TUCSON, ARIZONA — Highlighted this week is several new retail leases handled by Isaac Figueroa and Elaina Elliott as well as 27,702 square feet of lease renewals by Larsen Baker in Tucson.

Submitted to the Real Estate Daily News from August 8 – 12, 2022.

RETAIL – FRY BLVD & CORONADO RD., SIERRA VISTA
Fast Payday Loans leased 1,960 square feet at Cochise Plaza, located on the NE corner of Fry Blvd. and Coronado Rd. in Sierra Vista, Arizona. Elaina Elliott and Isaac Figueroa represented the Landlord, Larsen Baker.

RETAIL – 3000 W VALENCIA RD.,  MANZANITA PLAZA, TUCSON
Spa Valencia has leased 1,780 square feet in Suite 238 at Manzanita Plaza located at 3000 W Valencia at the NWC of Valencia Rd. and Cardinal Ave. Spa Valencia will offer massage, acupuncture, and esthetician services. Isaac Figueroa represented the Landlord, Manzanita Investment Group, LLC, an affiliate of Larsen Baker, and handled the transaction.

Larsen Baker Maintains Strong Portfolio Activity with Renewals

Larsen Baker is reporting a strong portfolio retention with a collective 27,702 square feet of leasing activity from the following recent renewals:

• Pure Nutrition renewed 1,200 sf of retail space at Bear Canyon Shopping Center, 8969 E Tanque Verde Rd, Suite 213 in Tucson.

• T-Mobile renewed 3,523 sf of retail/office space at Crossroads Festival, 4811 E Grant Rd. Suite 161, in Tucson.
  

• Lane Bryant renewed 4,724 sf of retail space and Liberty Tax renewed 1,000 sf of retail space at Circle Plaza, 7260 E Broadway Blvd. and 7200 E Broadway Blvd. Suite 130, respectively, in Tucson.

• Brows By Merium renewed 1,300 sf of retail space at Fifth and Jefferson, 5595 E 5^th in Tucson.

• Fruitshack Smoothies renewed 1,253 sf of retail space at Plaza William’s Centre, 5420 E Broadway Blvd. Suite 234 in Tucson, AZ.

• Heartland Health renewed 2,080 sf of retail/medical space at Rancho Center, 3400 E Speedway Blvd. Suite 104 in Tucson.

• First chiropractic renewed 1,200 sf of office/retail space at St Mary’s Village, 1325 W St. Mary’s Rd, in Tucson.

• Famous Footwear renewed 11,422 sf of retail space at Tucson Place, 555 E Wetmore Rd. Suite 351, in Tucson.
  

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

Submit sales and leases to [email protected]

PHOENIX, ARIZONA – SVN Desert Commercial Advisors Justin Horwitz, Paul Borgesen, and Richard Lewis closed the sale of 625 W. Southern Avenue, Mesa, AZ 85210 for $1,275,000 ($247 PSF).  Mesa Office Plaza, a 5,157 SF Office building is located in the heart of Mesa, AZ, within the Mesa Southwest Redevelopment Area.

The Seller operates an executive and virtual office business, Plaza Executive Suites, which has been in business since 2006 and has five locations across the Valley. Mesa Office Plaza was sold at 100% occupancy as a part of the sale leaseback with NNN lease terms and 3% annual increases. SVN is assisting the Seller with sale leasebacks on his existing properties to bring all of the operations under leasehold. There is one remaining property located in the Biltmore submarket currently on the market for ±$4.3MM. The Seller will enter into a seven-year NNN leaseback as he did on this location in Mesa.

“We were thrilled to have been involved with such a smooth transaction. This was the first step of a broader plan to help our client pull equity out of two of his five locations via a sale leaseback and we look forward to doing the same on the original Plaza Executive Suite operation near the Biltmore in Phoenix,” says Justin Horwitz.

The Buyer plans on a long-term investment hold for stabilized income.

PHOENIX, ARIZONA  – On July 27, Chairwoman Lea Márquez Peterson of the Arizona Corporation Commission (ACC) was appointed to the National Association of Regulatory Utility Commissioners (NARUC) Subcommittee on Nuclear Issues.

NARUC is a national association of state utility commissioners, such as those serving on the ACC. The Subcommittee on Nuclear Issues brings together utility commissioners, nuclear plant operators, and stakeholders such as the Environmental Protection Agency (EPA), Nuclear Regulatory Commission (NRC), and Department of Energy (DOE) to lead on issues that impact nuclear power generation and waste disposal across the 50 states.

According to Chairwoman Lea Márquez Peterson, nuclear power represents an essential component of Arizona’s energy mix. It also generates electricity without the use of fossil fuels or greenhouse gas emissions, making it consistent with efforts to decarbonize the energy sector.

“Arizona is home to the largest nuclear power plant in the nation,” said Chairwoman Márquez Peterson. “The Palo Verde Nuclear Generating Station generates 30 percent of Arizona’s electricity and composes as much as 70 percent of the state’s clean energy mix. It represents a critical part of our state’s energy infrastructure and is essential to maintaining safe and reliable power at affordable rates as we transition to a cleaner energy economy.”

Customers of Arizona Public Service Company and Salt River Project currently receive power from Palo Verde Nuclear Generating Station.

In California, nuclear plants have been shutting down. The state’s last power plant, Diablo Canyon, is scheduled to close in 2025. As a result, customers in that state are facing potential energy shortfalls and rolling blackouts in 2025.

Chairwoman Lea Márquez Peterson was appointed to the Subcommittee due to her concern for electric reliability in Arizona and her interest in new, advanced nuclear energy technology, such as small modular reactors, fusion, and the opportunity to pair hydrogen production with the operation of existing nuclear power plants, such as Palo Verde Nuclear Generating Station.

“With the development of new nuclear technology, I believe nuclear energy will not only play a vital role in Arizona’s journey toward clean energy but also be essential to the future reliability and affordability of the electric grid,” said Chairwoman Márquez Peterson.

“I look forward to participating on the national subcommittee for nuclear issues and ensuring that Arizona’s interests in nuclear power are protected as we seek new opportunities for developing this source of clean and reliable energy.”