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News and Information
Leasing and Development
Jun/05/2019

Crown West Realty Announces Plans for 500,000 SF Industrial Project Known as The Euclid Logistics Center

Spokane Valley, WA – Crown West Realty, LLC is pleased to announce plans for a multi-building project located near the corner of 5th Street and Euclid Avenue within the Spokane Business & Industrial Park (The Park). Plans call for the construction of approximately 500,000 square feet in total which will transform the southeast corner of The Park into a state-of-the-art distribution and logistics center to be known as the Euclid Logistics Center. The first phase will kick off this year and consist of a 120,000 square foot concrete-tilt building featuring 36-foot clear heights, cross-dock capacity, 135-foot truck courts and built to LEED standards. Divcon Construction has been selected as the contractor. The remainder of the project will be built out as the market demands.

Owned and managed by Crown West Realty, The Park is one of the region’s largest employment centers with over 120 resident companies employing in excess of 4,500 people. With approximately 5 million square feet of dock-high and grade-level buildings The Park ranks as one of the largest business and industrial complexes in the country. The expansive inventory, variety of product, ample resources, location and solution-oriented management team make The Park this area’s most flexible and valuable leasing option available.

Crown West Realty is a full-service real estate investment, development, and management firm with offices in New York City, Phoenix, Denver, Tucson, and Spokane, and manages a series of discretionary investment funds which own a nationwide portfolio of office, industrial and agricultural properties and over 9,500 residential lots in Arizona and Nevada.

For more information about this project or any of Crown West Realty’s properties, please contact Dean Stuart at 509-924-1720 or dstuart@crownwest.com. Read More »
Leasing and Development
Apr/15/2019

Spring Update on North Marana Housing Market

North Marana comes into its own

If you haven’t stopped in the North Marana area in the past 5 years, it’s worth a closer look. This area, which is located just west of I-10 northwest of Tucson, is showing some of the best activity in the region and there are no signs of it slowing anytime soon.

Compared with Tucson’s constrained developable land supply, North Marana has plenty of runway to continue to provide homebuilders and developers ample room to grow. Mainly due to its agricultural origins, the area is free of washes and other site constraints that continue to challenge the development of the high desert areas to the east. Infrastructure is abundant in the area which makes it attractive to the developers as the barriers to get larger projects off the ground are considerably less than in other areas of Pima County.

Couple all of this with North Marana’s extremely strong housing statistics and you have a market with momentum that is simply too significant to ignore.

Gladden Farms leads the way
Gladden Farms has enjoyed a strong resurgence over the past 5 years. Historically speaking, Gladden Farms was one of the initial master-planned communities to form during the early 2000’s. It got off to a quick start and quickly ramped up to over 500 sales.

While the downcycle caused things to take a pause, the momentum in 2019 is at back at full-tilt.The community went from 1 to 4 homebuilders in 2016 and has been selling hundreds of lots annually.2018 was one of its best years with the sale of 347 lots.

Most impressive has been the strong pricing power of the community. The average sales price has risen almost $60,000 in the past 3 years and is up over $100,000 since the bottom of the market in 2011. Homebuilders have taken notice; they continue to reload lots at an aggressive pace and in-turn are seeing strong sales and traffic. This should continue as there are (at least) another 400 lots planned to close to homebuilders in 2019.

Will White of Land Advisors (who handles the marketing at Gladden Farms) commented, “The resurgence of this area, led by Gladden Farms, is impressive, but it is not surprising. North Marana is seen as the ‘go-to’ spot for the future growth in Pima County. The areas’ attributes and high-performance are continuing to fuel the demand and attention from builders and homebuyers alike.”

Future Land
And while Gladden Farms has rightfully received much positive acclaim, it is not the only area of north Marana that is getting attention. Currently, there are only a small handful of standalone subdivisions such as Barnett Farms and Cypress Gardens are ready for construction and homebuilders will likely move forward with those in 2019. This is far from enough to satisfy the underlying demand, though, and several larger projects such as the Sanders Grove and Tortolita masterplans – which could supply over 10,000 future lots – are well along the entitlement path and should provide inventory solutions for homebuilders within the next few years.

