TUCSON, Ariz – 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 First Watch & Mattress Firm Shops, a 8,846-square-foot retail property located in Tucson, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $4.3 million ($486 PSF).

Chris Lind and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The property is 100 percent leased with 10-year triple-net leases.

Built in 2019, First Watch & Mattress Firm Shops is located at 1080 West Irvington Road in Tucson, Arizona. The property rests across the street from Tucson Spectrum, a major shopping center with national retailers including Target, The Home Depot, Harkins Theaters, JCPenney, PetSmart, Michael’s, Old Navy, Best Buy, etc. Based in the growing Tucson trade area, First Watch & Mattress Firms Shops is easily accessible to 205,523 residents within a five-mile radius.

To learn more, see RED Comp #8889.

TUCSON, ARIZONA – Locally based, REM Investment Group LLC, purchased Grant Road Place, a 20,057-square-foot, multi-tenant office complex located at 5625-5687 E. Grant Rd. in Tucson.  Located near Tucson Medical Center – TMC, the property is primarily leased by medical tenants.

The investment group members comprise of physicians from Old Pueblo Anesthesiology that purchased the complex for investment and use as an administrative office. The plan is for Old Pueblo Anesthesia to occupy approximately 2,300-square-feet of the 4,300-square-foot office formerly occupied by the seller, Pepper Viner, at 5633 E Grant Road.

Old Pueblo Anesthesia is the exclusive provider of anesthesia services at Tucson Medical Center.

Evan Eglin of Eglin + Bresler is the architect for the project. Old Pueblo Anesthesia expects to move-in Q1 2022, when the buyers’ current lease expires.

Other than the 2,000-square-foot space being newly opened in the office split, the complex is 100% occupied.

The property was purchased from the Shenitzer Family Trust U/T/A, the Pepper Trust U/T/A, and WV, LLC for $2,696,764 ($134.45 PSF).

Richard M. Kleiner, MBA, Principal, and Office Specialist with Cushman & Wakefield | PICOR, represented both parties in the sales transaction and will continue to handle leasing for the new owners.

For more information, Kleiner should be reached at 520.546.2745.

To learn more, see RED Comp #8871.

Tucson, Arizona – Tucson-based Larsen Baker, through its affiliate Valencia Tech Park, LLC, has acquired the 90,000-square-foot business park at the southwest corner of Valencia Road and Country Club Road and is expected to pay $4.9 million ($54.00 PSF). The project will be renamed Valencia Tech Park.

The asset was purchased at 50% occupancy.

Larsen Baker plans to convert Valencia Tech Park from its current predominantly office uses back to flex industrial/showroom uses, to meet the growing demand and limited supply of product in this sector. The Tucson Airport trade area is currently one of the most sought after locations for industrial and flex space. The Larsen Baker team plans to restore the tech park back to it’s original purpose, which allows for light industrial users who also need offices and showrooms with retail type storefronts. The buildings are 100% air conditioned but have roll up doors and the warehouse spaces have high ceilings.

The investment will be Larsen Baker’s third Opportunity Zone Redevelopment.  The Opportunity Zones are a federal program that provide tax incentives for improving commercial properties in underserved areas.

Bryce Horner and Tim Healy with CBRE represented the seller, 3000 East Valencia, LLC and Isaac Figueroa with Larsen Baker, LLC represented themselves as the buyer in this transaction.

Valencia Tech Park’s redesign, renaming and rebranding will be completed in 2021. For information about leasing opportunities contact Isaac Figueroa at 520-296-0200 x 218.

To learn more see RED Comp #8874.