TUCSON, AZ (Oct. 13, 2026) — This week’s Lease Report highlights eight commercial lease transactions totaling 44,276 square feet reported for the week of October 5–9, 2026. Carvana’s 27,208-square-foot industrial lease led the activity. The transactions below are arranged from largest to smallest, with the Konica Minolta renewal/relocation separated.

Industrial – 3690-3700 S. Palo Verde Rd., Tucson, 85713 – South Submarket
Carvana, LLC leased 27,208 square feet of industrial space from Rio Equity Group, LLC. Kameron Norwood and Stephen D. Cohen with Cushman & Wakefield | PICOR represented the landlord. Cooper Fratt with CBRE represented the tenant.

Retail – 4811 E. Grant Rd., Suites 117 and 119, Tucson, 85712 – Northeast Submarket
Mindful Mystic, LLC dba Ninth House leased 5,504 square feet of retail shop space at Crossroads Festival. Isaac Figueroa, CCIM, SIOR, and Sam Sufi with Larsen Baker represented the landlord and handled the transaction.

Industrial – 5990 S. Country Club Rd., Suite 160, Tucson, 85706 – South Submarket
Ideatek Telcom, LLC leased 4,828 square feet of industrial space from EastGroup Properties, LP. Robert C. Glaser, SIOR, CCIM, with Cushman & Wakefield | PICOR represented the landlord.

Office – 3295 W. Ina Rd., Suite 135, Tucson, 85741 – Northwest Submarket
City Property Management Company, LLC leased 1,467 square feet of office space at Ina Executive Center from Ina Executive Center, LLC. Thomas J. Nieman with Cushman & Wakefield | PICOR represented the landlord. Alexis Corona and Richard M. Kleiner, MBA, with Cushman & Wakefield | PICOR represented the tenant.

Office – 1200 N. El Dorado Place, Building F, Suite F-600, Tucson, 85715 – Northeast Submarket
Scarlet Rabbit Wellness LLC leased 1,310 square feet of office space at El Dorado Square. The business offers red light therapy and related services. Isaac Figueroa, CCIM, SIOR, and Michelle Ward, CCIM, with Larsen Baker represented the landlord and handled the transaction.

Office/Retail – 2929 N. Campbell Ave., Tucson, 85719 – Central Submarket

What’s Crackin, LLC dba Strap Photo Club leased 984 square feet at Campbell Casitas from Hanarm Building, LLC. Robert Nolan and Cameron Casey with Oxford Realty Advisors represented the landlord.

Retail – 3855 E. Broadway Blvd., Tucson, 85716 – Central Submarket

Proof Bread, LLC leased 600 square feet of retail space at San Clemente Shopping Center from San Clemente, LLC. Natalie Furrier and Greg Furrier with Cushman & Wakefield | PICOR represented both parties.

RENEWALS

Office – 5151 E. Broadway Blvd., Suite 210, Tucson, 85711 – East Submarket
Konica Minolta Business Solutions USA, Inc. renewed/relocated to 2,375 square feet of office space. Mark Isenberger with Cushman & Wakefield | PICOR represented the landlords, KCI-Broadway, LLC; Scott Seldin-Broadway, LLC; Belmont-Broadway, LLC; and Tucson 5151 Investments, LLC. Doug Marsh with Oxford Realty Advisors represented the tenant.

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TUCSON, Arizona (Oct. 9, 2026)  — Three Tucson gas station and convenience store properties sold for a combined $10.35 million in September, with two Chevron locations and a Circle K property changing hands in separate transactions. The sales involved different sellers and buyers, encompassing an owner-user purchase and investment acquisitions.

The largest transaction was the $5.16 million purchase of the Chevron gas station and convenience store at 6261 E. Benson Highway. HRV Tucson Investment LLC, care of Haron Properties and represented by Sergio Haron of Scottsdale, acquired the property from Hattar Investments Inc., represented by director Adeeb Hattar. The sale closed September 30.

The Benson Highway property contains approximately 5,024 square feet of improvements built in 1999 and 2000. It includes a Food Mart convenience store, a leased A&W restaurant, 12 fueling positions serving gasoline and diesel customers, and a CNG unit. The approximately 3.21-acre site is zoned C-2 and has visibility from Interstate 10. Excess land is included, although its acreage has not been confirmed. The purchase price equates to approximately $1,027 per square foot for improvements, a calculation that also reflects the excess land included in the transaction.

Earlier in the month, Tucson Petroleum LLC, c/o Junaib Rizvi, member, purchased the Chevron service station at 4701 E. 29th Street for $1.6 million. R & D Union Inc., c/o Darshan Agarwal as director, was the seller. The transaction closed September 4, and the buyer purchased the property for its own use.

Built in 1988, the 29th Street property includes a 1,296-square-foot convenience store on approximately 0.66-acre zoned C-2. The station has four fueling islands and eight fueling positions. The sale price equates to approximately $1,235 per square foot of building area.

