TUCSON, ARIZONA – The office condo at 4578 N 1st Avenue #140 at Rillito Business Park in Tucson sold for $2.44 million ($267 PSF) in a net lease transaction.
The property was fully leased to Watermark Retirement Communities (David Barnes, President). Headquartered in Tucson, Arizona, Watermark currently manages 72 communities in 22 states, including CCRCs, standalone independent living, assisted living, and memory care communities in addition to Medicare-certified rehabilitation and skilled nursing neighborhoods. Watermark has ownership interests in many of these assets, both on its own and through its development arm, The Freshwater Group (David Freshwater, Director).
Robert Stubiak and Andrew Ostader with Keller Williams Professional Partners in Glendale handled the transaction. Stubiak was also part of the selling entity, Lucky Family, LP.
“The property received multiple offers,” Stubiak said. “It was a beautiful building in Rillito Business Park that has been highly improved for this a great national tenant. The buyer was selected for being the most responsive in an all-cash offer.”
For additional information, Skubiak can be reached at 480.395.5770 and Ostrander can be contacted at 480.229.6999.
To learn more, see RED Comp #10138.