TUCSON, ARIZONA – KC Posse, LLC (Robert Keith & Cynthia Jean Newlon) dba Pioneer Title Agency bought a condominium at  Plaza Campana for $714,680 ($170 PSF). Built in 2002, the 4,204-square-foot condominium was last occupied by Bank of America Mortgage and has been vacant for several years.

Pioneer Title bought the upstairs unit to owner occupy, the only second floor unit in the complex has elevator access at 6875 North Oracle Road, Unit 9, in Tucson. Plaza Campana is a Class A office complex located south of Ina Road on Oracle.

Pioneer Title Agency is a family-owned business with strong local ties.  The Newlon family, Bob and his wife Betty, son Keith and his wife Cindy, founded Pioneer Title in Sierra Vista in 1985. However, their foothold into the title business began much earlier.  Bob, a life member of the Land Title Association of Arizona, has called Arizona home since 1935 and has worked in the industry since 1958.  Keith, a 2010 inductee into the Northern Arizona University College of Business Hall of Fame, got his start in the title industry 1979.

And while still very much focused on Arizona’s smaller municipalities and towns where the company started, thanks to strong leadership from the family – a handful of employees has grown into a nearly 400-member team with offices in every county across Arizona, including Maricopa County.

“Our journey is really the journey of our people” says Keith.  “Some of our strongest leaders within this organization started at entry-level jobs. Having them find success on their own path is so much better than having a big corporate culture that is focused on quarterly earnings reports and investors.”

“Guessing right about people and supporting them no matter what – and beyond just a paycheck – matters in both business and life in general.”  “When you hire good people and support them – they grow, we grow and learn and success will follow.”

John Yarborough and David Carroll with Romano Real Estate represented the seller, Wellbeing Center, Inc. Buzz Isaacson with Buzz Isaacson Realty represented Pioneer Title in the transaction.

For more information, Yarborough and Carroll can be reached at 520.577.1000 and Isaacson can be contacted at 520.529.1300.

To learn more, see RED Comp #8584.

TUCSON, ARIZONA — Inventory of office product for sale increased, with 511,000 square feet of listings added in 2019. Notable sales included the West Coast Capital Partners’ acquisition of 510,523-square-feet in the Williams Center for $47.5 million and Cambric Center for $20.85 million, purchased from the Colton Family Trust.2019.

RED Comps tracked 118 office sales in 2019 with an aggregate of $237 million / $178 average PSF represents the highest level of completions in seven years of data

“Office projects under construction at year-end totaled 176,000-square-feet. Due to slight negative absorption in Q4, Tucson’s 2019 overall office vacancy rate rose .3% to 8.9%. Despite this quarterly anomaly, annual overall net absorption clocked a healthy 460,732-square-feet,” according to Picor (Q4 2019 Market Trend).

Picor also closed on three office transactions in January as follows:

ABCO Solar, Inc. purchased 4,768-square-feet of office space located at 2505 N. Alvernon Way in Tucson.  The single-tenant, free-standing building was purchased from the Niesen Family for $323,000 ($67.74 PSF).  Molly Gilbert, Office Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction.

Craycroft Capital, LLC purchased 21,800-square-feet of office space located at 888 S. Craycroft Rd. in Tucson.  The multi-tenant, professional office building was purchased from 888 South Craycroft, LLC for $450,000 ($20.64 PSF). Buyer intends to occupy 8,000-square-feet and lease the remainder of building. Max Fisher and Molly Gilbert, with Cushman & Wakefield | PICOR, represented the buyer in this transaction. Bruce Suppes and David Volk with CBRE, Tucson, represented the seller.

302 S. Plumer, LLC purchased a 7,000-square-foot office/warehouse building which will be the new location for Pioneer Pools and Spas.  The industrial warehouse property, located at 302 S. Plumer Ave. in Tucson, was purchased from D.H.P., LLC for $455,000 ($65 PSF).  Paul Hooker, Principal and Industrial Specialist with Cushman & Wakefield | PICOR, handled this transaction.

For additional information, Hooker should be reached at 520.546.2704, Gilbert can be reached at 520.546.2766 and Fisher is at 520.465.9989. Suppes and Volk can be contacted at 520.323.5100.

To learn more, see RED Comp #7525, #7475 and #7486.

Pier 1 Imports (NYSE:PIR) won court approval for a speedy sale process a day after the home furnishings chain plunged into bankruptcy.

Judge Kevin Huennekens also signed off on a request that allows Pier 1 to obtain $256M in bankruptcy financing from its term-loan lenders to enable the retailer to keep operating pending a possible sale of the business.

The company also has secured $256 million in debtor-in-possession financing to provide sufficient liquidity until the sales process has been completed.

In addition, Pier 1 Imports is in discussion with potential buyers which could result in the company selecting a stalking horse bidder for the upcoming court-supervised auction. Qualified bids are expected to be submitted by March 23 and the auction to take place on March 31. Court confirmation is currently expected by April 23.

The company has filed for bankruptcy protection to quickly implement the recently announced almost 50% reduction of its store base which includes pulling out of Canada entirely.

Looking at the most recent 10-Q, equityholders are unlikely to receive any form of recovery as sales proceeds will likely be a insufficient to cover creditor claims, particularly after giving effect to the $256 million in debtor-in-possession financing now sitting at the top of the capital structure.

Court documents indicate seven Arizona store closures.

On Feb. 29, Pier 1 will close the following stores:

• Happy Valley Towne Center – 2501 W. Happy Valley Pkwy., Phoenix
• Village Fair North shopping center near Paradise Valley Mall – 12657 N. Tatum Blvd., Phoenix

On March 31, these stores are set to close:

• Chandler Fiesta shopping center – 2600 W. Chandler Blvd., Chandler
• Lake Pleasant Towne Center – 10092 W. Happy Valley Road, Peoria
• Camelback Colonnade – 1743 E. Camelback Road, Phoenix
• Ahwatukee Foothills Towne Center – 4717 E. Ray Road, Phoenix
• 5919 E. Broadway Blvd., Tucson