Part of the desirability of this area can be traced back to 2 interchange access points and great accessibility to I-10. Further, these larger amounts of unconstrained land will be able to be thoughtfully planned and provide infrastructure synergies that are unique to this area. The result will be a well-planned lifestyle and convenience region that is sure to appeal to family homebuyers, retirees, and second homebuyers.

Amenities
From new schools, fire stations, restaurants, and shopping, north Marana has seen it all over the past few years. The new Gladden Farms elementary school has been a strong addition to the area and comes in addition to the K-8 program already in existence. The new Northwest Fire Station being constructed at Gladden Farms will be a state-of-the-art facility and a welcome addition the neighborhood. There has been a flurry of restaurant activity near the “round-a-bout” are near the Marana interchange in the past 18 months and construction activity is well underway.

Market Share
Currently, approximately 40% of new home permits in Pima County are in the Town of Marana. As absorption continues to increase and new land and communities are opened-up in the north Marana area, experts are estimating that this area alone could be responsible for more than 50% of all homebuilding activity in Pima County.

The Tucson metropolitan area has seen a ‘tightening’ of developable land since the bottom of the market in 2011, and several areas are further constrained by environmental issues, zoning, and governmental lands. In contrast, the north Marana agricultural area is free to continue to capitalize on this opportunity and capture more market share. It has the land to grow and that is a valued commodity in a supply-constrained market.

Homebuilders
The north Marana area is home to Meritage Homes, Lennar, Richmond American, LGI, DR Horton and KB Home. Each of these homebuilders have 1-2 communities currently open for sale and, with the impressive sales pace, are on the lookout for additional opportunities. Further, Tucson has several other homebuilders that are not yet active in this area but will likely have it as part of their future growth plans. Simply put, homebuilders are aggressive to be in an area that is having success and has (will have) available lots to develop.

Summary
Will White sums it up well, “North Marana is really one of the best answers to the region’s ongoing land problem. The area has experienced landowners that have shown the willingness to accommodate the builders and are open for business. Tucson metro’s job creation is as strong and demand from families and home buyers is high and, by most accounts, is getting higher. North Marana has produced eye-opening stats over the past 3-5 years, and we think that will continue for a very long time. Put all of this together and it makes the homebuilders job a lot easier”.

One thing is certain: if North Marana hasn’t been in the plans for homebuilders, employers, and commercial users in the past, you can bet it will be in the immediate future!

Read More »
Leasing and Development
Oct/31/2018

LAO-Tucson Closes on $12.61 Million of Land Sales in Northwest Tucson

TUCSON, Arizona — Will White and John Carroll with Land Advisors Organization (LAO) closed this week on $12.61 million in land sales in Rancho Vistoso and Gladden Farms in Northwest Tucson submarket.

A New York-based land investment REIT, JEN Arizona 32, LLC and affiliate TerraWest Communities (Mike Jesberger) purchased Blocks 5H and 5I (190 Acres) at Rancho Vistoso Neighborhood 5 in Oro Valley for $6.3 million. The buyer plans to plat the parcels for a mix of production lot sizes. The Seller was VP Loan II, LLC.

Richmond American acquired 19 paper lots in Rancho Vistoso Neighborhood 10T for $850,000 ($44,737 perplatted and engineered lot). The 19 lots are a Vistoso infill parcel sold by Tempe-based, Grace Holdings, LLC (Bernadette Wolfswinkel, manager).

“Rancho Vistoso goes all the way back to the 1980’s and 90’s, so Vistoso is some of the best infill in the region at this point. It has a proven track record of some of the strongest pricing power and pace in the Tucson metro area. It is surrounded by supporting amenities, employment and the views and aesthetics of that area are amazing. Homebuilders continue to scout opportunities in that masterplan because they are having great success. As the options become limited in Rancho Vistoso, we expect land to continue to trade at a premium that reflects the strong attributes of the project,” commented White.

