Tucson, Ariz. (October 19, 2023) – Twenty-four two-bedroom / one-bath units, in two-story buildings at 3234 E Bellevue Street in Tucson sold for $2,917 million ($121,541 per unit).

Amenities include a pool and onsite laundry; all units have fenced patios or balconies. Built in 1979, the property had 92% occupancy when sold and an average current rental rate of $850/month.

The buyer, Wetton Investment Properties c/o Doug Wetton of Costa Mesa, CA, plans to rehab the property and reposition it more for student housing. This is the second multifamily asset for the buyer in Tucson, who also owns College Town Tucson Apartments at 1300 E Fort Lowell Road.

The seller purchased the property in March 2004 for $1,065,000.

Dan Wesson with The Waterfall Group represented the seller, a family trust from San Diego, CA.  Wesson can be contacted at 520.529.6400, for more information. The buyer was self-represented.

To learn more, see RED Comp #10916.

Maricopa County, Luke Air Force Base join kick-off of Class A industrial development

PHOENIX, Oct. 19, 2023 – LPC Desert West, the Southwest arm of Dallas-based Lincoln Property Company (LPC), has joined with Maricopa County Board of Supervisors Chairman Clint Hickman, project partners and VIP guests to celebrate the groundbreaking of Luke Field, a $515 million, 2.4 million-square-foot Class A industrial development located adjacent to Luke Air Force Base in metro Phoenix.

Being developed in a single phase with completion expected in the fourth quarter of 2024, Luke Field spans three buildings – a 695,750-square-foot Building A, 454,761-square-foot Building B and 1.27 million-square-foot Building C. The development is located minutes from the Loop 303, bordered by Litchfield Road, Northern Avenue, the new Northern Parkway and Luke Air Force Base.

LPC named the project after Luke Air Force Base, home to the largest fighter wing in the U.S. Air Force and where the company’s Senior Executive Vice President David Krumwiede and Vice President John Orsak have both served as Honorary Commanders.

“We’ve spent the last two decades perfecting our approach to Class A industrial development to meet the demands of the most modern users,” said Krumwiede. “That tradition will continue at Luke Field, with buildings that exceed the expectations of tenants looking for space in one of the nation’s most notable industrial locations.”

“The Lincoln team brings great pride of place and product to Luke Field,” said Hickman. “We’re very pleased to celebrate this groundbreaking with them, and look forward to the quality buildings, tenants and employment opportunities that they will bring to Maricopa County.”

Buildings at Luke Field will feature 40’ clear height, 25’ tall glass entries, 3,000 amps of power (expandable), automated dock doors, steel moment frame shear bracing and generous 5’ x 10’ clerestory windows on all elevations, providing interior spaces with sky views and the benefit of shifting natural light.

All buildings will also have the same high-end “creative industrial” advantages that LPC has become known for, including touchless technology throughout and indoor/outdoor amenities such as barbeque stations, a shaded outdoor eating area and employee collaboration spaces. The development will be supported by extensive car and secure trailer parking.

“Strong relationships and collaboration with both Maricopa County and Luke Air Force Base have moved this project smoothly forward to today’s groundbreaking,” said Orsak. “We appreciate both of these organizations, and our entire project team, for their commitment to the development of Luke Field.”

Lincoln Property Company serves as the leasing agent for Luke Field. Layton Construction is the general contractor. Butler Design Group is the project architect.

Luke Field sits adjacent to Northern Parkway, a 12.5 mile, high-capacity roadway that allows employees and trucks to circumvent traffic on Interstate 10 and provides rapid connection between the Loop 303 and Loop 101/US 60/Grand Avenue. The combination gives logistics-centric users strategic regional transportation connections to freeways and interstates, railways, airports and regional destinations such as the port of Los Angeles and Long Beach.

Corporate neighbors to Luke Field include Walmart, Boeing, Microsoft, White Claw, XPO Logistics, UPS, REI, SubZero, Daimler-Benz, Red Bull, Ball Corporation, Aldi and Williams Sonoma.

