TUCSON, ARIZONA — Tucson’s most-attended gem show will have expanded parking this year. Lowell Carhart purchased approximately 2.5 acres of vacant land at 1114 and 1124 S. Farmington near I-10 and 22^nd Street from Lupita Brenda Lopez, Trustee of the Lespron Family Trust for a price of $550,000 ($5 PSF). The transaction closed on October 25.

The buyer intends to use the property for parking to support his 22^nd Street Gem and Mineral Show.

The 22nd Street Show at 600 W 22nd Street is notable for its tents that stretch along 1/4 mile of I-10 near downtown. Inside the Main Tent is found 300+ dealers offering an appealing balance of minerals, gems, fossils, dinosaurs, meteorites, jewelry, beads, and art. To its south, the smaller 21,000-square-foot SHOWCASE tent is a finer experience with wall-to-wall carpeting, full climate-control, larger booths, high-end stage lighting, 10′ high modular art walls and a spacious lobby with an exhibit of dinosaur skeletons by Dinosaur Brokers and meteorites by Aerolite Meteorites. The SHOWCASE is a space with heightened elegance in a less-rushed environment ideal for mineral, gem, jewelry and fossil dealers who offer better material than in the Main Tent.

Randy Emerson of GRE Partners represented the buyer and JC Lespron of Homesmart Advantage Group represented the seller in the transaction.

For  more information Emerson can be reached at 520.777.4949 ext. 103 while Lespron can be contacted at 480.203.3292.

To learn more, see RED Comp #7261.

TUCSON, Ariz.– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Fortunato Plaza, a 7,074-square-foot retail property located in Tucson, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix and Tucson offices, the asset sold for $1,150,000 ($162.57 PSF).

The buyer, a private investor, was procured by Alan Laulainen, Chris Lind, Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office. “After the buyer was referred to our team to assist him in finding the perfect investment as part of his 1031 exchange, we identified Fortunato Plaza as well as two others on the 44th day of the buyer’s 45-day window,” Laulainen explained. “The property was a high-quality asset with long-term tenancy that offered great return for the investor.”

Fortunato Plaza is located at 9100 East Tanque Verde Road in Tucson, Arizona. The plaza, built in 1989, includes six suites and is situated on 0.88 acres of land. There is a triple-net lease in place with five tenants anchored by Fortunato’s Italian Deli and Catering, a deli that has been serving the Tucson community since 1982. Immediately surrounding the property is a population of over 64,000 with an average income of over $70,000.

TUCSON, Arizona — The multi-tenant office building located at 6760 North Oracle Road in Tucson was sold by DG Oracle, LLC (Marcel Dabdoub, manager) for $2.85 million ($162 PSF).

Stephen Grimm with Grimm Commercial represented DG Oracle in the acquisition of the office building and the adjoining property, 6780 North Oracle Road (Hi Falutin Western Grill), in 2012 for approximately $1.8 million. The Hi Falutin property was sold in 2014 for $850,000.00 ($257.58 PSF).

Since then, the seller spent the next few years stabilizing the asset by extending lease terms for loanDepot and Realty Executives, signing a new lease with Title Security Agency and improving all the suites and common areas.

In the fall of 2018, Stephen Grimm and Juan Pantoja with Grimm Commercial were contracted to list the property for sale again with an asking price of $2.9M. After negotiating with multiple parties for last 6 months, the seller accepted the best and highest offer from Dennis Paquette of Tinalden Ventures, LLC and two other partners.

Grimm Commercial has been contracted to continue the management of the property.

For additional information regarding this transaction, please contact Stephen Grimm or Juan Pantoja at 520-795-5200.

To learn more, see RED Comp #7226.