TUCSON, ARIZONA — Terry Dahlstrom of VOLK Company represented Steamroller LLC (Richard Volk, manager) in the sale of a 7,800-square-foot retail center located at 1785 W Valencia Road in Tucson to The Wright-Pantano LLC (Bruce Wright, manager) for a purchase price of $3,544,000 ($454 PSF).

The center is adjacent to Valencia Marketplace, a new Fry’s anchored shopping center, Tucson’ top grocer and the first Fry’s to be built in Tucson in nearly 10 years.

The center is occupied by Go Wireless, Pizza Patron, Nationwide Vision and Great Clips and receives excellent visibility from the high traffic along Valencia Road.

The center has good synergy with the national brand co-tenants in this strong retail core area that includes Walmart Supercenter, Lowe’s, CVS and more.

Volk Company’s Brenna Lacy and Kevin Volk will continue to handle the leasing of property.

For more information, Dahlstrom should be reached at 520.326.3200.

To learn more, see RED Comp #8376.

TUCSON, ARIZONA – Alain Hartmann of Hartmann Commercial Real Estate handled the sale of the iconic Sun building at 2030 E Speedway Blvd. in Tucson for $1.92 million ($163 PSF) before year end. The Heim family having owned the property for the past 40 years, sold the building in a 1031 exchange for the northern California family partnership with three decades of commercial property holdings including the well-known Seal Rock Inn.

Built in 1960, the office building was designed by famed architect Anne Rysdale, the only registered woman architect in Arizona during the 1950s, Rysdale’s work embraced popular stylistic trends of the era and include: the Tucson Inn on Drachman, the Old Spanish Trail Motel on Benson Highway, the Shelter Cocktail Lounge on Grant Road and the now demolished downtown Myerson’s Department Store on Congress Street.

The Sun Building features some unique rock and stone facades, ornate metal railings with a lush inner atrium filled with mature trees and shrubs, and a waterfall fed Koi pond in the courtyard. The Sun Building has long been known as an example of one of Tucson’s premier mid-century modern office buildings.

The 13,386-square-foot building has a net leasable area of 11,804-square-feet located at the prime University of Arizona central crossroads of Speedway and Campbell Ave in the highly coveted Sam Hughes neighborhood.

“The Sun Building has enjoyed long-term quality tenancy for the past forty plus years and is currently 100% occupied,” said Hartmann. “Its proximity to the University of Arizona has in part been the reason why financial advisors and wealth managers like Bill Wescott and Przewlocki Horvath have been tenants in the building for more than 25 years. Its proximity to downtown has also been a factor, providing a home to Cypress Engineering.”

Fundamental building components and systems have been fully updated and most of the office spaces have been renovated with fresh finishes and custom designed floorplans.

Property management and leasing will continue to be handled by Hartmann Commercial Real Estate. For more information, Hartmann can be reached at 520.332.6000.

To learn more, see RED Comp #8351.

TUCSON, ARIZONA — CBRE has announced Midstar Plaza in Tucson, Ariz. sold to LBM Investments, a private San Diego-based investor for $5.15 million ($102 PSF).

CBRE’s Philip D. Voorhees, Jimmy Slusher and Sean Heitzler in Newport Beach, Calif. along with Nancy McClure in Tucson represented the local private sellers. The La Jolla, Calif.-based exchange buyer was represented by Maha Odeh-Arnold of Zeal Property Group in San Diego.

The property, located at 4500-4594 E. Broadway Boulevard, is a mixed-use center consisting of 50,005-square-feet of retail and 2nd floor office space. The seller had purchased the project in the early 2000’s and redeveloped it with new interiors, exterior façade and a new high-profile pad on the corner.

The transaction included the assumption of an existing loan from Ohio National Life Insurance Company for approximately $2.23 million, producing a 43.6% loan-to-value at a 4.75% interest rate, fully amortizing and due in January 2035. The assumption was facilitated by CBRE Loan Services, Inc. out of Houston, the correspondent servicing the Life Company loan since inception.

“The assumption process was smoother than typical, particularly during COVID, completed in less than 45-days from application,” said Slusher. “This was thanks in part to an experienced purchaser, organized seller and CBRE’s loan servicing team working in conjunction with all parties.”

Midstar Plaza’s 20 retail tenants include a collection of local restaurants, including Opa’s Best, Polish Kitchen, CI Chu’s Mongolian Barbeque, a coffee shop, children’s boutique, hair and nail salons, an Irish dance studio, among others. The 17 co-work style office tenants include Lendmark Financial Services, Shumaker Wengren LCC and U.S. Government military recruiting offices.

“Over time, the ownership successfully curated a tenant mix of national, regional and local businesses, enabling the center to enjoy stabilized occupancy even during COVID,” said McClure, the leasing agent for the property. “Midstar’s location on Tucson’s prime retail and corporate office corridor, Broadway Boulevard, exposes the center to high traffic counts and a continual customer flow looking for unique restaurant offerings, merchandise and services.”  McClure added, “The property has also proudly served as a midtown location for the U.S. military recruiting offices for over a decade.”

To learn more, see RED Comp #8378.