A vacant warehouse with fenced yard at 450 N Grande Ave in Tucson's west submarket sold recently for $280,000 ($72 PSF) to Ventana Capital Investments of Marana (Todd Spencer, manager). The 3,873-square-foot building on 1.38 acres had a grandfathered use with residential zoning. Located west of I-10 and southeast of St Mary’s and Grande Avenue, the property is close to I-10 and downtown Tucson, in the Rio Nuevo District and Santa Cruz Area Plan.
The buyer had to rezone the property for his plans, and between Phase I and II environmental reports and rezoning, it became a two year endeavor that ended with a successful purchase and Planned Area Development (PAD) zoning.
The redevelopment plan for the 1.38 acres is to develop a 23-space RV park and reposition a portion of the warehouse, keeping 2,400-square-feet, as a clubhouse. The project will be called Sentinel Peak RV Park, after the original name to A Mountain derived from its function as a lookout point. In 1915, fans of the U of A whitewashed a large “A” on its side to celebrate a victory, and the tradition has been kept up ever since. The permanent “A” is now red, white and blue, but A Mountain stuck.
With over 300 restaurants, shops and attractions within 3 minutes of Sentinel Peak RV Park, travelers can explore Tucson via the streetcar to iconic 4th Avenue, Downtown, Tucson Convention Center, the University of Arizona, or take a hike up the peak to watch the sunset.
The project has broken ground and is expected to open this summer.
Gary Best, CCIM and John Hamner, CCIM with KW Commercial in Tucson handled the transaction for the seller, H&F Resources of Tucson (Richard Remaly, member). Sandy Teachout with Bidegain Realty of Tucson represented the buyer.
To learn more Best and Hamner can be contacted at 520.297.4545 and Teachout should be reached at 520.886.9877. Call Sentinental Peak RV Park at 520.495.0175.
For additional information log in and refer to RED Comp #2625.
[mepr-show rules="58038"]Sale date: 2/13/2015. All cash. Buyer spent $105,000 for his portion of Phase I and Phase II and rezoning process, before having possession of property.[/mepr-show]