In two separate transactions, Sinclair Oil Corp. of Salt Lake City, UT sold 360 acres near Tucson International Airport for $53 million.
In the first transaction, KB Home and Lennar/US Homes of Tucson acquired 246 acres for $30 million, or $121,950 per acre, with plans to re-zone and develop it into 600-700 single family residences, with a portion of this land to be traded to the University of Arizona for development of its biotech research complex.
In the second transaction, Eastbourne Tucson LLC of Toronto, Canada acquired 114 acres for $22.3 million, or $195,600 per acre, for retail development.
Ed Johnson of NAI Utah Commercial Real Estate of Salt Lake City represented the seller. Peter Douglas and Rob Glaser of Picor Commercial Real Estate represented the buyers in both transactions.