Tucson, Arizona – Tucson-based Larsen Baker, through its affiliate Gallery Row Group, LLC, has acquired Gallery Row, a 22,500-square-foot commercial property at the northeast corner of Skyline Drive and Campbell Avenue. Larsen Baker will reposition the former retail property into high end office space. The center will be renamed The Gallery Offices as part of the redevelopment.
Gallery Row was purchased from an investment trust serviced by CIII Capital Partners for $3.8 million ($169 PSF). The first two tenants at The Gallery Offices will be Stewart Title & Trust and Skyline Dental. Both have signed leases and will be opening over the coming months.
Built in 1999, Gallery Row was home to many prominent art galleries including Diana Madaras and Wilde Meyer Gallery, and restaurants including Soleil, Sur Real, and Acacia. It was the first of several upscale retail developments such as La Encantada Mall constructed at the intersection over the past 15 years.
“This investment for us is first and foremost about location. Gallery Row is a beautiful, well maintained property at one of the essential corners of Tucson.” said Melissa Lal, President of Larsen Baker. “Rather than continuing to compete with the newer retail at the intersection, we saw an opportunity to create beautiful offices with views, signage and convenient access for the high-end office users that want to be close to their clients. Sunquest’s relocation from the Williams Centre into the former MDA Headquarters, and Merrill Lynch’s relocation into the former Five Palms restaurant building this year are great examples of the trend of companies moving into the foothills. We believe this renovation and repositioning program will attract companies that have been looking to relocate, but previously lacked viable office options in the foothills.”
Operating since 1993, Larsen Baker has become the largest independent retail-commercial property owner in Tucson. It is currently developing four new retail centers that will add ±300,000 square feet to its portfolio. The firm owns and manages over 2.5 million square feet of commercial space in over 48 locations with 350 Tenants throughout Tucson and Southern Arizona.
The property redesign, renaming and rebranding will be completed in conjunction with the architectural design firm Repp + Mclain based in Tucson, Arizona. For information about leasing opportunities contact Andy Seleznov at 520-296-0200 x 218 or Melissa Lal at 520-296-0200 x 213.
To learn more, see RED Comp #6403.