Former Private School Site Sells for Redevelopment

The vacant former site of International School of Tucson (IST) located on the southeast and northeast corner of Lester Street and First Ave in Tucson sold for $832,500 ($100 PSF) for redevelopment. The buyer, Pinnacle Realty Investors LLC of Tucson (Jarrett Reidhead, managing member) is an experienced real estate investor and broker who sees the potential of the property for student housing.

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[mepr-show rules=”58038″]The property has 3,814 sq. ft. in two buildings (built 1953) on a 33,583 sq. ft. lot at the southeast corner, 711 & 715 E Lester Street, and two approximately 2,200 sq. ft. buildings (built 1972) on a 22,491 sq. ft. lot at the northeast corner, 1724 & 1730 N 1st Ave. The buyer expects to redevelop the property into multifamily rental units of some type.

The prior tenant, IST, is a private school offering language immersion programs from pre-school to grade 5 instruction in Chinese / English, French / English, German / English and Spanish / English for 110 students. IST got its start at this location occupying both sides of the street before IST was able to lease Jefferson Park School at 1701 E Seneca Street, from Tucson Unified School District (TUSD) in 2012, as a private and not a charter school.

The sellers were several investment groups all managed by Steven Denny, a local real estate investor and broker.

Reidhead with Tucson Integrity Realty of Tucson and Denny with Spring Mill Properties were both self-represented in the transaction.

Reidhead can be reached at (520) 331-8050 and Denny should be contacted at (520) 617-0510. [/mepr-show]

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[ismember] The transaction took place in four documents. On 7/1/2013, 3,814 SF on a 15,708 SF lot at 1724 & 1730 N 1st Ave sold for $257,500. On 8/12/2013 there were three other documents from 3 different selling LLCs: Hillcrest, LLC sold 2,340 SF on 11,250 SF lot at 715 E Lester Street for $180,000. Lookout Properties, LLC sold 2,147 SF on 11,241 SF lot at 711 E Lester Street for $165,000. Then Hillcrest and Lookout Properties jointly sold a 17,874 SF vacant lot being used as a parking lot at 720 & 726 E Lester Street for $230,000. The buyer reported that these transactions were all negotiated together and were purchased with a private loan with zero down.[/ismember]