Richmond also closed on it’s second deal at Gladden Farms in 2018 for another 105-finished lots for $5.46 million ($52,000 per lot). The lots were sold by the developer, Gladden Phase II, LLC (Crown West Realty, Dean Wingert). Will White and John Carroll of Land Advisors Organization in Tucson handled the transaction and have the marketing assignment on all of Gladden Farms.

“Gladden Farms has closed 347 lots YTD. It is not surprising that new blocks are trading at volume, it is a fantastic community in a strong growth area. North Marana has huge momentum and will continue to capitalize on the constraints of the metro area for many years to come.”

White added, “The great thing about the Tucson market is that it is showing strength in almost every component. We are seeing much better economic news and supply is tight on all fronts which is providing a very stable situation. We like to look at burn rate and this year there has been a big push to affordability and building specs to get ahead of timing concerns and get cost efficiencies. This all leads to the build out of communities faster than everyone was anticipating. Bottom line is we need more land in production in all areas of Tucson or we can simply expect price increase all around from land to housing over the next 24 months.”

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

Read More »
Leasing and Development
Sep/12/2018

Meritage Homes Stays Busy at Gladden Farms in Marana

MARANA, ARIZONA — Meritage Homes purchased portions of blocks 40 and 41 at Gladden Farms Master Planned Community in Marana for $1.4 million ($60,000 per acre) from Crown West Realty (Dean Wingert, member) the developer.

The 23 acres sold with preliminary plat for 119 – 45’ x 120’ SFR lots.

Gladden Farms is a 1,350-acre master planned community in northern Marana, just west of Interstate 10 between Tangerine and Moore Roads. With four homebuilders active in the community, it is one of the most active communities in the Northwest submarket.

Meritage bought its first block of 89 platted lots at Gladden Farms in December 2015.

Will White and John Carroll of Land Advisors Organization in Tucson handled the transaction and have the marketing assignment on all of Gladden Farms.

“Gladden Farms continues to far exceed expectations. The pricing power that the community has experienced in the past 24 months is very impressive,” said White. “Meritage has done a very nice job of looking ahead and securing strong positions in Gladden Farms. It appears to be a good recipe for success.”

“We have several discussions ongoing with existing, and new, homebuilders on future blocks at Gladden Farms II. It looks like it will continue to stay very busy there for awhile,” White added. “There is no question that the north Marana market has heated up. We expect the market-share of this area to grow substantially over the coming years. Gladden Farms continues to be a great example of how to do that”

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

Read More »
Leasing and Development
Aug/13/2018

Tucson SFR lot sales heat up in July

TUCSON, ARIZONA — DR Horton purchased 56 partially completed lots at Farm Field Five for $2.72 million ($48,568 per lot). DR Horton will be joining LGI Homes at Farm Field Five in North Marana, a 224-lot subdivision, a portion of Vanderbilt Farms. Dolphin Partners of Irvine, California was the seller.

KB Home, Lennar, Richmond American, and Meritage all continue to build at Gladden Farms. DR Horton has also started at Fianchetto Farms in North Marana.

There were no brokers involved in this transaction.

A.F. Sterling Home Builders, Ltd purchased four semi-custom home lots from Diamond Ventures at Stone House in Sahuarita for $267,000 ($66,750 per lot). Each are half-acre + lots. A.F. Sterling has purchased 19 lots to-date in this community.

Two rolling option closings occurred on August 1, 2018 at the Sahuarita subdivision of Santa Cruz Meadows. The seller on both was Tucson Land, LLC of Chicago.

Richmond American Homes completed a 50-lot purchase by closing on the final 10 finished lots at a price of $525,000 ($52,500 per lot) on an agreement to purchased 49 lots at Santa Cruz Meadows. Randy Emerson of GRE Partners, LLC represented the Seller and the buyer was self-represented.

DR Horton also closed on an additional six lots under its rolling option at a price of $306,000 ($51,000 per lot).

Randy Emerson of GRE Partners, LLC represented the Seller and Dan Feig of Chapman Lindsey represented the Buyer.

For more information, Randy Emerson can be reached at 520.777.4949, Dan Feig is at 520.747.4000, and Pete Arnold should be contacted for more information on Stone House Development at 520.305.5037.

Read More »

 

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