TUCSON, AZ (December 8, 2025) — This week’s Tucson Commercial Lease report activity totaled 53,469 square feet across Tucson, driven overwhelmingly by 51,680 square feet of renewals—an unusually high volume for a single reporting period. Renewals dominated this week’s activity, reflecting strong tenant retention across Tucson as companies prioritize stability heading into 2026.

Industrial renewals were led by QED’s 44,592-square-foot renewal at 777 E. MacArthur Cir. New leasing activity included a 2,135-square-foot retail lease at Heritage Plaza and a 654-square-foot office lease on Oracle Road.

The following leases were reported to the Real Estate Daily News for the week of December 1–5, 2025.

NEW LEASES

RETAIL – 2934 W. INA RD., TUCSON, 85741, NORTHWEST SUBMARKET
Compass Dental Management, LLC leased 2,135 square feet of retail/dental space at Heritage Plaza, located at the NWC of Ina and Shannon, anchored by LA Fitness and Goodwill. The space, formerly a dental office, will be updated for continued dental use. The landlord, Alturas Heritage Plaza, LLC, was represented by Isaac Figueroa, CCIM, SIOR, with Larsen Baker. Molly Gilbert represented the tenant with Cushman & Wakefield | PICOR.

OFFICE – 5931 N. ORACLE RD., SUITE 221, TUCSON, 85704, NORTHWEST SUBMARKET
Ruby Sandoval Photography, LLC leased 654 square feet of office space from SAN MARCOS PLAZA LLC. The landlord was represented by Ryan McGregor, Office Specialist with Cushman & Wakefield | PICOR.

RENEWALS

INDUSTRIAL – 777 E. MACARTHUR CIR., SUITE 151 & 161, TUCSON, 85719, CENTRAL SUBMARKET
Sonepar Mountain Holdings, LLC dba QED renewed its lease for 44,592 square feet of industrial space with MacArthur Investments, LLC. The tenant was represented by Andrew Keim, Industrial Specialist with Cushman & Wakefield | PICOR.

INDUSTRIAL – 3220 S. DODGE BLVD., SUITE 7 & 3631 E. 44TH ST., SUITE 185, TUCSON, 85713, SOUTH
Old Pueblo Community Services renewed and expanded its lease with Pegasus Tucson Owner LLC for a total of 1,978 square feet at South Dodge Business Center. The landlord was represented by Paul Hooker, SIOR, Principal, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR.

INDUSTRIAL – 1870 W. PRINCE RD., SUITE 20, TUCSON, 85705, CENTRAL SUBMARKET
Arizona Pipeline Company renewed its lease for 1,440 square feet of industrial space at Exchange Place with Pegasus Tucson Owner LLC. The landlord was represented by Paul Hooker, SIOR, Principal, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR.

INDUSTRIAL – 245 S. PLUMER AVE., SUITE 21, TUCSON, 85719, CENTRAL SUBMARKET
Bergin Corp. renewed its lease with Pegasus Tucson Owner LLC for 1,200 square feet of industrial space at Commerce Plaza. The landlord was represented by Paul Hooker, SIOR, Principal, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR.

INDUSTRIAL – 3941 E. 29TH ST., SUITE 606, TUCSON, 85711, EAST SUBMARKET
Industrial Specialties Supply, Inc. renewed its lease with Pegasus Tucson Owner LLC for 790 square feet of industrial space at Midpoint Business Plaza. The landlord was represented by Paul Hooker, SIOR, Principal, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR.

INDUSTRIAL – 2430 W. RUTHRAUFF RD., SUITE 114, TUCSON, 85705, CENTRAL SUBMARKET
D.C.O. Custom Builders, LLC renewed its lease with Pegasus Tucson Owner LLC for 680 square feet of industrial space at Ruthrauff Commerce Center. The landlord was represented by Paul Hooker, SIOR, Principal, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR.

Submit sales and leases to [email protected].

GLENDALE, AZ (December 8, 2025) — Walmart has acquired a nearly 1.28 million-square-foot industrial building next to Luke Air Force Base for $152,161,730 ($119 PSF) marking it as one of the largest industrial sales in metro Phoenix history. The transaction, which closed the day before Thanksgiving, ranks as the second-largest industrial building sale ever recorded in metro Phoenix.

The retail giant will become the first tenant at the newly delivered Luke Field logistics campus, a 140-acre, 2.4 million-square-foot industrial park developed in the West Valley by Lincoln Property Company. Walmart is taking Building C, the largest of the three buildings in the project.

Luke Field sits adjacent to Luke Air Force Base and is bounded by Litchfield Road, Northern Avenue, and Northern Parkway, with immediate access to the Loop 303, Loop 101, U.S. 60, and Grand Avenue.

• Building A totals 695,750 square feet
• Building B totals 454,761 square feet
• Building C totals 1,278,653 square feet

Lincoln Property Company represented itself in the sale. JLL’s Marc Hertzberg and John Lydon represented Walmart.

The deal marks Lincoln’s second major West Valley industrial sale in recent months. In October, the firm sold a 1.25 million-square-foot building at Park303 in Glendale to Dollar Tree for just over $147 million. That facility will become Dollar Tree’s newest regional distribution center — and its first in metro Phoenix.

Walmart is also a tenant at Park303, occupying roughly 1 million square feet across the four-building campus.

Dollar Tree’s Park303 acquisition was the largest industrial sale of 2025, surpassing it.

The only larger industrial building sale ever recorded in the Valley is Apple’s 2013 purchase of a 1,328,075-square-foot Mesa facility at 3740 S. Signal Butte Road, later converted into a data center, according to Connor Devereux, director of market analytics for CoStar Group/Homes.com.

So far in 2025, the Glendale submarket ranks No. 1 in the nation for industrial sales volume,  and is the only U.S. submarket to exceed $1 billion in industrial sales this year.

See also our prior report of December 5, 2025. 

TUCSON, AZ (December 8, 2025) — A four-unit retail strip center located at 4622–4628 E Speedway Blvd has sold for $1,500,000 in an investment transaction recorded November 18, 2025.

Built in 1963, the 10,277-square-foot property sits on 0.71 acres at the northeast corner of Speedway Blvd near Swan Road in the Old Pueblo Heights subdivision. The sale reflects $145.96 per square foot and $375,000 per unit. The center includes multiple retail bays, a pylon sign, and frontage along one of Tucson’s busiest commercial corridors.

The seller, Thorinsson II LLC of Carson City, Nevada, transferred the property to Speedway Tiendas Properties LLC, based in Green Valley, Arizona. The buyer’s representative listed in the recorded documents is Mr. Dwight David Lopez. The deal involved a private lender.

The site is zoned C-2 and includes three addresses: 4622, 4624, 4626, and 4628 E Speedway Blvd.

Source: RED Comp #12200