TUCSON, Ariz. (September 5, 2025) – Pima County has officially closed on the purchase of the former Wells Fargo Bank complex at 150 N. Stone Ave. for $6,185,000 ($123 PSF), setting the stage for a major transformation of library services for the downtown library in Tucson.

At its June 3 meeting, the Pima County Board of Supervisors voted 4–1 to approve the acquisition of the three-building complex, located directly across the street from the existing Joel D. Valdez Main Library. The decision follows years of debate over how to address significant structural and functional challenges at the Valdez facility, which was built in 1990 and now requires an estimated $86–90 million in repairs and upgrades.

A Cost-Effective Alternative

The Wells Fargo complex includes the 50,000-square-foot main bank building, two smaller ancillary structures, and an adjacent 121,000-square-foot parking garage. Wells Fargo vacated the property in 2022. County leaders estimate it will cost roughly $24 million to renovate the bank complex for use as the new main library and library system headquarters—far less than the nearly $90 million needed to overhaul the Valdez building.

Built in 1957 and renovated several times over the decades, the bank building is seen as a better fit for today’s library needs. Officials note that modern libraries no longer require the vast 90,000-square-foot footprint of the Valdez Library but instead benefit from flexible, efficient, and technologically equipped spaces.

Architectural and Historical Significance

The main Wells Fargo building is recognized as one of Tucson’s finest examples of Italian Renaissance Revival architecture. Designed by the local firm Place & Place, the two-story façade features graceful arcaded loggias, semicircular arches, cast-stone tile veneer, and wrought iron balcony railings, all capped by a denticulated cornice. The annex mirrors this classical style, creating a unified streetscape along Stone Avenue.

Inside, the complex once showcased cultural works such as “The Seven Golden Cities of Cibola,” a mural painted between 1958 and 1960 by artist Jay Datus during its tenure as Southern Arizona Bank & Trust. This artistic heritage adds another layer of significance to the property as it transitions into a civic space.

County officials emphasized that, beyond its practical advantages, the building’s design and historic stature make it an ideal home for the community’s central library.

Preserving a Downtown Anchor

Board Chair Rex Scott emphasized the importance of keeping the main library in downtown Tucson while ensuring fiscal responsibility.

“Acquiring the Wells Fargo building complex potentially solves many problems for the County and the Library system. The Valdez Library is more than just a lending library and administrative headquarters. It’s a community gathering space, a resource provider, a jobs center, a communications hub, a learning center, and a place of respite. It is essential to the life and vitality of downtown Tucson, and it was essential for the Board to preserve that and do it in a way that was financially responsible and respectful to County taxpayers,” Scott said.

Deputy Director of the Project Design and Construction Department, Martyn Klell, echoed that sentiment in a May 28 memo to County Administrator Jan Lesher. Klell described the purchase as “a forward-thinking, fiscally responsible, and community-centered solution” that maintains the library’s critical presence in the city center.

Next Steps

Community engagement will also play a role in shaping the design and programming for the new library facility.

Meanwhile, the future of the existing Valdez Library, its underground garage, and Jacome Plaza—which the City of Tucson owns—remains undecided. County and City officials have initiated discussions to determine how the space will be repurposed once the move is complete.

By securing the Wells Fargo complex, Pima County has taken a decisive step toward ensuring that downtown Tucson continues to have a vibrant, modern, and accessible library hub—at a fraction of the cost of repairing the aging Valdez building.

Source: RED Comp #12081

TUCSON, Ariz. (September 4, 2025)  — Kurt S. DeMeire purchased Kilburn Apartments, a 16-unit multifamily community at 1442–1448 E. Kilburn Ave. in Tucson. The 13,789 square feet complex traded for $1,650,000 ($103,125 per unit), which equates to approximately $119.66 per square foot. Built in 1964, the property offers classic garden-style layouts.

The 16-units consists of: (4) 1BR/1BA, (11) 2BR/1BA, and (1) 3BR/2BA.

The property sits in north-central Tucson’s Flowing Wells neighborhood, just south of Prince Road and west of N. Flowing Wells Road, offering convenient access to nearby retail and employment corridors.

The sellers were Ando LLC and the Gary H. Rieman and Phyllis C. Rieman Trust.

Allan Mendelsberg and Joey Martinez, Principals and multifamily specialists with Cushman & Wakefield | PICOR, represented both parties in the transaction.

For more information, Mendelsberg can be contacted at (520) 546-2721, and Martinez is at (520) 546-2730.

Source: RED Comp #12077

TUCSON, AZ (September 3, 2025) — TMR Investments (TMR) announced the successful sale of Circ Tucson Apartments, a 368-unit multifamily community located at 2255 W Orange Grove Rd. in the Casas Adobes neighborhood of north Tucson, Arizona. The transaction marks the largest apartment sale of an 80-plus unit multifamily property in the Tucson market since 2023 and represents the culmination of TMR’s ownership journey, which began with the property’s acquisition in July 2019.

While financial terms remain confidential, the per-unit valuation achieved in the sale reflects a meaningful premium over the year-to-date average for comparable Tucson transactions—underscoring Circ Tucson’s strong market positioning and appeal.

The IPA Tucson Team brokered the deal: Clint Wadlund and Hamid Panahi.

During its six years of ownership, TMR executed a comprehensive capital improvement program designed to elevate the community’s profile and resident experience. Major upgrades included:

• Renovation of 240 units with contemporary, market-leading finishes

• A redesigned clubhouse and upgraded fitness center

• Enhanced amenities such as upgraded pool and spa areas and the addition of EV charging stations

• A full rebranding, introducing the Circ Tucson identity to reflect the property’s modern, vibrant lifestyle

“Our vision for Circ Tucson was to reimagine this community through strategic renovations and deliver high-quality workforce housing to Casas Adobes,” said Ryan Sheridan, Principal at TMR. “We’re proud of the transformation and thankful for the positive response from both residents and the broader community.”

The repositioning of Circ Tucson highlights TMR’s commitment to creating long-term value through thoughtful investment, design innovation, and community-focused development. Beyond strengthening the property’s performance, the improvements also enhanced the overall appeal of the surrounding neighborhood.

Headquartered in Seattle, Washington, TMR Investments specializes in multifamily partnership investments with a focus on value-add opportunities. Its current portfolio spans five states and includes more than 3,500 units valued at over $845 million.

Since its founding in 1981, TMR has closed more than $1 billion in multifamily transactions—without a single capital loss—delivering consistent cash flow and capital gains for investors. The company’s disciplined approach, conservative underwriting, and hands-on management have established a reputation for protecting and growing investor capital while providing safe, modern, and competitively priced housing.