INDUSTRIAL – 1861 W GRANT RD, STE 105, TUCSON

Southern Arizona Graphic Associates dba Arizona Lithographers, a Tucson-based company, leased 14,500 square feet at 1861 W. Grant Road, Suite 105 in Tucson from Walker Tucson Properties, LLC. Arizona Lithographers was founded in 1952 and currently has about 60 employees. The new location will be used for fulfillment and vendor management inventory,  and replace a smaller operating facility that it was occupying with 5,000 sq. ft., the two facilities total  46,500 sq. ft. Stephen D. Cohen and Rob Glaser, SIOR, CCIM, Principals and Industrial Specialists with Cushman & Wakefield | PICOR Commercial Real Estate Services, represented the parties in this transaction.

OFFICE – 1870 W PRINCE RD, TUCSON

Cadden Community Management, Inc. a property management firm specialized solely in providing professional management services to Homeowners’ Associations, renewed its  10,102 sq. ft. lease at 1870 West Prince Road, Suites 29, 43, 44, 45, 46, 47, and 48 in Tucson, from Presson Corporation. Rob Glaser, SIOR, CCIM, Principal and Paul Hooker, Industrial Specialists with Cushman & Wakefield | PICOR Commercial Real Estate Services, handled this transaction.

INDUSTRIAL – 2470 W MAJESTIC PARK WAY, TUCSON

Iglesia De Jesucristo Palabra Miel (Rocael Morales, pastor) leased 7,855 sq. ft. at 2470 W. Majestic Park Way, in Tucson from 2470 West Majestic LLC for church services. Pat Welchert, SIOR, Industrial Specialist with Cushman & Wakefield | PICOR Commercial Real Estate Services, represented both parties in this transaction.

INDUSTRIAL – 3708 E COLUMBIA, STE 100, TUCSON

Renewing its lease of 7,479 sq. ft. at 3708 E. Columbia, Suite 100 in Tucson AdValue Photonics, Inc. of Tucson develops and manufactures fiber based lasers, light sources, and components by leveraging its innovative technology for the design and fabrication of advanced glasses and fibers from this location. Rob Glaser, SIOR, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR Commercial Real Estate Services, handled this transaction for tenant and Holualoa Columbia Industrial, LLC, the landlord.

INDUSTRIAL – 2112 N DRAGOON, STE 11 & 12, TUCSON

EOS Technologies (EOST) leased 2,000 sq. ft. at 2112 N. Dragoon, Suites 11 and 12 in Tucson from Rich Rodgers Investment, Inc. Brandon Rodgers, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR Commercial Real Estate Services, handled the transaction. EOS Technologies is an Arizona company founded in 1995 to design and manufacture world class electro-optical systems. EOST expanded from its core telescope product line in 2004, adding a facility with more than 40,000 sq. ft. near TIA. This location continues to house EOST’s US Headquarters, engineering, and the manufacture of advanced stabilized remote weapons stations (RWS).

RETAIL – 3949 E 29^TH STREET, STE 711, TUCSON

Recycling Household Items leased 2,225 square feet at 3949 E. 29th Street, Suite 711 in Tucson, from Presson Midpoint, LLC. Rob Glaser, SIOR, CCIM, Principal and Paul Hooker, Industrial Specialists with Cushman & Wakefield | PICOR Commercial Real Estate Services, represented the landlord in this transaction.

OFFICE – 4565 S PALO VERDE, STE 233, TUCSON

Belander Bookkeeping, LLC leased 1,800 sq. ft. at 4565 S. Palo Verde, Suite 233 in OFFICE Tucson, from Presson Equity partners, LLP. Rob Glaser, SIOR, CCIM, Principal and Industrial Specialist with C ushman & Wakefield | PICOR Commercial Real Estate Services represented the landlord in this transaction while Aaron LaPrise, Retail Specialist with Cushman & Wakefield | PICOR Commercial Real Estate Services, represented the tenant.

OFFICE – 2090 N KOLB RD, TUCSON

Dr. Gann’s Diet of Hope, a medical weight loss center, leased 1,600 sq. ft. at 2090 N Kolb Road in Tucson from KolbOffice Park, LLC. John Yarborough of Romano Real Estate in Tucson handled the transaction.

INDUSTRIAL – 3830 E 44^TH STREET, STE 556, TUCSON

David Irving leased 750 square feet at 3830 E. 44th Street, Suite 556 in Tucson from Rich Rodgers Investment, Inc. Brandon Rodgers, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR Commercial Real Estate Services, handled this transaction.

To submit sales or leases email [email protected]

Romano Real Estate Corporation recently brokered the short sale of the Kolb Plaza Office Complex. The 27,820 sq. ft. office complex located in three building at 2090, 2096 and 2100 N Kolb Road in Tucson was purchased by an investor (Kolb Office Park LLC ) who saw an opportunity to create value by rehabbing an office complex that offers attractive architecture, a convenient location, ample parking, easy access, and proximity to many amenities.

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Bruce Romano of Romano Real Estate Corporation has managed Kolb Plaza for approximately 10-12 years. He first started managing the property for Oak Properties of San Diego that purchased it back in the RTC days and continued to manage it for Kolb Plaza, LLC after it purchased the property in 2007 for $4.2 million.

Like many commercial properties that were purchased near the peak of the market, Kolb Plaza fell into hard times as lease rates began dropping in 2008 and vacancy rates started to rise. Unfortunately for the seller, the rental income could no longer support the debt service and the property continued to lose tenants that were not replaced.

