TUCSON, Arizona – The multi-tenant office building at 17 West Wetmore in Tucson sold for $1.25 million ($58 PSF). A 21,473-square-foot 3- story building, built in 1984, has a total of 19,409-square-feet leaseable with approximately 7,375-square-feet (38%) occupied at time of sale.

The property was lender owned by Commercial Loan Investment III, LLC of New York when it sold in this REO sale. The investor is Coronado Tower, LLC of El Paso, Texas (Scott Walker and Land Gaddy, managers) that purchased it for upside potential.

Located across the street from Tucson Mall just off Oracle Road and a short distance to I-10 and downtown, it is an excellent location with lots of dining options close by. With lots of upside on new leases that are currently under market rates at full-service terms.  Building has client parking in the front and covered parking for the tenants behind the building on 1.13 acres. The 3-story building is also elevator served.

Major tenants in the building at time of sale included Total Care Connections, Phyllis Conrad, CPA and the Dr. Kelli Ward for U.S. Senate campaign office.

Dan Smith with Arizona Elite Commercial in Gilbert represented the seller in the transactions and the buyer was self-represented.

Tom Nieman with Cushman & Wakefield | Picor of Tucson has been contracted to handled the leasing and the Picor Management the property management.

For more information, Smith can be reached at 480.907.7420 and for leasing information, Nieman should be contacted at 520.546.2728.

To learn more, see RED Comp #5933.

Cushman & Wakefield Negotiates Sale to Dunbar Real Estate Investment Management

PHOENIX,  Arizona – Cushman & Wakefield announced that Dunbar Real Estate Investment Management of El Segundo, Calif. purchased Mill Avenue Business Park, located at 40 E. Baseline Road, 5030 S. Mill Avenue and 5005-5025 S. Ash Avenue in Tempe, Ariz., from Birtcher Anderson Realty of San Juan Capistrano, Calif. for $14.25 million ($106 PSF).

Bob Buckley, Steve Lindley and Tracy Cartledge of Cushman & Wakefield Phoenix negotiated the transaction on behalf of the seller.

Mill Avenue Business Park is a 134,886-square-foot business park with a strong presence on both Mill Avenue and Baseline Road – two major arterials in Tempe. Built in 1983, the seller recently invested $1.3 million in capital improvements. Currently 87.7% occupied, the business park draws a wide-range of office, industrial and retail uses, including the legal, healthcare, professional services, tech, telecommunications, fitness, and foodservice industries.

“Birtcher Anderson made some excellent improvements to the property, including engaging with its Mill Avenue frontage. With strong potential for rent growth and higher occupancy, Mill Avenue Business Park should be a strong strategic investment for Dunbar,” said Buckley.

TUCSON, Arizona — Jeramy Price of Volk Company in Tucson represented Quananhdai, LLC of Tucson (Quan Le, member) in its purchase of the 2,650-square-foot building, built 1998, and 28,260-square-feet of land at 5010 South Campbell Avenue in Tucson.

The property commanded a sale price of $650,000 ($245 PSF) fully leased to KFC.

The seller was Tucson-based Estate of Jackie L. Shettlesworth, Marilyn W. Velde, Kimberly Thorpe, and Velde Family Trust dated September 5, 2012.

Jeramy Price concurrently represented the buyer, Quananhdai, in the lease of the building to SWT Arizona Investments, LLC, that will continue to operate KFC at the location.

For more information, Price should be contacted at (520) 326-3200.

To learn more, see RED Comp #5779.