Fairfield Inn, 6955 S Tucson Blvd, Tucson (courtesy photo)
The Fairfield Inn Tucson Airport at 6955 South Tucson Boulevard in Tucson sold in an REO Auction recently for $2.21 million ($26,000 per room). The 85-room, 3-story hotel is 38,127-square-feet and sits on a 1.48 acre parcel near the airport.
The buyer, Rao Yalamanchili of Arcadia, CA rebranded the hotel immediately to Baymont Inn and Suites.
The seller was C-III Asset Management of Irving, TX amd New York. C-III Asset Management LLC is a wholly owned subsidiary of C-III Capital Partners, a highly rated loan servicer (primary and special) of commercial real estate loans. C-III Asset Management is the named special servicer for over $116 billion and the… Read more
Fountainhead Apartments (Courtesy photo)
PHOENIX, AZ – ABI Multifamily, a dedicated multifamily brokerage and advisory services firm, is pleased to announce the sale of Fountainhead, an apartment community located in Phoenix, Arizona. The 273-unit garden-style, gated community, Fountainhead Apartments located at 4326 North 35th Avenue in Phoenix, Arizona was built in 1984 – and sold for $8.145 million ($29,835 per unit).
“This neighborhood provides a prime example of the resurgence happening throughout the Phoenix Metro. A few years back, when changes were being made to state immigration laws, this area and others like it, saw a significant reduction in renters. This property, in particular, experienced occupancies in the 60% range for a period of time. Due to a combination… Read more
One South Church Office Tower, Downtown Tucson (Courtesy Photo)
Long-Term Leases Totaling Over 22,000-SF at the Iconic Downtown Office Tower
Tucson, Ariz. – CBRE recently negotiated long-term office leases with major tenants at One South Church, the landmark building in downtown Tucson, Ariz. Global engineering firm HDR has leased 9,659-square-feet of space, while Regus, the world’s largest provider of flexible work space, has inked a deal for the entire 12,659-square-foot 12th floor.
Buzz Isaacson with CBRE’s Tucson office represented the landlord, Chicago, IL-based Equity Commonwealth. Kevin Calihan with CBRE’s Phoenix office represented Regus, and Pat Williams with JLL’s Phoenix office represented HDR.
Regus’s lease marks its entrance to the Tucson market. The company has… Read more
Wall art in luxury Bike Building (photo WSJ)
The Wall Street Journal is reporting commuting by bike has grown by 62% between 2000 and 2013 in the U.S., according to the League of American Bicyclists and urban developers in New York, Oregon, Florida, Minneapolis, North and South Carolina are paying attention.
A bike valet will offer tune-ups and tire changes to spandex-clad commuters and residents at a multiuse residential and office complex under construction in Portland, Ore., when completed next year. At a high-end rental building in Minneapolis, tenants can use the “bike kitchen”—a bicycle repair area with tire pumps and spare chain links, as well as a bike wash. A shop with trail maps and energy bars is also… Read more
Startup Tucson a non-profit committed to transforming Southern Arizona’s economy through innovation and entrepreneurship located at 17 E Pennington Street in Tucson, was awarded a $1.44 million, five-year contract from the U.S. Small Business Administration’s ScaleUp America program. Startup Tucson was one of only seven successful applicants nationwide out of over 60 proposals. Tucson is the only community west of the Mississippi River to receive ScaleUp America funding.
“Tucson is on the verge of an economic transformation and the ScaleUp America program is injecting over $1 million into our community at a critical time,” said Justin Williams, CEO and founder of Startup Tucson. “According to the Kauffman Foundation, over the… Read more