Developer Ross Rulney wants to build 144 market-rate apartments in two separate downtown Tucson projects

TUCSON, ARIZONA — Fifth Avenue Partmers OF, LLC (Ross Rulney, Manager) recently acquired the former Codac Behavioral Health building at 111 and 127 South Fifth Avenue in Tucson for $1.775 million ($175 PSF or $73 PSF for the land). The developer wants to raze the 10,000-square-foot building to rebuild a 7-story, 100 unit Apartment building on the site. The apartment units are to be studios and one-bedrooms with 9-foot ceilings on the 24,394-square-foot lot.

An affiliate of Holualoa Companies, HP Fifth Avenue, LLC, was the seller.

Efforts are increasing to keep up with Tucson’s rising population. Located around the corner from 140 East Broadway that was purchased by Rulney in 2006, where Rulney wants to build a 5-story, 44-unit loft-style apartment building with 16-foot ceilings on a 27,380-square-foot lot.

Both properties are in a downtown Tucson opportunity zone and buyer is requesting GPLET assistance from Rio Nuevo and the City of Tucson for both projects in order to begin construction before year end. Opportunity Zones were added to the tax code in late 2017 and are designed to spur economic development by providing tax benefits to investors.

To learn more, see RED Comp #6722.

TUCSON, Arizona – Wong Family Limited Partnership acquired the Starbucks Coffee restaurant at 3001 N Swan Road for $2.15 million ($817 PSF) as a triple net investment.

The seller, ADG Swan LLC (Steve Grimm and Marcel Dabdoub, members) an affiliate of Aspen Development Group, bought the former Chad’s Steakhouse site on the northwest corner of Swan and Fort Lowell in 2014.  The cowboy’s steakhouse was beyond repair after a fire in 2012 that caused extensive water damage to the building when a fire sprinkler went off with the alarm. Aspen Development Group bought the property, razed building, redeveloped it and leased it successfully to Starbucks.

Swan Road serves as a main gateway route to and from the Tucson Foothills. The property is kitty corner to the upscale Plaza Palomino and within walking distance of Camp Lowell and Swan offices.

Tucson-based brokers, Steve Grimm and Juan Pantoja with Grimm Commercial represented the seller and Jeramy Price of Volk Company represented the investor.

For additional information, Grimm should be reached at 520.323.9752 and Pantoja is at 520.795.5200. Price should be contacted at 520.326.3200.

To learn more, see RED Comp #6797.

TUCSON, Arizona – A group of Tucson investors, CA 36^th Street American, LLC, purchased the former Grant Road Lumber Contractor Yard at 3361 East 36^th Street from Tucson-based, SDS Land and Building Company, LLC, the owners of former Grant Road Lumber, for $2.7 million ($64 PSF) with 42,016-square-feet of buildings.

NPL Construction Co. (NPL) then leased approximately nine acres of the 15 acres for ten-years along with the buildings south of the railroad tracks. The remaining parcel, approximately six acres, remains for sale or lease with the entire rail spur available for the north property.

NPL, a wholly owned subsidiary of Centuri Group, Inc., is a comprehensive utility infrastructure services enterprise dedicated to delivering a diverse array of solutions to North America’s gas and electric providers.

Founded in a small town in northern Minnesota, NPL began as Northern Gas Line Constructors focusing exclusively on gas customers. By 1971, the company progressed from the installation of local farm taps to construction of several large gas pipeline projects in nearby states. In 1973, the company was renamed Northern Pipeline Construction Company, and a few years later, moved to its current location to Phoenix.

In 2008, Northern Pipeline became NPL Construction Company. Today, the company is recognized as a leader in natural gas construction with a reputation in safety, quality, and customer satisfaction.

NPL leased approximately nine acres of the former Grant Road Lumber site located at 3361 East 36th Street. The remaining parcel, approximately six acres, remains for sale or lease with the entire rail spur available for the north property.

Dean Cotlow with Cotlow Company of Tucson handled the transaction.

For more information, Cotlow should be reached at 520.881.8180.

To learn more, see RED Comp #6808.