TUCSON, AZ (June 18, 2024)—The Pioneer Building, one of the first high-rise buildings in Tucson, was sold at auction for $3,792,500 ($27.49 PSF). The seller was an affiliate of Holualoa Arizona, Inc., and the buyer was Pioneer Tucson, LLC, a California investor.
Constructed in 1929 as the Pioneer Hotel, it was later converted to office space. The building was also restored after a fire in 1970, and efforts were made to restore the dining room to its original state in 2017; the building does not have a historic designation, so remodeling can be done without concern for preserving its architectural characteristics.
The building is 11 stories on .46 acres, has an on-site manager and building engineer, two free common area conference rooms—accommodating up to 12 and 18, respectively—two restaurants in the lobby, an on-site security guard, security cameras, several parking garages within a block of the building, and offers short-term leases and a special ground-floor bike room with lockers, bike racks, and two private shower rooms.
According to auction documents, the property was approximately 50% occupied at the time of sale.
Ten-X, the auction broker, handled the transaction.