TUCSON, ARIZONA – Cox Communications Corporate Office at 1440 East 15^th Street in Tucson sold in a net lease transaction for $8.15 million ($263 PSF). The 28,591-square-foot building on 4.86-acres was built in 1988 as a built-to-suit for another television station and was later used for a local radio station.

The radio tower continues to be leased separately to another company.

The nation’s 4^th-largest cable provider, Cox services residents of Tucson, South Tucson, Davis-Monthan, Patagonia, Green Valley and parts of Sahuarita. Since 1994, Cox has offered broadband, digital cable, cable and Internet services and PPV along with several local specialty channels, including the City of Tucson channel and several public-access channels.

Property was fully leased to Cox Communications that will continue to occupy it in a net leased investment sale that sold at a 5.9% cap rate.

Mindy Korth of Colliers (Phoenix) represented the seller, Net2 Cox, LLC of New York and the investor, 1440 E 15^th Street, LLC of Irving, Texas.

For more information, Korth should be reached at 602.222.5005.

To learn more, see RED Comp #9790.

TUCSON, Arizona – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Canyon Heights, a 196-unit multifamily property in Tucson, Arizona. The property at 550 N Pantano Rd. in Tucson traded for $33 million, or $168,367 per unit.

“Demand for multifamily assets in Tucson continues to escalate as out-of-state investors seek to benefit from the city’s 21.7% annual rent growth rate, the fourth-highest in the nation,” said Hamid Panahi, IPA senior vice president.

Panahi and IPA’s Clint Wadlund, Steve Gebing and Cliff David represented the seller, South Coast Commercial.

“With 100% of its units unrenovated, Canyon Heights offers an increasingly rare blank-canvas value-add opportunity,” added Wadlund. “Original common area amenities and interior finishes provide new ownership with the opportunity to implement a strong renovation program to match current consumer preferences and expectations.”

Constructed in 1982 on five-plus acres, Canyon Heights’ community amenities include covered parking, a swimming pool and a 24-hour fitness center. Apartments have dishwashers, ceiling fans, and views of the Santa Catalina Mountains. Select units offer private balconies and wood grain vinyl flooring.

To learn more, see RED Comp #9810.

Newly Constructed Tucson Center Offers Investor Full Occupancy

TUCSON, ARIZONA – A California investor has purchased a two-tenant property within Rio Verde Village in Tucson for a price of $4.75 million. The Class-A property, located at 5590 E. River Rd., is newly constructed and fully leased.

This property provides the buyer with two durable, high-quality, long-term tenants,” says Mindy Korth, executive vice president with Colliers in Arizona. “The project is located in a dynamic area of northeast Tucson at the key intersection of River Road and Craycroft Road that has recently attracted more than 25 acres of new developments including new multi-family projects, retail and restaurant facilities, among other projects.”

Korth and Todd Noel with Colliers in Arizona handled marketing and seller representation for the property. The original developer, 5590 E River Plaza, LLC of Tucson, sold the property to a private investor in California. The buyer was represented by Chris Crabtree of Lee & Associates. The property sold for a price of $742/square foot with a 4.76 percent cap rate.

This 6,400-square-foot retail property was constructed in 2021, and is fully leased by Wells Fargo Bank and ImmediateCare Arizona on long-term leases, and contains all new state-of-the-art tenant improvements. The thoughtfully designed project offers modern architecture and complementary design features throughout its interior and exterior spaces. The building is situated on nearly an acre of land.

To learn more, see RED Comp #9794.