Tucson Commercial Lease Report – March 11-15, 2024

TUCSON, ARIZONA (March 18, 2024) — Highlighted this week is a 10,000-square-foot retail lease at Ventana Village Shopping Center, 6884 E. Sunrise Dr. Suite 150 in Tucson to Daiso USA LLC.  Dave Hammack with Cushman & Wakefield | PICOR, represented the landlord. Steve Lenz with Frontera Development, LLC, represented the tenant.

The following leases were reported to Real Estate Daily News from March 11-15, 2024.

RETAIL – 6884 E SUNRISE DR., TUCSON, 85750 – Northeast Submarket
Daiso USA LLC leased 10,000 square feet of retail space at Ventana Village Shopping Center, 6884 E. Sunrise Dr., Suite 150 in Tucson, from EREP Ventana II, LLC. Daiso is a large franchise retail chain founded in Japan. This is its first store in Tucson, offering various unique and affordable products across multiple categories, such as household goods, stationery, food, crafts, hobbies, beauty, toys, gifts, and more. The company operates over 6,000 stores across the globe, and 100+ of those in the U.S. Dave Hammack, Principal and Retail Specialist with Cushman & Wakefield | PICOR, represented the landlord. Steve Lenz with Frontera Development, LLC, represented the tenant.

MEDICAL OFFICE – 1555 E RIVER RD., TUCSON, 85718 – Northeast Submarket
Banner—University Medical Group leased 8,014 square feet of Medical office space at 1555 E. River Rd., Suite 125 in Tucson, from OSM, L.L.C. Richard M. Kleiner, MBA, Principal, Office Specialist with Cushman & Wakefield | PICOR, represented the landlord. Vicki Robinson represented the tenant with Jones Lang LaSalle Americas, Inc..

RETAIL (RESTAURANT) – 605 N 4th AVE., TUCSON, 85705 – Central Submarket
Ah, Huevo Mexican Bar and Grill leased 2,900 square feet of restaurant and patio space at 605 N. 4th Ave. in Tucson from Pelican 4th Ave LLC. Aaron LaPrise and Dave Hammack, Principals and Retail Specialists with Cushman & Wakefield | PICOR, handled the transaction.

INDUSTRIAL – 2420 W RUTHRAUFF RD., TUCSON, 85705 – Central Submarket
TN Holdings, LLC, dba Fresh Home Solutions, and Rising Solar LLC expanded their lease with Pegasus Tucson Owner LLC for 2,635 square feet of industrial space at Ruthrauff Commerce Center, 2420 W. Ruthrauff Rd., Suite 160 in Tucson. Paul Hooker, SIOR, Principal, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord.

OFFICE – 1955 W GRANT RD., TUCSON, 85745 – West Submarket
Pinnacle Performance Group, Inc leased 2,488 square feet of office space at West Grant Centre, 1955 W. Grant RANT RD., TUCSON
Rd., Suite 160 & 165 in Tucson, from WestGrant Investors, LLC. Molly Gilbert, Office Specialist with Cushman & Wakefield | PICOR, represented the landlord.

INDUSTRIAL – 220 E 27TH ST., TUCSON, 85713 – South Submarket
Sabino Flooring & Roofing, LLC leased 1,600 square feet of industrial space at 220 E. 27th St., Suite G in Tucson, from Tin Cup Properties, LLC. Alex Demeroutis, Jesse Blum, Principal, and Paul Hooker, SIOR, Principal, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord.

RETAIL – 2956 N CAMPBELL AVE., TUCSON, 85719 – Central Submarket
Hong Kong Spa LLC leased 1,000 square feet of retail space at Campbell Plaza, 2956 N. Campbell Ave. in Tucson, from DSW IREIF Tucson Retail Owner, LLC. Dave Hammack, Greg Furrier, and Natalie Furrier, Retail Specialists with Cushman & Wakefield | PICOR, represented the landlord.

RETAIL – 7000 E TANQUE VERDE RD., TUCSON, 85715 – Northeast Submarket
Cellular Research Systems, LLC leased 968 square feet of retail space at Santa Fe Square, 7000 E. Tanque Verde Rd., Suite 10 in Tucson, from Santa Fe Square / Conley Holdings LLC. Dave Hammack, Principal and Retail Specialist with Cushman & Wakefield | PICOR, represented the landlord.

OFFICE (MEDICAL) – 2302 W SPEEDWAY BLVD., TUCSON, 85719 – Central Submarket
Sunrise Family Medicine, PLLC leased 643 square feet at 2302 E. Speedway Blvd., Suite 208, from Professional Center, LLC.  Cameron Casey of Oxford Realty Advisors represented the tenant and the landlord in this transaction.

