SOUTH TUCSON, ARIZONA – The South Sixth Plaza at 2410-242 South 6^th Avenue in South Tucson sold for $1.313 million ($58 PSF) in a 1031 exchange for a Pennsylvania investor. The property was 75% occupied at time of sale with five tenants: Family Dollar, Cash Time Loan Centers, Metro PCS, USPS and Montanos Fashion.

The 22,000-square-foot retail center was built in 1971 on 1.05 acres. Spaces available for lease at time of sale included a 3,900-square-foot and a 1,900-square-foot space. The buyer has a company from Sierra Vista handling the leasing.

Robert Nolan with Oxford Realty Advisors represented the Californian seller, South Sixth Shopping Center, LLC of San Diego. Wednesday Enriquez with Keller Williams in Goodyear and Eric Cornwell with Keller Williams in Doylestown, PA.

For more information, Nolan should be reached at 520.232.0200, Enriquez is at 623.882.8000 and Cornwell is at 215.340.5700 x230.

To learn more, see RED Comp #7264.

An audit report commissioned by Arizona’s Auditor General called Rio Nuevo’s accomplishments during the past three years “truly exceptional” in its 2019 audit of the District. According to the report, which was released Friday, Nov. 29, 2019:

“There has been continued improvement in the performance of the Rio Nuevo District through Fiscal Year 2019. In fact, the accomplishments of the District in the latest performance audit period are truly exceptional as a number of actions taken by the District have allowed for major projects to advance in the District and have also improved the long term outlook for the Tucson Convention Center.”

The full audit can be viewed here: https://www.azauditor.gov/sites/default/files/Rio_Nuevo_Perf_Audit_2019.pdf

Auditors also concluded that even with Rio Nuevo’s planned $65 million in improvements and upgrades to the Tucson Convention Center, additional work on the facility would make it more competitive with other cities in the 21^st century.

“Rio Nuevo is one of the most effective tax increment finance programs we have analyzed, nationally,” said Charles Johnson, President of Johnson Consulting and one of the authors of the audit.

Rio Nuevo Chairman Fletcher McCusker was pleased with the report and said everyone involved with the Tucson Convention Center is excited about the future of the TCC.

“The State’s highest audit authority has confirmed the value, economic development and organizational excellence we strive for at Rio Nuevo,” McCusker said. “They have also issued a challenge to us, the City of Tucson, Pima County and the State to raise an additional $100 million to make the Tucson Convention Center a state-of-the-art convention center.

“We are up for the challenge.”

Highlights of the audit:

• For every dollar Rio Nuevo has invested, the private sector has spent $6, creating more than $563 million in Downtown projects in the past three years.
• The auditors challenged the District to be less “conservative,” create a five-year strategic plan and strive for an additional $100 million to invest primarily in the Tucson Convention Center.
• The District’s improved monitoring of the tax revenue collections within the District has resulted in increased tax revenues during the performance audit period.

The audit states that “Members of the District Board have taken the findings of the previous performance audits seriously. The District has stabilized organizationally and has fully directed its energy and resources toward the fulfillment of its mission .

Rob Glaser, SIOR, CCIM, Principal and Industrial Specialist with Cushman & Wakefield | Picor in Tucson and Christopher Irvin with Mark Irvin Commerical Real Estate Services handled a 7,023-square-foot industrial leased space to AVTECH highlights this week’s Tucson Lease Report.

The following commercial leases were reported to the Real Estate Daily News for the Tucson Lease Report from November 25 thru 29, 2019.

INDUSTRIAL – 3865 E 34TH STREET, TUCSON
AVTECH Systems leased a total of 7,023-square-feet of industrial space in Alvernon Business Center, 3865 E. 34th St., Suites 102, 103, 105 in Tucson, from AP & D Investments, LLP.  Robert C. Glaser, SIOR, CCIM, Principal and Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction.  Christopher Irvin with Mark Irvin Commercial Real Estate Services, LLC, represented the tenant.

INDUSTRIAL – 2480 W RUTHRAUFF ROAD, TUCSON
Valley Environmental Resources, Inc. leased 2,400-square-feet of industrial space located in Ruthrauff Commerce Center, 2480 W. Ruthrauff Rd., Suite 190 in Tucson, from Presson Scottsdale, LLC.   Principal Robert C. Glaser, SIOR, CCIM, and Max Fisher, Industrial Specialists, with Cushman & Wakefield | PICOR, represented the landlord in this transaction.  Jon O’Shea with Vast Commercial Real Estate Solutions, LLC, represented the tenant.

INDUSTRIAL – 4500 E SPEEDWAY BLVD., TUCSON
Gunning Fitness, LLC leased 1,600-square-feet of industrial space in Midway Business Park, 4500 E. Speedway Blvd., Suite 11 in Tucson, from Presson Midway, LLC.  Robert C. Glaser, SIOR, CCIM, and Paul Hooker, Principals and Industrial Specialists, with Cushman & Wakefield | PICOR, handled this transaction.

RETAIL – 5005 E 5TH STREET, TUCSON
Joseph L. Greer, D.C. and Dorothy Greer leased 1,000-square-feet of retail space, located at 5005 E. 5th St. in Tucson, from H.L.F. Properties, Inc.  Ryan McGregor and Ramiro Scavo with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

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