Downtown Tucson Parking Lot Sells for $4 Million

TUCSON, ARIZONA (Nov. 4, 2026)— 140 Alameda, LLC purchased the approximately 1.1-acre surface parking lot at 139 E. Toole Avenue in downtown Tucson for $4 million from ALEH-ZON, L.L.C.

The property contains 148 parking spaces and is located along the railroad tracks between the 191 Toole entertainment venue and Playformance. The site is zoned I-1 by the City of Tucson.

Ben Becker, John Ash and Adam Becker with CBRE represented the seller. Cameron Casey with Oxford Realty represented the buyer.

The transaction follows the buyer’s December 2024 acquisition of another downtown parking property at 140 E. Alameda Street for $1.5 million. That sale involved the same seller and brokerage representatives. Together, the two purchases represent a $5.5 million investment in downtown properties currently operating as surface parking lots.

According to reporting by the Arizona Daily Star, buyer principal Zeke Gebrekidane envisions a future mixed-use development at the Toole Avenue property, including a substantial parking garage. No development timeline was provided.

The Arizona Daily Star also brought attention to a parking rate dispute after existing monthly customers were notified that rates would increase from $60 to $109. The increase and short notice prompted objections from downtown workers who rely on the lot for access to their workplaces.

Desiree Navarro, executive vice president of Communications Workers of America Local 7000, which represents City of Tucson white-collar employees, told the Star that additional parking options are needed for city workers, particularly those whose homes are beyond practical transit connections.

Gebrekidane told the Star that the property’s acquisition cost and mortgage obligations require higher rates. Following customer concerns, he offered existing monthly customers one complimentary month of parking. Planned rates are $12 per day or $109 per month.

The sales come amid a broader discussion about downtown parking costs, access and the role of public garages as private operators adjust their prices. For downtown employers and businesses, the challenge is balancing the cost of operating parking facilities with convenient, affordable access for workers and customers.

For additional information about the sale, contact Ben Becker, John Ash or Adam Becker with CBRE at 520-323-5100, or Cameron Casey with Oxford Realty at 520-232-0200, extension 106.

Source: RED Comp #12789