ORO VALLEY, ARIZONA (May 2, 2025) – MFG SPEC 1, LLC, a Phoenix-based CRE investment firm managed by William Finch, has acquired the former Bank of America branch at 12132 N Rancho Vistoso Blvd in Oro Valley, Arizona. The purchase price was $650,000 ($145 PSF), and the transaction closed on April 23, 2025. Bank of America was the seller.

The property consists of a 4,533-square-foot freestanding retail building on a 0.86-acre lot. Originally constructed in 2001, the building includes a drive-thru lane, 27 parking spaces, and is zoned C-1, allowing for a variety of commercial uses. It is located within the Safeway-anchored Vistoso Plaza shopping center, a high-traffic retail corridor in north Oro Valley.

The former bank branch was sold “as-is” in a modified sales bid process and marketed as a redevelopment opportunity suitable for reuse or repositioning.

Regan G. Amato and Ryan Tanner of Jones Lang LaSalle (JLL), who represented the seller, brokered the sale. The buyer is a licensed real estate agent with AT Real Estate in Phoenix.

This acquisition underscores continued investor interest in adaptable, well-located commercial properties across the greater Tucson market.

For more information, Amato can be reached at 602.282.6322, and Tanner is at 602.282.6323. Finch can be contacted at 602.432.4336.

Reference: RED Comp #11874.

PISA, 4881 E. Grant Road, Tucson

TUCSON, ARIZONA (May 1, 2025) – Seattle-based Elliott Bay Medical Properties Holdings III, LLC has acquired a 15,000-square-foot medical office building at 4881 E. Grant Road in Tucson for $5,500,000 ($372.35 PSF). The seller was a Tucson-based private investment group.

“This is a highly desirable medical office asset that is 100% leased to a quality tenant and well positioned within a thriving healthcare community,” said Christian Whipple, CEO of Elliott Bay. “Its location adjacent to Tucson’s largest hospital, recent facility upgrades, and strong regional demand for specialty outpatient care align well with our investment strategy focused on essential healthcare real estate.”

The property is fully leased long-term to the Pain Institute of Southern Arizona (PISA), a prominent provider of interventional pain management services throughout Southern Arizona. Established over two decades ago, PISA offers advanced treatment options through a team of board-certified physicians with training from institutions such as the Mayo Clinic, Stanford, and Harvard. The practice operates multiple regional clinics, including Tucson, Benson, Queen Creek/San Tan Valley, and Apache Junction.

The property sold at an attractive cap rate, reflecting strong investor confidence in the tenant and location.

Bryce Horner, Capital Markets Specialist with Cushman & Wakefield | PICOR, represented the seller, AEH Investors, an affiliate of Hazen Enterprises of Tucson, the developer of the building in the transaction.

The transaction was finalized on April 11, 2025.

Strategically positioned along a key medical corridor, the property offers strong visibility and easy access, further enhancing its value as a stable, long-term healthcare investment.

For more information, contact Horner at 520.546.2737.

Reference:  RED Comp #11850.

The office and industrial properties traded in 1031 exchanges.

PHOENIX & TUCSON (May 1, 2025) – CBRE negotiated the all-cash sale of two single-tenant properties in Phoenix and Tucson, totaling $5.65 million. A buyer undergoing a 1031 exchange purchased a single-tenant medical office building in North Phoenix and a single-tenant industrial building in Tucson. CBRE’s Geoffrey Turbow and Anthony DeLorenzo represented the sellers in the transactions.

Turbow and DeLorenzo represented Phoenix Pediatrics in the $3.25 million sale of 4735 East Union Hills in Phoenix. The 8,600-square-foot office building was built in 2003, and Phoenix Pediatrics will continue to occupy it. Located off Tatum Blvd., the property benefits from easy access to essential services such as pharmacies, other medical specialists, and emergency services.

The 13,671-square-foot industrial property at 102-120 West 29th Street in Tucson, Ariz., is fully leased to Tucson Foods Inc., a Tucson-based company with a long-term lease. Originally built in 1991 and 2001, the property was completely updated in 2021, featuring a modern design with a single-story layout. It has three exterior docks and 20-foot clear heights. Turbow, DeLorenzo, and Tim Healy represented Diamond Ventures in the $2.40 million transaction. See Tucson Tamale Expands Production with New South Tucson Facility – Real Estate Daily News.

“The buyer, who is a repeat buyer of the firm, was involved in a 1031 exchange, and we introduced them and their broker, Kevin Quick, to two of our current listings that perfectly matched their purchase requirements, completing the exchange,” said Turbow, senior vice president at CBRE. “The sellers have taken pride in owning these assets, maintaining a strong rapport with the tenants. The buyer’s interest in continuing positive partnerships and supporting the future success of the tenants was appealing to the sellers.”