Rio Nuevo adjusts deadlines with Gadsden Co. to further their outstanding progress on the Mercado area projects.

The Gadsden Company’s newest project on the west side Mercado area is the new Monier Luxury Apartment complex, which will begin renting in mid June to July. The Monier will have ground floor retail, which is already 100% leased. Adam Weinstein with Gadsden said the demand for the retail space was very strong. Their next project, the Bautista Luxury Apartments, will not only have ground floor retail but also include a river walk along the Santa Cruz. In order to accommodate work stoppages and slow downs that occurred on their construction projects due to Covid-19 they requested extensions on funding and construction deadlines, which were unanimously approved.

Reilly Craft Pizza and Drink receive funds from Rio Nuevo for new rooftop bar!

The Rio Nuevo Board voted to provide $100,000 to Reilly Craft Pizza and Drink to assist in construction of a new rooftop bar and deck that will sit atop their beer garden building just north of the main restaurant. This addition will provide a major expansion for outdoor dining and events. “Reilly’s will begin to re-open next month, but we will open slowly to assure the highest standards for our customers” said owner Zach Fenton.

Rio Nuevo Selects Eight Restaurants for $10,000 Parklet Grants

Rio Nuevo received a selection of proposals for the Parklet Grants, after thorough discussion, eight restaurants met all of Rio Nuevo’s requirements and will be awarded the grants for a total of $80,000 more invested into the local restaurant market. The selected restaurants will need to go through City of Tucson requirements to complete the process.

More information on these projects and downtown can be found at RioNuevo.org

TUCSON, Ariz. – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Smoothie King Drive-Thru Shops, a 7,142-square-foot retail property located in Tucson, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,557,000 ($218 PSF).

Mark Ruble and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was also procured by Ruble and Lind. Smoothie King Drive-Thru Shops is located at 1070 East Tucson Marketplace Boulevard in Tucson, Arizona. Built in 2013 on 1.04 acres, this shopping strip includes five suites that were 64% occupied at the time of sale with tenants Smoothie King, Bella Nails & Spa and Planet Sub.

TUCSON, ARIZONA — Serenity Holdings III LLC, an affiliate of CODAC Health, Recovery & Wellness purchased 31,471-square-feet of office space at 4585 E. Speedway Blvd. in Tucson.   The former Brown Mackie College Campus was acquired from Eugene Pamfiloff and Erena Pamfiloff for $3.65 million ($116 PSf)

CODAC is one of Arizona’s oldest and most respected community providers of specialty care for mental illness, addiction and trauma. What began as a grassroots drug abuse prevention program has grown into a multi-faceted organization that provides services across the entire spectrum of behavioral health care. Through a comprehensive range of outpatient and residential treatment services, CODAC helps children, youth, adults and families meet their mental health, substance abuse, trauma, and general wellness goals.

Kristine Welter- Hall, Senior Vice-President of Marketing and Business Development at CODAC said, “The property will house CODAC’s Administrative and Training Facility as well as an Outpatient Health & Wellness Center, with a full continuum of integrated primary care, psychiatric, therapy, consulting, peer-to-employment support and other wellness services.”

Expected to open by the end of the year, the new facility will consolidate CODAC’s current administrative offices at 1615 East Fort Lowell and Outpatient Services at 630 N Alvernon Way in Tucson.

Cushman & Wakefield | PICOR handled the transaction.  Thomas J. Nieman, Principal, and Office Specialist represented the seller; Paul Hooker, Principal, and Industrial Specialist, represented the buyer.

For more information, Nieman should be reached at 520.546.2728 and Hooker is at 520.546.2704.

To learn more, see RED Comp #8692.