TUCSON, AZ (June 18, 2024)—The Pioneer Building, one of the first high-rise buildings in Tucson, was sold at auction for $3,792,500 ($27.49 PSF). The seller was an affiliate of Holualoa Arizona, Inc., and the buyer was Pioneer Tucson, LLC, a California investor.

Constructed in 1929 as the Pioneer Hotel, it was later converted to office space. The building was also restored after a fire in 1970, and efforts were made to restore the dining room to its original state in 2017; the building does not have a historic designation, so remodeling can be done without concern for preserving its architectural characteristics.

The building is 11 stories on .46 acres, has an on-site manager and building engineer, two free common area conference rooms—accommodating up to 12 and 18, respectively—two restaurants in the lobby, an on-site security guard, security cameras, several parking garages within a block of the building, and offers short-term leases and a special ground-floor bike room with lockers, bike racks, and two private shower rooms.

According to auction documents, the property was approximately 50% occupied at the time of sale.

Ten-X, the auction broker, handled the transaction.

TUCSON, AZ (June 14, 2024)—Tucson’s Gould Family, renowned for their deep-rooted passion for classic cars, has acquired the former Hidden Valley Inn at 4825 N Sabino Canyon Road. The building will now be transformed into the Tucson Auto Museum.

The 25,000-square-foot asset sold for $2,758,00 ($107 PSF).

The Hidden Valley Inn closed its doors in 2006 and was renovated to lease to Community Provider of Enrichment Services, Inc., a local social service agency that occupied it until recently.

Founded in Tucson, the Tucson Auto Museum is a non-profit dedicated to preserving and displaying rare and unique classic cars from around the world.

The collection boasts over 70 vehicles, each with its own unique story, including a Model T, a 1929 Duesenberg Model J, a one-of-one 1948 Kurtis-Omohundro Comet, a 1957 Dual-Ghia, and cars used on the sets of Mannix, Charlie’s Angels, and Batman. The museum also features fascinating automobilia like signs and gas pumps from yesteryear.

It is a National Association of Auto Museums and Visit Tucson member and a TripAdvisor-featured automotive museum.

The Tucson Auto Museum is a “living” museum, meaning all its cars run and are roadworthy. We take them out to shows regularly, and our cars have won numerous awards, many of which are displayed next to the cars themselves.

Bring your family and camera for some interesting and fun times! The museum is also pet-friendly.

Paul Hooker, SIOR, Principal, and Industrial Specialist with Cushman & Wakefield | PICOR handled the transaction for buyer and seller, HVI, LLC of Tucson.(Ron Brown, manager).

For more information, Hooker can be reached at   520.546.2704.

See more at New Tucson Auto Museum Location Acquired for $2.76M – C&W | PICOR

To learn more, see RED Comp #11335.

TUCSON, Ariz., June 11, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced today the sale of Midtown on 1st, a 94-unit apartment property located in Tucson, Arizona.

The asset sold for $13,600,000 ($144,680 per unit) and closed on May 22, 2024.

“We are excited to have successfully completed this transaction on behalf of the seller and look forward to seeing the buyer’s vision come to life through the planned community enhancements,” said Hamid Panahi, senior vice president in the firm’s Tucson office.

Panahi and Clint Wadlund, senior vice president in the firm’s Tucson office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Panahi and Wadlund also procured the buyer, an individual/personal trust.

“Midtown on 1st offers investors a partially renovated (54%) multifamily housing option that appeals to the budget-conscious UArizona students, graduate students, non-traditional students, or staff members, by providing prospective residents a high-quality housing alternative without compromising the lifestyle they desire,” adds Wadlund.

Midtown on 1st is at 1920 North 1st Avenue in Tucson, Arizona. Formerly operated as a by-the-bed student property, previous ownership successfully transitioned Midtown on 1st into a market-rate asset with traditional 12-month leases and normalized expenses. Rents at Midtown on 1st are lower than similar-sized, vintage student properties in the submarket and are significantly below core-student mid-rise assets.

For more information, Panahi and Wadlund can be reached at 520.719.6511.

To learn more, see RED Comp #11312.