RRN, Inc. of Tucson (Rich Rodgers, CEO) bought the 22nd Street Center at 4501 – 4525 East 22nd Street in Tucson for $650,000 ($18.25 PSF). The 35,613-square-foot strip center (built 1954 and 1956) was economically obsolete and mostly vacant when it sold, with automotive space in the rear with bays available.
The center sits on 2 acres of C-2 zoned acreage and was purchased to re-tenant and repurpose to a more business park use.
Rick Borane with Volk Company in Tucson handled the transaction. The seller was Gatzionis-Crisantes, LLC of Nogales, AZ
"Older strip and in-line centers tend to have a lot of vacancies these days," Borane said. “These older centers are in need of repurposing as they no longer serve local needs.”
"The buyer’s idea to repurpose this center is right at the top of a growing trend across the country. We're seeing more and more of these properties being reused in new and more vibrant ways, repurposed to other uses and in many cases, razed and rebuilt, sometimes as multifamily or business park / office use."
The property sold with deferred maintenance with a cost of approximately $200,000 to cure, according to Borane.
Communities want more walkable space and businesses serving the local needs. The center is situated in a revitalized area, at the northwest corner of 22nd Street and Belvedere. Businesses in the vicinity include CSA Sports, Chapman Automotive, Mini of Tucson, AutoZone, Golden Corral and Family Dollar.
Brandon Rodgers, CCIM, with Cushman & Wakefield | Picor will handle the leasing for the repurposed center.
For additional information, Rodgers can be reached at 520.546.2714 and Borane should be contacted at 520.326.3200.
To learn more, see RED Comp #3854.