The third transaction involved the Circle K convenience store and gas station at 655 W. 22nd Street, adjacent to Interstate 10. Mark J. Dessy, Trustee, of Rancho Palos Verdes of California, sold the property to 655 W 22nd LLC of San Diego for $3,586,125 on September 25. Lee Csenar of Hanley Investment Group in California handled the transaction.

The Circle K property contains a 2,904-square-foot building constructed in 2000 on approximately 0.85 acre zoned I-1. It has eight fuel pumps serving 16 fueling positions. The property was marketed as an absolute triple-net investment leased to Circle K through March 18, 2031, with renewal options. Reported annual net operating income of $198,759 translates to a capitalization rate of approximately 5.54% at the purchase price.

The three closings demonstrate activity across different parts of the fuel and convenience retail property market. The 29th Street acquisition provides a location for an owner-user, while the Circle K transaction transfers ownership of real estate with an existing lease. The Benson Highway purchase includes a larger site, restaurant income and excess land. Those differences limit direct comparisons based solely on building price per square foot.

National industry conditions provide context for the activity, although the sellers’ individual motivations have not been disclosed. The National Association of Convenience Stores reported that direct store operating expenses rose 4.2% in 2025, while credit and debit card fees reached a record $21.3 billion. At the same time, in-store sales increased 1.7% to $341.2 billion, and fuel gallons sold increased 0.5%. The figures show a sector with continuing customer demand alongside pressure on operating costs.

Sources: RED Comp #12707, #12734, and #12742

FLORENCE, Arizona (Oct. 9, 2026) — Florence Copper celebrated the opening of its commercial operation October 6, adding a new domestic source of refined copper as manufacturers face rising demand for the metal in power systems, transportation and digital infrastructure.

The Pinal County facility, located between Phoenix and Tucson, is the first new U.S. greenfield copper production facility since 2008, according to parent company Trekor Metals Limited. The company describes Florence as the world’s first greenfield commercial-scale in-situ copper recovery operation.

The celebration marked a milestone in a production ramp-up already underway. Copper production began in February, and the first cathode harvest was announced March 2. U.S. Environmental Protection Agency Administrator Lee Zeldin joined government officials, employees and community partners at the October event.

An October 8 production update provides a more current picture than the figures announced around the opening. Florence produced 7 million pounds of copper cathode during the third quarter, up 36% from the preceding quarter, and sold an equal volume. Trekor now expects Florence to produce 25 million to 28 million pounds in 2026 and reach full production capacity in early 2027.

Trekor President and CEO Stuart McDonald reported that the processing plant had operated at design capacity for several days. However, expansion of the underground wellfield remains about three months behind the original schedule, despite improved drilling rates. The distinction matters: a functioning processing plant still needs sufficient copper-bearing solution from the wellfield to sustain full output.

Florence’s method leaves the ore underground. Injection wells circulate a dilute acidic solution through a naturally fractured copper deposit, dissolving the copper minerals. Recovery wells bring the copper-bearing solution to the surface, where solvent extraction and electrowinning produce finished copper cathode sheets.

The process avoids the excavation, blasting, rock hauling and crushing associated with conventional mining. It also eliminates the need for traditional waste rock piles and tailings impoundments. Trekor estimates that Florence will use 78% less water and 65% less energy per pound of copper, with 75% fewer greenhouse gas emissions, than conventional open-pit copper mines in Arizona. These are company estimates tied to the project’s production method.

Groundwater protection remains central to the operation. The company says pumping rates are managed to maintain hydraulic control, with monitoring and compliance wells used to verify containment of the recovery solution. EPA records show that Arizona assumed administration of the Underground Injection Control program in October 2025 and that the Arizona Department of Environmental Quality reissued Florence’s Class III permit in January 2026.

At full capacity, Florence is designed to produce 85 million pounds of LME Grade A copper cathode annually. The company expects at least 1.5 billion pounds over a 22-year operating life. Producing finished metal on site allows Florence to supply manufacturers without sending copper concentrate elsewhere for smelting. Trekor says all copper produced at Florence will remain in the United States.

The economic benefits extend beyond the facility. A March 2024 study by Arizona State University’s L. William Seidman Research Institute projected $4.3 billion in cumulative Arizona GDP contributions and an annual average of 819 direct, indirect and induced jobs. Its estimates cover a 26-year period encompassing construction, production and reclamation, and are expressed in constant 2024 dollars. They are forecasts rather than measured results.

For Pinal County, the study projected $2.5 billion in cumulative GDP contributions and an annual average of 498 jobs. It also estimated $593.1 million in cumulative state and local tax revenue across Arizona, including $115.4 million for the Town of Florence.

The opening comes as copper’s role in infrastructure is expanding. S&P Global projects global demand will increase about 50% by 2040, driven by electrification, artificial intelligence, data centers and other industrial uses. Its research warns that supply could fall roughly 10 million metric tons short of annual demand without sufficient new investment.

For Arizona, Florence connects an established mining industry with a different production model. Its next milestone is sustaining output at full capacity, turning the opening celebration into a long-term source of domestic copper, employment and economic activity.