TUCSON, ARIZONA — Cushman & Wakefield | Picor closed the sale of  Cordova Village, a 324-unit multifamily asset in Tucson, Arizona at 2020 S Columbus Blvd and 4250 E. 29th Street. The property sold for $34 million ($105,000 per unit). Equilibrium Funding Managers of Tucson was the seller and Villas Las Mandarinas an affiliate of Greenwater Investments of Coral Gables, Florida, the investor.

Allan Mendelsberg, Principal, and Conrad Joey Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented both parties in the transaction.

“We’re not seeing any slow-down in the multifamily sector. We had over 35 tours and 17 offers on the property,” said Mendelsberg. “The new owners plan an extensive renovation and repositioning of the asset that sold on a price per unit basis.”

Cordova Village is located in the Eastern Tucson submarket near Columbus and 29^th Street, which provides easy access to Davis-Monthan Air Force Base, Amazon, and other Tucson major employers.

Built in 1975 on nine acres, the property is an 18-residential building complex with three offices, a clubhouse, swimming pool, jacuzzi, BBQ Island with picnic area, fitness center, and pet friendly. The unit mix includes 321 one-bedroom and three two-bedroom units.

For more information, Mendelsberg can be reached at 520.546.2721 and Martinez can be contacted at 520.546.2730.

To learn more, see RED Comp #9920.

Tucson, Arizona – Larsen Baker is pleased to announce the sale of the recently renovated north building at SkyCam on the northwest corner of Campbell and Skyline. The building was sold to be owner occupied to the same buyer who earlier this month purchased the adjoining Charles Schwab building at 6405 N Campbell.

The buyer is 6405 North Campbell IC/FH JV, LLC, an Arizona limited liability company.

The property sold for $4,403,930.00 ($595 PSF) and closed on June 23, 2022.

The 7,400-square-foot office building was constructed in 1991.  Larsen Baker purchased it in Nov. 2020 to reposition as a class A building.

The seller, Skyline Encantada Investors, LLC, an affiliate of Larsen Baker, was represented by Isaac Figueroa of Larsen Baker who handled the transaction in this off market transaction.

For more information, Figueroa can be reached at 520.296.0200 ext 218.

To learn more, see RED Comp #9951 and #9923.

77-acre land buy paves way for new Class A, four-building $260 million industrial development

TUCSON, Arizona – LPC Desert West, the Southwest division of Dallas-based Lincoln Property Co., has announced it will develop a more than 1 million-square-foot, Class A industrial development in the Tucson, Arizona airport submarket, highlighting the rising relevance of Tucson as a strategic industrial location.

According to public records, the land was acquired for $6.5 million from an affiliate of Diamond Ventures of Tucson.

Plans for I-10 International include four warehouse/distribution buildings totaling 476,000 square feet, 214,882 square feet, 188,327 square feet and 158,908 square feet, located on 77 acres just minutes from both Interstate 10 and Tucson International Airport. All buildings will be state-of-the-art cold storage capable with other features including 32’- 36’ clear height, 14’ tall glass entrances, full concrete truck courts and an R-38 insulated roof deck system.

Like all new LPC Arizona industrial developments, I-10 International will follow a “creative industrial” vision, incorporating lifestyle amenities unique to the industrial sector and designed to increase employee health, comfort and efficiency. These include touchless technology, generous use of clerestory windows to let in abundant natural light and a best-in-class outdoor amenity space to include landscaped areas for outdoor seating and relaxing.

“This site has tremendous location advantages, being proximate to I-10, I-19 and Tucson International Airport, with direct connection to major ports and cities in the U.S. and Mexico,” said Lincoln Property Company Vice President Doug Klocke. “We have designed I-10 International to operate efficiently, to provide added comfort for employees, and to  take full advantage of this location, which includes the ability to distribute product to 46 million people within a 500-mile radius.”

“We are taking an incredible step today,” said Tucson Mayor Regina Romero. “I-10 International will help meet pent-up demand so Tucson can attract more Class A industrial park tenants. By adopting the Airpark 10 annexation ordinance we are acting swiftly to enable 1 million square feet of much-needed warehouse and distribution space.”

I-10 International is located at the southeast corner of Alvernon Way and Los Reales Road, two miles from a full-diamond interchange at I-10 and Valencia Road and directly northwest of Tucson International Airport. It sits within a Foreign Trade Zone and a world-class e-commerce market that is home to companies like Amazon, Home Goods, Pepsi, FedEx, DHL, Intuit and Raytheon.

LPC purchased the I-10 International land site from Tucson-based real estate development and investment company Diamond Ventures. Keri Lazarus Silvyn, Esq. served as entitlement counsel for LPC.

“It was a pleasure working with Lincoln Property Company and Tucson leadership to complete this transaction,” said Diamond Ventures CFO Bill Kelley. “I-10 International will bring great economic and employment advantages to Tucson, and marks what we hope will be the start of a long relationship with LPC and more deals in the future.”

Construction on I-10 International is scheduled to begin Q2 2022 and complete Q2 2023. The project will be built in two phases, with Phase I including the 192,600-square-foot, 176,000-square-foot and 142,000-square-foot buildings, and Phase II including the 476,000-square-foot, cross-dock building. Butler Design Group and Ware Malcomb are the project’s architects, along with Rick Engineering as the civil engineer. A general contractor has not yet been selected.

To discuss leasing, investment or property management opportunities with Lincoln Property Company in the Desert West region, please call David Krumwiede or John Orsak at (602) 912-8888.

To learn more, see RED Comp #9948.