TUCSON, Arizona – CBRE announced that Alex Demeroutis has joined CBRE’s Tucson office as Associate with Advisory and Transaction services, Industrial & Logistics. Partnering with Jesse Blum, Ms. Demeroutis will specialize in the sale and lease of industrial properties used for manufacturing, warehousing and distribution, back office, and research and development.

Ms. Demeroutis comes to CBRE from the Greater Oro Valley Chamber of Commerce where she was Vice President and Events Director. In her role, she was responsible for working alongside the board of directors to execute the Chamber’s strategic plans; overseeing networking and fundraising activities, partnering with town officials on initiatives to grow the community; membership recruitment and retention; and distribution of weekly digital communications. During her seven-and-a-half year tenure at the Greater Oro Valley Chamber, she and her team built operating reserves, increased net membership by 200 members.

“CBRE Tucson is very excited to welcome Alex Demeroutis to our team. She possesses an outstanding skillset and professional experience in the Tucson business community. She will be a vital asset for Jesse Blum’s Industrial and Logistics Team.”- Matt Siegel, CBRE Tucson’s Managing Director and Market Leader.

Developer Ross Rulney wants to build 144 market-rate apartments in two separate downtown Tucson projects

TUCSON, ARIZONA — Fifth Avenue Partmers OF, LLC (Ross Rulney, Manager) recently acquired the former Codac Behavioral Health building at 111 and 127 South Fifth Avenue in Tucson for $1.775 million ($175 PSF or $73 PSF for the land). The developer wants to raze the 10,000-square-foot building to rebuild a 7-story, 100 unit Apartment building on the site. The apartment units are to be studios and one-bedrooms with 9-foot ceilings on the 24,394-square-foot lot.

An affiliate of Holualoa Companies, HP Fifth Avenue, LLC, was the seller.

Efforts are increasing to keep up with Tucson’s rising population. Located around the corner from 140 East Broadway that was purchased by Rulney in 2006, where Rulney wants to build a 5-story, 44-unit loft-style apartment building with 16-foot ceilings on a 27,380-square-foot lot.

Both properties are in a downtown Tucson opportunity zone and buyer is requesting GPLET assistance from Rio Nuevo and the City of Tucson for both projects in order to begin construction before year end. Opportunity Zones were added to the tax code in late 2017 and are designed to spur economic development by providing tax benefits to investors.

To learn more, see RED Comp #6722.

Cushman & Wakefield Negotiates Sale on Behalf of Bridge Investment Group

PHOENIX, Arizona – Cushman & Wakefield announced that Salt Lake City-based Bridge Investment Group sold Desert Canyon 300, a 149,211-square-foot office building located at 2411 W. Peoria Avenue in Phoenix. San Francisco-based Drawbridge Realty purchased the property.

Steve Lindley, Bob Buckley and Tracy Cartledge of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller.

Built in 2001 by The Alter Group, Desert Canyon 300 is a Class A office building that is 100% leased to a NYSE-listed corporation with over $2 billion in revenue.

“Centrally located in Phoenix, the Interstate 17 corridor has one of the highest concentrations of Fortune 500 companies in Metro Phoenix. Lindley stated, “As a well-located office asset with excellent intrinsic value, and with stable income from a blue-chip tenant, Desert Canyon 300 is well-positioned for continued strong performance under the new ownership.”