As the property manager, Romano had many discussions with the lender about the property, the Tucson office market, and the need to invest a lot more money into Kolb Plaza for both capital improvements and tenant improvements in order to stabilize the property.

In the beginning of 2012 the seller and lender both felt some changes were needed to be made at the property and asked Romano Real Estate Corporation to take over the marketing of the property for lease and/or sale in addition to the property management. A change was made in early 2012 and John Yarborough of Romano Real Estate Corporation was hired.

As Romano and Yarborough began analyzing the property and establishing their marketing plan, they soon realized that even if the property was fully leased again, it would still fall considerably short of being able to support the debt service, and it would take several hundred thousand dollars of additional debt to cover remodeling and leasing commissions to achieve 100% occupancy. Since the additional debt would not have significantly increased the value, Romano recommended a short sale to the lender and suggested scaling down its leasing efforts since the abundance of vacant space actually created opportunities for potential owner/users to occupy entire buildings.

After some internal analysis, the lender agreed to the short sale recommendation and authorized Romano Real Estate Corporation to begin marketing the property for $2.5 million. The offering generated interest from several investors as well as a couple of owner/users and eventually sold for $1.9 million cash.

Romano Real Estate Corporation will continue to handle both the management and the leasing for the new owner, who has plans and cash available to make some capital improvements to the property in order to attract new tenants and turn Kolb Plaza back into a desirable office location. With uncertainty for the property lifted, Dr. Gann’s Diet of Hope, a medical weight loss center, has already leased space and Romano is actively working with several additional prospects.

Romano Real Estate Corporation manages approximately 50 office and retail properties in the area. Its growth has been achieved from word of mouth. The key to its success, Romano explains, “is the uniqueness of Romano’s business model, that is, we are a ‘client-based’ instead of a ‘property-based’ company. We don’t compete with our clients with our own properties. We stay focused on asset management for our clients and have maintained their trust over the years for this reason.” Romano Real Estate employs ten agents in leasing and management combined.

Romano can be reached at (520) 577-1000.

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McDonald’s will soon join Costco and Walmart at Tucson Marketplace at the Bridges, located at the northeast corner of I-10 and Park Avenue in Tucson. According to the city, McDonald’s submitted plans March 6 and received final approval on May 2, 2013 to begin construction of a 4,805 sq. ft. restaurant that includes an 850 sq. ft. Play Place and drive-thru. This will be McDonald’s 42nd location in Pima County and its 34th in Tucson proper.

Tucson Retail, LLC, a joint venture made up of three entities, Eastbourne Investments Ltd. (Robert Blakely) a New York based development/investment company, Retail West Properties, LLC (Eric Davis) based in Boise, Idaho, and Genesis Tucson South, LLC (Randolph Titzck) based in Scottsdale, sold a 54,046 sq. ft. pad at 1059 E Tucson Marketplace to McDonald’s Real Estate Company of Denver, CO for[mepr-show rules=”58038″]$950,000 ($17.58 PSF) for the site of a new McDonald’s restaurant. Danito Construction of Tucson will be general contractor for the project.

Randy Titzck and Chad Russell of Land Advisors Organization in Scottsdale represented the seller; and Brian Harpel of the Harpel Company in Tucson represented the buyer in the transaction.

McDonald’s employs approximately 440,000 full- and part-time employees nationally and according to the company’s franchise information, each restaurant typically employs 50 part-time employees. Currently, McDonald’s has 21 open positions it is hiring for in Tucson.

McDonald’s is well-known for its life-skills / work training programs that recognizes and rewards the accomplishments of McDonald’s student-employees who excel in their studies, serve their communities and go the extra mile to deliver a thoroughly enjoyable experience for customers. Every academic year, McDonald’s selects one outstanding student-employee applicant from each state to receive a $2,500 scholarship. In addition, three student-employees judged to demonstrate the highest commitment to school, work and community service are selected and named “McScholar of the Year” with a $5,000 scholarship.

Located within city limits, The Bridges Master Plan is a ±350 acre Planned Area Development bounded on the north by 36th Street; on the east by Kino Parkway (Campbell Avenue); on its southern edge by Interstate 10; and to the west by Park Avenue. The parcel was formerly owned in its entirety by Sinclair Oil.

The master plan consists of ±128 acres of residential development, ±113 acres of commercial development and ±65 acres of research park and hotel development. KB Home in conjunction with Lennar Homes plans approximately 700 – 750 single family homes there. The University of Arizona is proposing educational and research facilities on ±53 acres. Also, a ±12 acre parcel is proposed for hotel facilities. The remaining land is proposed to be set aside for open space and parks. Tucson Retail LLC is proposing up to 1 million-square-feet of regional shopping to be built with the 148,499 sq. ft. Costco and the 155,861 sq. ft. Walmart the first to open.

Currently, in addition to the new McDonald’s, Tucson Marketplace has another 23,000 sq. ft. of retail shops under construction on three separate pads. According to Retail West’s Eric Davis, half of the new construction is already pre-leased and there seems to be increasing interest from anchor and junior anchor tenants for the project. All are expected to be move-in ready for the Fall.

Chad Russell of Arizona Land Advisors Organization in Scottsdale is handling leasing at the project.

Davis of Retail West Properties can be reached at (208) 331-0110. Harpel of the Harpel Company is at (520) 721-7999. Land Advisors Organizations’, Titzck and Russell, should be contacted at (480) 483-8100.[/mepr-show]