1

WaterWalk Hotel Apartments Buys 2.18 acres at the Bridges in Tucson for $1.83 Million

TUCSON, ARIZONA — The Bridges in Tucson is a cohesive 350-acre master-planned collection of districts having three separate ownership entities: Bourn Companies, University of Arizona’s Tech Parks Arizona and Retail West.

Bourn Companies sold 2.18-acres recently to WaterWalk, a developer of upscale extended stay hotels. WaterWalk bought the development site located at Tucson Marketplace and Park Ave., near the JTED Innovative Learning Center at The Bridges, for $1.825 million.

WaterWalk plans to construct an upscale extended stay hotel. This will be its 11th location, with WaterWalk Phoenix scheduled to open Summer 2021.  The Tucson site is its second in Arizona with +/- 120 furnished and unfurnished rooms. The average length of stay at WaterWalk is 89 days.

WaterWalk combines the most appealing features of an upscale hotel with the space and amenities travelers enjoy while away from home. By design, the innovative prototype efficiently penetrates target market segments such as relocations and corporate projects/trainings. A marquee brand innovation created by an accomplished leadership team with extensive experience across various lodging sectors, WaterWalk is the fifth national brand started by Jack DeBoer, including Residence Inn, Summerfield Suites, Candlewood Suites, and Value Place/WoodSpring.

WaterWalk plans to have 50 locations open by year-end 2024. This is the second hotel announced for the Bridges since Woodspring Suites announced in September.

Bourn Companies controls 112 acres and is developing multiple districts of The Bridges. These include: a corporate office district, home to GEICO’s regional headquarters; Mosaic, a creative office and educational district featuring JTED’s newest technical education campus; and Brioso, an eclectic, Spanish-inspired residential community centered around a vibrant Main Street scene with 128 modern homes, creative office and live/workspaces and an innovative urban-style resort.

GEICO has taken possession of their 200,000-square-foot regional headquarters, construction is underway on Mosaic and Brioso.

Kidder Mathews commercial real estate brokers, Trask Switzenberg and Chuck Wells, represented WaterWalk in the transaction and Allan Tanner with Bourn Advisory Services represented the seller.

The Pima JTED Innovative Learning Center at the Bridges at 3300 S Park Ave., opened is 50,000-square-foot facility for Fall 2020. JTED has provided students the industry training programs since 2007, while Tucson Unified — Tucson’s largest school district — provides students the general education classes required for earning a high school diploma.

This new campus allows Pima JTED (Joint Technological Education District) to expand their program offering simultaneous high school education and industry certifications in a variety of fields including Culinary Arts, Mechatronics, Robotics, Aviation, Health Care, and 3-D Animaton.

An additional 2.66-acres transferred to the JTED developers, JTED Bridges II (Gary Brav and Don Bourn, managers) on December 30, 2020 for $1.858 million to hold for future expansion.

Adjacent to the Bourn-controlled districts are the planned UA Tech Park at The Bridges, a 65-acre research and innovation park on the northeast parcel of the project, and Tucson Marketplace, an 850,000-square-foot regional super center on the southern parcel that is approximately 50% complete.

For more information, Wells can be reached at 602.513.5141 and for Tanner call 520.323.1005.

To learn more, see RED Comp #8349 and #8393.

 

 




Grant Road Retail Building Sells for $1.5 Million for Granite Granite to Occupy

TUCSON, ARIZONA — VLM Grant, LLC (Rajeev Khanna, manager) purchased a 15,900-square-foot commercial building and 2.23-acre land parcel at 500 W. Grant Rd. in Tucson.  The showroom / warehouse property formerly occupied by Tucson Store Fixtures and Supplies was purchased from Fairmont Enterprises, LLC (Karen Gatchell, manager) for $1.485 million ($93 PSF).

Cushman & Wakefield | PICOR handled the transaction.  Max Fisher, Industrial Specialist, and Dave Hammack, Principal, and Retail Specialist, represented the seller. Ron Zimmerman, Principal and Industrial Specialist, represented the buyer / landlord in the sale and leasing of property to Granite Granite, Inc. that relocated from 1430 N Oracle Road in Tucson.

Granite Granite Inc. imports and distributes a large selection of granite, marble, quartz, quartzite, cabinetry, and wall panels through exclusive relationships with some of the most prestigious quarries around the globe.

With over 15 years of experience with stone countertops and 6 locations: Houston, Corpus Christie, El Paso, Shreveport, Albuquerque and Tucson.  Granite Granite has the ability to deliver the highest quality natural stone products at the best price.

Granite Granite, Inc. should be contacted at 520.333.6002 or https://granitegraniteinc.com/

For additional information on this sale transaction, Fisher and Hammack can be reached at (520) 748-7100 and Zimmerman should be contacted at 520.248.027.

To learn more, see RED Comp #8336.

 




Rio Nuevo Approves Incentive Package to Bring New Restaurant to former Janos Wilder Space

135 South 6th Avenue, Tucson, AZ

TUCSON, ARIZONA — The Rio  Nuevo Board approved a proposal by developer Ross Rulney to add his recently acquired property at 135 South 6th Avenue, formerly known as Downtown Kitchen + Cocktails, to the previously approved incentive package located on the same block. Rulney is already remodeling the former Access 12 building and expanding the nearby Julian Drew Lofts in partnership with Rio Nuevo.

The asset was acquired by Julian Drew Lofts, LLC (Ross Rulney, member) from Odd Hall, LLC and The Evers/ Grygutis Family Trust for $2.1 million ($147 PSF) for the 14,239-square-foot restaurant building.

With the restaurant acquisition, Rulney advised the Board that the property will soon house a very well known, local restaurant establishment. Additionally, the grounds surrounding the multiple projects will become outdoor dining and patio space. The Board unanimously approved the proposal, subject to independent review of the economic benefit that taxpayers receive from the incentives.

In other action, the Board agreed to maintain the line of credit to help support the historic Fox Theatre. This line of credit will continue while The Fox determines how funds from the newly approved Congressional “Save Our Stages” Act will benefit the local shuttered theatre.

The Board advanced the Sunshine Mile Overlay District zoning request, which will soon appear before the Zoning Examiner. The Overlay Zoning preserves the historical properties along Broadway, allows for new development in some areas and would establish, for the first time, zoning incentives for affordable housing and urban mobility hubs along the widened Broadway corridor. The Board also authorized the release of the Sunshine Mile Bungalow RFQ (Request for Qualifications) where Rio Nuevo will seek private sector partners for the seven historical bungalows that were moved out of the expanding roadway to preserve the properties.

To learn more see RED Comp #8344.