TUCSON, AZ (May 23, 2024)—The former Progressive Insurance building at 1305 S Alvernon Way sold for $2.25 million ($155 PSF) at South Alvernon Way and 22^nd Street in Tucson.

Progressive built the 14,496-square-foot modern office/retail flex building for a service center in 2014 on 3.64 acres and relocated its center and employees from 5255 E Williams Circle in Tucson to this new building. See Real Estate Daily News for the prior transaction: Progressive Insurance Plans New 14,000 SF Service Center in Tucson (realestatedaily-news.com)

This transaction closed on May 13, 2024.

In this transaction, Tim Healy and Ryan Hall, seasoned real estate professionals with CBRE (Tucson), represented Progressive Casualty Insurance Company, the seller. Their expertise and dedication ensured a smooth process. On the buyer’s side, Jessica Bojorquez, a trusted realtor at EXP Realty, represented Vet West Investment Group, the investor.

The buyer, Vet West Investment Group, has exciting plans for the property. They intend to lease it as an automotive service center or dealership, tapping into Tucson’s thriving automotive industry. This strategic move promises a bright future for the property and the local economy.

For more information, Healy and Hall can be reached at 520.323.5100, and Bojorquez can be contacted at 602.448.9557.

To learn more, see RED Comp #11293.

TUCSON, AZ (May 22, 2024) — Golden Parachute Properties, LLC purchased 11,200 square feet of Class A medical office space at 6452 E. Carondelet Dr. in Tucson from AM Properties, LLC for $3,250,000 ($290 PSF).

Completed in 2009, the building was 36% occupied at the time of sale, with North Valley Endodontics and Oral Surgery occupying 4,047 square feet.  The buyer plans to lease the remaining 7,153 square feet and sold for investment.

Richard M. Kleiner, MBA, Principal, and Alexis Corona, Office Specialists with Cushman & Wakefield | PICOR, represented the seller. Matt Bollinger and John Allen Smith, who are with Long Realty Company, represented the buyer. 

For additional information, Kleiner can be reached at 520.546.2745, Corona at 520.546.2729, and Bollinger and Smith are at 520.886.7500.

To learn more, see RED Comp #11219

TUCSON, AZ (May 21, 2024)—Casitas on Los Altos is a 12-unit apartment complex that recently sold for $1,225,000 ($102,083 per unit).

Built in 1964, the unit mix consists of (2) one-bedroom / one-bath and (10) two-bedroom / one-bath units with covered parking, storage, backyards, and in-place management in two single-story buildings that had recent capital improvements made.

Allan Mendelsberg and Joey Martinez with Cushman & Wakefield | PICOR represented both the seller, GP Corner, LLC of Knoxville, TN, and the buyer, Wiley Coyotes, LLC of Henderson, NV.

The transaction closed on May 10, 2024.

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

To learn more, see RED Comp #11291.