By Real Estate Daily News
MARANA, AZ (April 12, 2024) — Velocity Retail Group LLC is pleased to announce the sale on April 3, 2024, of the 14-acre Heritage Park commercial development site, located at the southeast corner of Tangerine Road & Lon Adams Road, Marana, AZ, for $3,800,000 ($6.23/SF). Brian Harpel and Eli Castronova of Velocity Retail Group LLC brokered the transaction.
The site sits across from the Gladden Farms Marketplace, which is currently under construction and will include a new Fry’s Marketplace, anticipated to open in 3Q 2024. The Gladden Farms Master Planned Community surrounds the property and forms a part of the rapidly developing Tangerine Road commercial corridor.
The Seller, HOH Land Holdings LLC (Waseem Hamadeh), is a highly successful real estate investment company. The Buyer, an entity of Rio West Development & Construction (Walter and Brad Hoge), has an excellent track record with a 30-year completed project history across all commercial sectors in the Tucson metro area. They will continue developing the property into the “Heritage Park Commercial Center” project. The project comprises nine retail frontage pads and two mixed-use pads in the interior. Multiple national tenants are negotiating to participate in the development, and additional pads are also available.