To discuss leasing, investment or property management opportunities with Lincoln Property Company in the Desert West region, please call David Krumwiede or John Orsak at (602) 912-8888.

Tucson, AZ (October 19, 2023) – The Tucson Metro Chamber has been a leading advocate for the revitalization of Downtown Tucson since the creation of the Business Improvement District (BID) and the Downtown Tucson Partnership. The Rio Nuevo Board of Directors officially manages the finances and project approvals for the district. It is appointed by the Governor, President of the State Senate, and Arizona Speaker of the House. The Chamber is concerned with the recent news that Governor-appointed seats were relieved this week of their duties and replaced.

The Chamber’s concern stems from the fact that the Rio Nuevo Tax Increment Financing District (TIF) has been one of the most successful local initiatives over the last two decades. Current Rio Nuevo investments produce a 10 to 1 rate of return, collected over $17,000,000 in TIF tax revenue last year, and have seen billions of dollars of investment and economic impact over the past ten years. Many major regional successes over the last decade can be traced to the Board’s work, including the Caterpillar relocation, upgrades to the Tucson Convention Center, the attraction of many much-needed hotels to entice additional conventions to Tucson, and renovations stretching down Broadway to the eastside.

“This is a great example of the old adage, ‘if it isn’t broken, don’t fix it,'” stated Michael Guymon, President and CEO of the Tucson Metro Chamber. “Rio Nuevo was once broken over a decade ago, and the then-Governor and Legislature stepped in to appoint individuals to fix the mismanagement. A 2022 audit even praised the ‘District’s improvement, transparency, economic development, increased tax base, and private sector investment incentives,’ which tells me it’s not broken.”

The Chamber has kept open lines of communication with the Governor’s office over the last many months, encouraging the Governor not to disturb the considerable positive momentum of the District. The Chamber understands the political nature of serving on the Board; members serve at the pleasure of the Governor and leaders of our state legislature. However, the Chamber is regretful that assurances of clear communication and conversation ahead of any changes were not maintained.

The Tucson Metro Chamber will continue to encourage the Rio Nuevo Board to invest in projects that generate revenue and add to the success already demonstrated by the Board. There are clear legal limits on what the district can invest public dollars in. The Board has allocated careful and forward-looking expenditures per state statutes, as the 2022 financial audit clarified. The Chamber appreciates the contributions of all members who have served for their leadership and due diligence, congratulates the newly appointed members, many of whom the Chamber has had the honor of working with, and respects their commitment to supporting continued downtown revitalization.

The Rio Nuevo board comprises five seats appointed by the Governor, two by the House, and two from the Senate. These appointments have no term limits, and board members serve until removed or reappointed by a Governor or legislature member.

Below is the list of Governor Hobbs’ appointees:

• Fletcher McCusker is a native Tucsonan and currently serves as the Chair of the Rio Nuevo Board. He was the founder and CEO of Providence Service Corporation, based in Tucson.
• Sharaya Jimenez is a 5th generation Tucsonan and CUADRO’s principal designer and founder. She has spent a decade working in architecture and brings experience in affordable housing development, historic preservation, and community planning with a focus on desert dwelling.
• Richard Osern is a third-generation Arizonan who owns the historic Hotel Congress in Tucson. He is an entrepreneur and lawyer, having practiced law for many years, arguing before the U.S. Supreme Court.
• Corky Poster is the principal at Poster, Mirto & McDonald. He is a distinguished professor emeritus of the University of Arizona College of Architecture, Planning, and Landscape Architecture. He has received wide acclaim for his “grassroots urban design, community-based architecture, and pioneering an integrated approach to historic preservation planning.”
• Taunya Villicana is a native Tucsonan and CEO of Affinity Wealth Management, which she co-founded in 2003. She has over 20 years of experience in financial planning, starting her career with Merrill Lynch before co-founding her own firm.