TUCSON, ARIZONA – The Hacienda Motel at 1742 North Oracle in Tucson sold for $2.85 million ($157 PSF). The 51-room motel sold to Colonia Properties TIC II, LLC of Los Angeles, CA.
Built in 1946, the 18,199 square-foot motel is located at the southwest corner of Lester and Oracle Road in Tucson with onsite laundry and a pool as amenities. The property had recent capital improvements made and received seven offers during the two weeks it was being marketed.
The historic neon signs in the front of the Hacienda Motel are nostalgic reminders of the days when such signs lit up the night along the Miracle Mile entryway into town and the "glory days" of two-lane highway travel of the 1940s and '50s.
The buyer plans to convert the property into apartment units.
Allan Mendelsberg and Conrad Martinez, the Multi-Family Team of Cushman and Wakefield | PICOR handled the transaction for buyer and seller, Oasis Living, also from Los Angeles, CA.
For more information, Mendelsberg should be reached at 520.546.2721 and Martinez can be contacted at 520.546.2730.
To learn more, see RED Comp #10077