TUCSON, ARIZONA — The former Banner-University Medical Center Tucson Campus at 655 East River Road in Tucson sold recently for $2.045 million ($52 PSF) for redevelopment.
The buyer, River People LLC, is a group of local investors managed and operated by Rick Volk of Volk Company.
“The location at First Ave and River was the primary reason to buy the renovation project,” Volk said. “With frontage on both River Road and First Avenue, we know the location is great for almost any use, but we’re still exploring possibilities. It is a gateway property to the Foothills and City. We bought it 100% vacant and have already had some interest shown for a conversion into a mixed-use project for restaurant / office tenants or possibly converting all or a portion of it into office condominiums.”
The three-building campus of 39,400-square-feet of medical office space with common courtyard was built in 1995 and sits on 3.4 acres.
“It needs some updating, but the interior finishing is good,” Volk continued. “And with rare C-2 zoning, it has endless potential.”
Pat Williams, Vicki Robinson and Chris Comey of JLL – Jones Lang LaSalle Phoenix represented the seller in the transaction and the investors were self-represented.
This was the upleg for investors in a 1031 exchange after selling Valencia Marketplace in January. Volk is still looking to invest in another $1 to $3 million property, to complete the exchange.
For more information, Volk should be reached at 520.326.3200 or 520.495.2242.
To learn more, see RED Comp #8468.