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BP 1010 Investors, LLC, an affiliate of local investor Bourn Companies (Don Bourn) purchased the property at 1010 N Finance Center Drive in Tucson for[mepr-show rules=”58038″] $3.2 million ($64 PSF). The two-story class-A office building (built 1987) is approximately 49,900-square-feet and is located near the southeast corner of Speedway Blvd and Kolb Road on 3.18 acres with god visibility and mountain views.

The building was 34% leased when it sold, with multiple tenants, and 32,800-square-feet available. Located in the Gateway Center Business Park, the property has great accessibility to retail and restaurant amenities along the well-travelled Speedway and Kolb corridor.

The seller was an investment group, B.J.R. Investments of Tucson (Christopher Sheafe, Director) which built and have owned the property since 1987.

There were no real estate brokers involved in the sale. The transaction was financed by Alliance Bank. Property is being leased by David Montijo and Jeff Casper of CBRE in Tucson.

For more information, Bourn can be contacted at (520) 323-1005. Montijo should be reached at (520) 323-5136 and Casper is at (520) 323-5181.

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Sale date: 10/31/2013. Sale Price: $3,175,000. Buyer paid $1,866,633 down and financed the balance. Asking lease rate is $18.50 / Full Service. APN: 133-23-134.

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CBRE negotiated the sale of the former First Baptist Church Educational Building, a 25,216-square-foot commercial property located at 222 E. 5th St. in Tucson, AZ. The building, which sits on a 36,950-square-foot parcel, commanded a sale price of[mepr-show rules=”58038″]$1.5 million is to be redeveloped for headquarters of Mister Car Wash and Express Lube.

Buzz Isaacson with CBRE’s Tucson office represented the buyer, Tucson-based Michael R. Wattis, Inc.  The seller, Tucson-based 222 Storage, LLC (Ron Schwabe and David Dabdouh managing members) was represented by Ron Schwabe with Peach Properties of Tucson. The seller had acquired the property one year ago in an REO sale from the Bank of Oklahoma.

The buyer, Michael R. Wattis, Inc. is a real estate developer specializing in office and industrial projects. Wattis plans to redevelop the property as the corporate headquarters for Tucson-based Mister Car Wash. Permits have not yet been approved, but it is hoped construction can begin as early as November for a May delivery.

The property lies within the Downtown Area Infill Incentive District, a compelling location for the tenant, who is looking to attract top, young talent. Mister Car Wash (John Lai, CEO) will be moving from its La Paloma Corporate Center in the Foothills and hopes to draw on the dynamic area’s energy and amenities. The company moved its headquarters to Tucson in 1996. Mister Car Wash now operates 6 car washes in the Tucson market, having recently acquiring three of the former Simoniz car washes, makes a total of 124 car washes and 32 lube shops nationwide. Year to date 2013, Mister has acquired a total of 21 locations.

Built in 1952, the three-story steel and brick building at 222 E 5th Street is seven blocks from the University of Arizona, three blocks from downtown Tucson and two blocks from the planned 4th Ave. light rail system which will connect the University with downtown.

Project architect, Rob Paulus, plans to preserve much of the building character by keeping the old brick facade and architectural features. The building that has been partially demolished and gutted for a condominium project since 2008. Paulus has worked on many of the redevelopment projects downtown including the Ice House Lofts and the former Martin Luther King Jr. public housing project.

For more information, Isaacson should be contacted at (520) 323-5151. Schwabe can be contacted at (520) 798-3331.

Sale date for first sale was Nov. 13, 2012. Sale price was $1.1 million in REO sale. Sale date for second sale was Nov. 1, 2013. Buyer took title as 222 Building, LLC.

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A new two-story, 6,300-square-foot surgical center will soon be built at the Puente Nuevo Plaza at the northeast corner of Fort Lowell and Alvernon Way in Tucson. A 4,980-square foot pad has been purchased by Red Mountain Retail Group (Michael Mugel, managing member) of Santa Ana, CA, a medical development group for[mepr-show rules=”58038″]$535,000 for the building pad.

“It’s a good fit for the Puente Nuevo Plaza,” commented Rick Kleiner of Cushman & Wakefield | Picor of Tucson. “The mixed use center has about 30,000-square-feet remaining of improved pad space.”

The excellent northwest location on Fort Lowell with easy accesses to the I-10 freeway, University of Arizona and only minutes away from the Foothills and Northwest residential market attracted the developer.

The property address for the new surgical center will be 3935 East Fort Lowell Road, Tucson, with construction planned to begin in January.

Rick Kleiner, MBA, Principal and Office Specialist with Cushman & Wakefield | Picor of Tucson represented the seller, Puente Nuevo Development LLC of Utah (Craig Masters and Richard Dudley, managing members) the developer of Puente Nuevo Plaza. Aaron Kuhl of Plaza Del Rio Management Corp. of Peoria represented the buyer.

For more information, Mugel can be contacted at (714) 245-7400. Kleiner can be reached at (520) 546-2745. Kuhl is at (623) 972-1184.
[mepr-show rules=”58038″][/mepr-show]Sale date: 10/1/2013 All cash transaction.  Medical Office Broker of Phoenix is reported as out of business on the Arizona Department of Real Estate site. Price per SF for land would be $107.43 PSF, Plat map and assessor show this pad as 4,980 SF.  Chestnut Construction is suppose to have the construction contract, but wanted to confirm before publishing. APN: 110-03-593.[/mepr-show]

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