Downtown First Baptist Church School Building sells for $1.5 M Redevelopment

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CBRE negotiated the sale of the former First Baptist Church Educational Building, a 25,216-square-foot commercial property located at 222 E. 5th St. in Tucson, AZ. The building, which sits on a 36,950-square-foot parcel, commanded a sale price of[mepr-show rules=”58038″]$1.5 million is to be redeveloped for headquarters of Mister Car Wash and Express Lube.

Buzz Isaacson with CBRE’s Tucson office represented the buyer, Tucson-based Michael R. Wattis, Inc.  The seller, Tucson-based 222 Storage, LLC (Ron Schwabe and David Dabdouh managing members) was represented by Ron Schwabe with Peach Properties of Tucson. The seller had acquired the property one year ago in an REO sale from the Bank of Oklahoma.

The buyer, Michael R. Wattis, Inc. is a real estate developer specializing in office and industrial projects. Wattis plans to redevelop the property as the corporate headquarters for Tucson-based Mister Car Wash. Permits have not yet been approved, but it is hoped construction can begin as early as November for a May delivery.

The property lies within the Downtown Area Infill Incentive District, a compelling location for the tenant, who is looking to attract top, young talent. Mister Car Wash (John Lai, CEO) will be moving from its La Paloma Corporate Center in the Foothills and hopes to draw on the dynamic area’s energy and amenities. The company moved its headquarters to Tucson in 1996. Mister Car Wash now operates 6 car washes in the Tucson market, having recently acquiring three of the former Simoniz car washes, makes a total of 124 car washes and 32 lube shops nationwide. Year to date 2013, Mister has acquired a total of 21 locations.

Built in 1952, the three-story steel and brick building at 222 E 5th Street is seven blocks from the University of Arizona, three blocks from downtown Tucson and two blocks from the planned 4th Ave. light rail system which will connect the University with downtown.

Project architect, Rob Paulus, plans to preserve much of the building character by keeping the old brick facade and architectural features. The building that has been partially demolished and gutted for a condominium project since 2008. Paulus has worked on many of the redevelopment projects downtown including the Ice House Lofts and the former Martin Luther King Jr. public housing project.

For more information, Isaacson should be contacted at (520) 323-5151. Schwabe can be contacted at (520) 798-3331.

Sale date for first sale was Nov. 13, 2012. Sale price was $1.1 million in REO sale. Sale date for second sale was Nov. 1, 2013. Buyer took title as 222 Building, LLC.

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