HSL Properties bought 57.8 acres of vacant land from Northwest Hospital in Gladden Farms for $14.2 million ($5.64 PSF).
The land is located at the southwest corner of Moore Road and Interstate 10 in Marana. Northwest Hospital is owned by Community Health Systems in Franklin, Tenn., and purchased the farm land in 2007 with the intent for a future hospital site here that is no longer needed. The transaction closed Aug. 15.
The property was not on the market when Justin Lanne, Mike Chapman and Neil Davis of the Lanne Chapman Multifamily Group at NAI Horizon in Tucson brought the buyer and seller together. The Lanne Chapman Multifamily Group focuses on multifamily improved product and the brokerage of multifamily land to the Development community. Lanne and Chapman have more than 30 years in the commercial brokerage business and have combined for $1.5 billion in real estate sales.
“This is a great opportunity for HSL Properties to continue its development of quality multifamily in the northwest sector of Tucson and Marana,” Lanne said.
This latest site for Encantada Gladden Farms is intended for development of a mixture of luxury apartments and town homes.