson. Paul Hooker, Principal, and Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Michael Coretz, with Commercial Real Estate Group of Tucson, represented the tenant. 

Project H.O.M.E. leased 1,826 square feet of office space, located at 3822 E. 5th Street in Tucson, from J Rigg LLC & MB Consulting Services LLC. Molly Mary Gilbert, Office Specialist with Cushman & Wakefield | PICOR, represented both parties in this transaction. 

Faircloth Construction, LLC leased 1,067 square feet of industrial space at Midway Business Park, 4500 E. Speedway Blvd, Suite 104 in Tucson, from Pegasus Tucson Owner LLC. Paul Hooker, Principal, and Andrew Keim, Industrial Specialists, with Cushman & Wakefield | PICOR, represented the landlord in this transaction.