Tucson *DO NOT USE*
TEP to Buy Solar Power for Historically Low Price
The Arizona utility signed a 20-year agreement to purchase electricity from a 100-megawatt solar facility at a new record low price. The solar project is slated for completion by the end of 2019.
Constellation Expands Solar Portfolio with 9.3MW Project
The solar electricity generated by the project will be purchased by Amphitheater Public Schools under a 25-year power purchase agreement.
UPDATE: Forbes’ Distinction Boosted Sales at Dove Mountain Luxury Community
A private single family community in the Sonoran Desert, northwest of Tucson has booked $18 million in sales during the first half of 2015.
Massachusetts Investor Buys into Tucson’s M-F Market
Northeast meets Southwest – Aspen Square Management, a company headquartered in West Springfield, MA, has just closed on a multifamily neighborhood in Tucson’s Casas Adobes submarket.
UPDATE: Banner Health Selects Contractors for $400M Medical Center
Banner Health’s first project in Tucson since its merger with the University of Arizona Health Network is moving forward. The company recently announced it has selected the contractors for its development, Banner – University Medical Center Tucson.
MC Companies Closes on 1,500-Plus Units of Mostly Subsized Housing
MC Companies has recently purchased an 8-property multifamily portfolio in Tucson through its Tucson 8 Opportunity Fund, the group announced in a press release. The acquisition included a total of 1,576 units. According to Real Estate Daily News, Berkadia Commercial Mortgage financed the sale with 25% down payment from MC Companies. The financier’s local investment sales and real estate brokerage arm, Berkadia Real Estate Advisors of Tucson represented the buyer as well as the seller – Family Housing Resources, Inc., an HUD Approved Housing Counseling Agency – in the negotiations.
Hunt Provides Fannie Mae Loan to Refinance Manufactured Housing Community
Hunt Mortgage Group, a commercial real estate lender has provided a $4.5 million Fannie Mae loan facility to refinance the Terra Vista Manufactured Housing Community, the company announced. The loan was provided to borrower AFK Real Estate Investments, a Delaware limited liability company backed by Angus Keith. It has a 10-year term with 5-years interest only, amortizing over a 30-year period with a 9.5 year yield maintenance period. Florida-based manufactured housing expert Brian Mills brokered the transaction to Hunt.
Arizona’s First Fisher House Providing Free Veterans’ Housing Breaks Ground in Tucson
Leadership from the Southern Arizona VA Health Care System, Fisher House Foundation, government and business leaders, Veteran Service Organizations along with community members celebrated the official ground breaking ceremony of the new Arizona Fisher House. The facility will provide free temporary housing to families of eligible veterans and military service members who are being treated at the Tucson VA or any other medical facility in Tucson.
Local Group Buys 22,289 SF Downtown Parking Lot for $1.78M
A parking lot at the intersection of Broadway Boulevard and Stone Avenue in Tucson changed hands recently. Swain Chapman, Owner and Managing Member of Chapman Management Group sold the property to a team of Tucson-based investors. Art Wadlund of Hendricks & Partners and President Rob Caylor of Robert Caylor Construction Company acquired the 22,289-square-foot asset for $1.78 million, or $80 per square foot, according to Real Estate Daily News. As licensed real estate brokers, bothparties represented themselves in the transaction.
Tucson Electric Power Seeking Contractor for Energy Storage Facility
Tucson Electric Power issued a request for proposals in which it seeks a developer to design and construct a utility-scale energy storage system. The RFP was issued on Friday, April 24 and stipulates that the 10 megawatt facility should be operational by the end of 2016. The future project partner would build and own the asset under a 10-year agreement – TEP provides the site for the project.