4651 N First Avenue, Tucson

TUCSON, AZ (October  23, 2025) — Jeramy Price and Dave Volk of VOLK Company have completed the sales of two office buildings located at 4641 and 4651 North First Avenue in Tucson, representing the seller, North First Partners LLC.

The 4,177-square-foot building on a 23,592-square-foot parcel at 4641 North First Avenue sold for $492,515 to 4641 North First, LLC, which will continue to occupy the property as the Allegro School of Music. The buyer was represented by Natalie Furrier and Greg Furrier of Cushman & Wakefield | PICOR.

The adjacent property at 4651 North First Avenue, which totals 6,553 square feet on a 10,675-square-foot lot, was sold in July 2025 for $688,000 to Hope Gateway Residence LLC.

North First Partners LLC originally acquired multiple buildings between 4615–4651 North First Avenue in November 2024 as part of a small office investment portfolio. The recent transactions mark the completion of the portfolio’s disposition, reflecting continued investor activity along the North First Avenue corridor, where older professional and medical office buildings have drawn renewed interest from both owner-users and adaptive-reuse buyers.

Located just north of Prince Road, the corridor offers convenient access to the University of Arizona, Banner Medical campus, and major midtown employers. Recent trades in the area underscore the strength of Tucson’s small office owner-occupant market, as buyers continue to seek affordable, centrally located space amid limited new construction and rising lease rates.

Source: RED Comps #11983 and #12131.

SAHUARITA, Ariz. (October 22, 2025) — The former Desert Sky 6 Cinema at 70 W. Duval Mine Road in Sahuarita’s Valley Verde Center has been sold to CJR Investments, LLC and an affiliate of Roadhouse Cinemas for $850,000 ($46.79 per square foot).

Gary Heinfeld, CCIM, of Advisors in Real Estate, Inc. represented the buyers, while Jake Vice of R.O.I. Properties represented the seller.

Roadhouse Cinemas — renowned for its upscale, dine-in movie experience — plans an extensive renovation of the 18,166-square-foot property. The remodel will transform the former theater into a modern, full-service entertainment venue featuring:

• Luxury recliners with push-button, seat-side service

• A chef-driven menu and full bar showcasing local craft beers

• Roadhouse gourmet white popcorn, Keg Root Beer, and house-made gelato

• State-of-the-art laser projection and digital surround sound technology

The newly reimagined Roadhouse Cinemas Sahuarita is expected to open in Summer 2026.

“This community is thriving, and we look forward to becoming part of its growth by offering an elevated movie-going experience that blends comfort, hospitality, and cutting-edge entertainment,” said Josh Snider of Roadhouse Cinemas.

For additional information about the sale or the 1,846-square-foot end-cap space currently available at Valley Verde Center, contact: Gary Heinfeld, CCIM at [email protected] or 520.591.2310

TUCSON, AZ (October 22, 2025) — Tucson’s industrial market saw a modest cooling in the third quarter as vacancy rose 90 basis points to 6.3 percent, driven primarily by large tenant moveouts in the Southeast submarket. Despite the uptick, vacancy remains well below other Southwestern markets, including Phoenix, which reported 11 percent during the same period, according to CBRE’s Q3 2025 Tucson Industrial Figures Report.

The quarter closed with a negative net absorption of 355,839 square feet, following several significant departures, while overall construction activity remained steady with 1,018,702 square feet still underway. Asking lease rates edged up slightly to $0.84 per square foot NNN, marking a two-cent increase from the previous quarter. Market-wide availability climbed to 9.0 percent, or 3.8 million square feet, up from 3.3 million square feet in Q2.Among the submarkets, the Southeast and North Central regions saw the most significant increases in availability, rising 350 and 290 basis points, respectively. The Airport submarket was the only one to post positive absorption, adding 82,336 square feet, while the Southeast experienced the largest decline at –387,854 square feet.

Significant tenant movement during the quarter included Black & Decker vacating two properties totaling 330,000 square feet in the Southeast region. New activity included Roller Bearing Corp. moving into 111,401 square feet, and Schnitzer Properties leasing 24,822 square feet at 2717 E. Corona Rd in the Airport submarket.

No new construction projects broke ground in Q3, leaving the development pipeline unchanged at just over 1 million square feet, roughly 900,000 square feet of which is speculative. Projects in the planning stage include the American Battery Factory and Beale Infrastructure’s planned 290-acre data center in the Southeast submarket. Together, these developments are projected to create thousands of jobs and deliver $3.6 billion in statewide economic impact.

CBRE’s report also highlights a shift in market sentiment following the Federal Reserve’s first rate cut of the year, reducing the federal funds rate from 4.25 percent to 4.00 percent. Lower borrowing costs could improve investor confidence and spur occupier demand in the coming quarters. Although vacancy increased in Q3, Tucson’s rate remains below its 10-year average of 7.1 percent, underscoring continued market resilience.

CBRE forecasts investment volume growth approaching 15 percent by year-end, fueled by improving financial conditions, new industrial projects, and stronger employment prospects.

“While several large moveouts briefly lifted vacancy, the fundamentals remain solid,” CBRE noted. “Tucson’s industrial sector continues to benefit from steady construction activity, moderate rent growth, and a more favorable financing environment heading into 2026.”

Read the full report here: CBRE Q3 2025 Industrial Report Tucson