ORO VALLEY, Arizona — Word is getting out about the plans for the former Platinum Fitness location at 7315 N Oracle Road, near the northwest corner of Ina and Oracle Roads in Oro Valley. Platinum Fitness closed in April 2019 and investors led by Larsen Baker and Volk Company teamed up to purchase the 53,000-square-foot property for an adaptive re-use development, as Oracle Ina Investors, LLC (Melissa Lal, manager) and SRP Two, LLC (Rick Volk, manager).

Originally built in 1985 by Steve Nanini, a prominent developer in Northwest Tucson, the property commanded a sale price of $3.7 million ($70 PSF). Bruce Romano of Romano Real Estate in Tucson, the asset manager for 30-years, represented the seller, Two Oracle Plaza, LLC.  Romano brought the deal to Lal prior to Platinum Fitness closing, knowing the creativity and experience needed for such a value-add property in order to bring it to its next level.  Romano continues to manage Cottonwood Plaza located across the street.

“When we heard about the project, we were immediately on board,” said Rick Volk, President of Volk Company.  “Not only is the location unbeatable and prime for redevelopment, at the key intersection serving all of northwest Tucson and the gateway to Oro Valley, but we also get to work with Larsen Baker, which is always a pleasure.  They are currently developing two of Tucson’s coolest projects, Grant Modern (at 2502-2510 E Grant Road) featuring Snooze and Postino and the former Gallery Row at Skyline and Campbell.”

Previews of the rendering show a dramatic re-imagining of the multi-story project.  The garden level, consisting of 17,000-square-feet faces Tohono Chul Park to the west, and mountains to the north, it will feature new windows, façade and entries, taking advantage of the views and the grade level parking.  A lease is being finalized for 10,000-square-feet. The second floor, almost fully leased with two spaces remaining, will remain offices.

Patios will be added to the main floor facing Oracle Road, and discussions are underway with restaurants, fitness and lifestyle uses, ranging in size from 2,000 square feet to 10,000-square-feet, that will take advantage of the visibility, location and parking field.

“Even though we know the market, as our two companies have been involved in numerous restaurant and fitness projects, the level and intensity of interest from users has been beyond our expectations,” said Volk.  “We want to transform this sleepy property into something that will serve the town of Oro Valley and we can all be proud of.”

The redevelopment project will be in the range of several million dollars when completed.

Seaver/Franks Architects Inc are preparing plans for submittal to the Town of Oro Valley, with the hope of having construction underway later this year.

For more information, Romano is reachable at 520.577.1000, Volk can be contacted at 520.495.2242 and Lal should be reached at 520. 296-0200, ext. 213.

To learn more, see RED Comp #7066.

Phoenix, Ariz. — ABI Multifamily is proud to announce the $10,175,000 / $154,167 Per Unit / $168.18 Per SF sale of Mission 66 in Phoenix, Ariz.

Mission 66 is a 66-unit garden-style apartment community in the East Phoenix submarket. The immediate area is filled with an extensive range of retail and restaurant options, and the State Route 51 freeway is 1.5 miles away.

Built in 1970 and fully renovated in 2019, Mission 66’s 22 one bed/one bath and 44 two bed/two bath units have all been upgraded with new cabinets, stainless steel appliances, stone counter tops, vinyl plank flooring and new fixtures.

ABI Multifamily’s Rue Bax, Alon Shnitzer, John Kobierowski, Eddie Chang and Doug Lazovick represented the Buyer and the Seller.

“The Seller and Buyer came together with a lot of synergy in this transaction,” Bax said. “Because the Seller renovated the property into a fully turnkey asset, the Buyer is able to step in and immediately begin realizing value on the investment without having to further refine or reshape the property.”

The Buyer is a Canadian-based private real estate investment group. The Seller is a private real estate investor based in California.

PHOENIX, Arizona – On behalf of Chicago-based McAfee Investments, Cushman & Wakefield sold Wells Fargo Plaza. Phoenix-based University Crossroads purchased the property, located at 64 East Broadway Road in Tempe, Ariz., for $7.9 million ($199 PSF).

Wells Fargo Plaza is a two-story, 39,732-square-foot multi-tenant office building. Constructed in 1985, the property is situated just south of downtown Tempe in a highly visible location with excellent connection to businesses and amenities via the I-10, US 60 and Loop 101. The property is currently 100% leased to Wells Fargo Bank and Regus Corp., a national leader in executive suites.

Eric Wichterman, Mike Coover and Chris Nord of Cushman & Wakefield Phoenix represented the seller in the transaction.

Wichterman stated, “This acquisition provides the buyer with a reliable income stream through its high credit tenancy in Wells Fargo and Regus Corp. It also holds a tremendous amount of intrinsic value, with over three acres of prime land positioned at the intersection of Broadway Road and Mill Avenue in Tempe.”