OFFICE – EL DORADO SQUARE, 1200 N EL DORADO PL., TUCSON, 85715 – Northeast Submarket
Massage by Yovonka, LLC leased the 450-square-foot space, Suite A-145 in Building A at El Dorado Square. Isaac Figueroa with Larsen Baker represented the Landlord and handled the transaction.

OFFICE – 2713 N CAMPBELL AVE., TUCSON, 85719 – Central Submarket
Yes Mobile Notary & Signing Agent LLC leased 235 square feet of office space at 2713 N. Campbell Ave., Office 3 in Tucson, from Marquez Campbell LLC. Molly Gilbert, Office Specialist with Cushman & Wakefield | PICOR, represented the landlord. 

RENEWALS

OFFICE / FLEX – 4775 S BUTTERFIELD DR., TUCSON, 85714 – South Submarket
CSL Plasma renewed 16,451 square feet of office/flex space at Butterfield Business Park, 4775 S Butterfield Dr., Suite 175-195, in Tucson. Elaina Elliott, CCIM and Isaac Figueroa, CCIM handled the transaction on behalf of the landlord, an affiliate of Larsen Baker.

OFFICE (MEDICAL) – 2260 W ORANGE GROVE RD., TUCSON, 85741 – Northwest Submarket
United Urology Group renewed their lease with NWO URO, L.L.C. for 9,065 square feet of Medical office space at 2260 W. Orange Grove Rd., in Tucson. Richard M. Kleiner, MBA, Principal, Office Specialist with Cushman & Wakefield | PICOR, and Lindsey Groom with Cushman & Wakefield Washington, DC, represented the tenant. Alan Laulainen with NNN Properties – Arizona, LLC, represented the landlord.

RETAIL – 405 E WETMORE RD., TUCSON, 85705 – Central Submarket
Aaron’s renewed 6,833 square feet of retail space at Tucson Place, 405 E Wetmore Rd. Suites G 129-155, in Tucson. Elaina Elliott, CCIM and Isaac Figueroa, CCIM handled the transaction on behalf of the landlord, an affiliate of Larsen Baker.

RETAIL (DENTAL) – 3250 N CAMPBELL AVE., TUCSON, 85719 – Central Submarket
Heartland Dental renewed 4,683 square feet of retail space at Campbell Square, 3250 N Campbell Ave, Suite 116 in Tucson. Elaina Elliott, CCIM and Isaac Figueroa, CCIM handled the transaction on behalf of the landlord, an affiliate of Larsen Baker.

OFFICE (MEDICAL) – 4475 S I-19 FRONTAGE RD., GREEN VALLEY, 85614 – South Submarket
Pima Heart Physicians, P.C. renewed their lease with TMC Holdings, Inc. for 4,618 square feet of Medical office space at Santa Cruz Hospital Medical Offices, 4475 S. I-19 Frontage Rd., Suite 125 in Green Valley. Richard M. Kleiner, MBA, Principal, Office Specialist with Cushman & Wakefield | PICOR, represented the landlord.

OFFICE – 6268 W GRANT RD, TUCSON, 85712 – Northeast Submarket
Coronado Internal Medicine renewed 2,400 square feet of medical office space at Wilmot Professional Plaza, 6268 E Grant Rd, in Tucson. Elaina Elliott, CCIM and Isaac Figueroa, CCIM handled the transaction on behalf of the landlord, an affiliate of Larsen Baker.

RETAIL – 7288 E BROADWAY BLVD., TUCSON, 85710 – Northeast Submarket
Starbucks renewed 1,549 square feet of retail end cap with drive-thru space at Circle Plaza, 7288 E Broadway Blvd., Suite 150, in Tucson. Elaina Elliott, CCIM, and Isaac Figueroa, CCIM, handled the transaction on behalf of the landlord, an affiliate of Larsen Baker.

RETAIL – 485 E WETMORE RD., TUCSON, 85705 – Central Submarket
Sally’s Beauty renewed its 1,400 square feet of retail space at Tucson Place, 485 E Wetmore Rd. Suites H 103, in Tucson. Elaina Elliott, CCIM, and Isaac Figueroa, CCIM, handled the transaction on behalf of the landlord, an affiliate of Larsen Baker.

RETAIL – 405 E WETMORE RD., TUCSON, 85705 – Central Submarket
Cricket renewed 1,345 square feet of retail space at Tucson Place, 405 E Wetmore Rd, Suite 105, in Tucson. Elaina Elliott, CCIM, and Isaac Figueroa, CCIM, handled the transaction on behalf of the landlord, an affiliate of Larsen Baker.

RETAIL – 1685 W VALENCIA RD., TUCSON, 85746 West Submarket
Midvale Chiropractic renewed its lease with Olsen Avenue Associates, LLC, for 1,280 square feet of retail space at Midvale Plaza, 1685 W. Valencia Rd., Suite 101, in Tucson. Dave Hammack, Principal and Retail Specialist with Cushman & Wakefield | PICOR represented the landlord.

INDUSTRIAL – 1684 S RESEARCH LOOP, TUCSON, 85710 – East Submarket
Southwest Associates, L.L.C., dba Meridian Surveying & Development, renewed their lease with Pegasus Tucson Owner LLC for 1,240 square feet of industrial space at Clairemont Plaza, 1684 S. Research Loop, Suite 530, in Tucson. Paul Hooker, SIOR, Principal, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord.

RETAIL – 3020 W VALENCIA RD., TUCSON, 85746 – West Submarket
Barber Brothers renewed 1,180 square feet of retail space at Manzanita Plaza, 3020 W Valencia Rd, Suite 270, in Tucson. Elaina Elliott, CCIM and Isaac Figueroa, CCIM handled the transaction on behalf of the landlord, an affiliate of Larsen Baker.

Submit sales and leases to REDailyNews@outlook.com.




CBRE Reports Tucson Retail Big Box Robust in 2023

TUCSON, Ariz. – March 18, 2024 – Retail big box leasing activity throughout the Tucson area was robust in 2023. Thirty-two spaces greater than 10,000 sq. ft. were available at the end of 2023, resulting in 1,289,000 sq. ft. of vacant big box space throughout the market compared to 1,439,140 sq. ft. empty space at the end of 2022, according to CBRE’s research.

“Although store sales moderated in 2023 after a couple of years of post-pandemic surges, what has become clear is that having physical stores helps boost sales,” said CBRE’s Nancy McClure, First Vice President in Tucson. “The quest from retailers is determining the right-sized space. Department stores are looking to downsize and get closer to customers outside the malls; retailers gaining traction in sales often look to get a bigger footprint to stock more merchandise.

Locally, Tucson had three large retailers’ announcements: Fry’s Marketplace broke ground on a site at Tangerine Road in Marana (the company bought the land in 2008); Home Depot closed escrow on a site in Houghton Town Center at Houghton and Old Vail roads (a site it had in escrow over a decade ago); and Bass Pro Shops signed a ground lease at the Marketplace at the Bridges.

A wave of large space vacancies flooded the national markets, and Tucson felt the ripple effect. Ms. McClure notes that for ownership, it’s the right price, and being responsive to offers often secures the tenants in the market. Even so, some retail boxes will likely be demolished to create a new concept or a reimagined overall development with mixed uses.

With the closure of retailers like Bed Bath & Beyond, it was just the right location and size to meet those waiting to lease. Sportsman’s Warehouse leased a former Bed Bath & Beyond at I-19 and Irvington Road, Roadhouse Cinemas leased the former Bed Bath & Beyond at Grant and Swan roads for its Rail Yard concept that has additional entertainment venues, and dollar stores found surplus drug store buildings a great fit in various locations. The long-vacant Kmart at Broadway Blvd and Kolb Road was demised to accommodate Floor & Décor’s expansion needs when it hopped across the intersection, leaving its former space vacant.

To read the full report, click here.




Larsen Baker Signs New Tenants to Sierra Vista and Bisbee Properties

Tucson, AZ, (March 18, 2024) –Larsen Baker is pleased to announce three new leases at their southern Arizona properties.

RESTAURANT – 1101 S NACO HWY, BISBEE
Muffin Tops Cafe has leased the 1,800-square-foot restaurant space at Bisbee Plaza, 1101 S Naco Hwy, Suite H, in Bisbee, AZ.

RETAIL – COCHISE PLAZA, 2137 E FRY BLVD, SIERRA VISTA
Renegade FC, LLC, dba Nerdtopia, has leased the 1,594-square-foot retail space at Cochise Plaza, 2137 E Fry Blvd. in Sierra Vista, AZ.

OFFICE – COCHISE PLAZA, 2359 E FRY BLVD., SIERRA VISTA
IQ Energy, LLC has leased the 212-square-foot office space at Cochise Plaza, 2359 E Fry Blvd. in Sierra Vista, AZ.

Elaina Elliott, CCIM, and Isaac Figueroa, CCIM, handled these transactions on behalf of the landlords, all affiliates of Larsen Baker.