PHOENIX, ARIZONA — SVN kicked off the second quarter with a land sale adding to the expansion and development of Litchfield Park. The 5.45 acres on the southwest corner of Citrus Rd and Bethany Home Rd traded for $2,200,000 ($9.26 PSF).

This transaction served as a stepping stone for the area as it not only generated the highest price per square foot for land in the area but also sparked the residential development of 182 acres across the street.

Reed Grey, Michael Tarantino, and Jake Rossein of SVN Desert Commercial Advisors were involved every step of the way and strongly believe development in Litchfield Park will only intensify with the expansive sprawl around the city of Phoenix. The property was previously in escrow at $8.40/SF in 2021 however, with the overwhelming demand for development and the fresh energy of the new advisors Michael and Jake, they were able to find a buyer who closed the deal for $200,000 more than the sellers originally agreed to in the previous escrow.

The sellers considered this parcel a gem with C-2 zoning in an exponential growth area. Both the buyers and sellers understood how imperative it was to complete the deal and completed a quick close totaling 145 days from start to finish.

The buyers plan to develop a state of the art self storage facility to accommodate the boom in planned residential developments in this area of Phoenix. “The demand for self storage around Phoenix has been growing at rapid rate, and this location has great potential being right next to over 1,000 housing units either already developed or being developed in the area,” says Advisor Michael Tarantino.

PHOENIX, ARIZONA – The Central Arizona chapter of CCIM, commercial real estate’s global standard for professional achievement, presents its June breakfast program, “Casa Grande: A Growing City,” a look at an Arizona city poised to be a major hub for manufacturing, logistics, healthcare, and retail.

The event is June 1, from 7:30 a.m. to 9 a.m. at the Esplanade E-Center, located at 2501 E. Camelback Road, Suite 50, in Phoenix. Guest speaker is Ryan Barrett, the Economic Development Coordinator for the City of Casa Grande.

Located between the state’s major metropolitan areas of Phoenix and Tucson, Casa Grande is strategically situated for servicing both markets that boast a combined population of 5.5 million people. Casa Grande possesses thousands of acres of developable land in its Industrial Corridor, which is home to numerous manufacturing and logistics companies. Most of this land has utilities to the site, immediately adjacent to it or in close proximity. This reduces upfront costs for project development and construction.

Because of its proximity to the metro areas, companies locating in Casa Grande have access to a highly educated and skilled workforce of more than 3 million. Lucid Motors, the electric vehicle company producing its cars in Casa Grande, employs 2,000 people in Arizona with plans of hiring another 1,000 by the end of the year.

Connectivity plays a big role in why companies choose Casa Grande. It is the only community in the state directly served by two major interstates (I-8 and I-10), the main line of Union Pacific Railroad, and is within an hour of three international airports. Casa Grande is also situated less than eight hours from the Port of Long Beach, three hours from the Port of Entry in San Luis, and two hours from the Port of Entry in Nogales.

Registration fee is $40 for Chapter members; $55 for non-members. A breakfast buffet will be served. Register here.

TUCSON, ARIZONA — Highlighted this week is an 8,000-square-foot retail lease at 3970 W. Ina Rd in Tucson handled by  Ron Zimmerman and Dave Hammack, Principals with Cushman & Wakefield | PICOR and Paula Valencia, with RE/MAX Results Commercial.

The following leases were submitted to the Real Estate Daily News from May 9-13, 2022.

RETAIL – 3970 W. INA RD., TUCSON 85741, Northwest
Chaos Elite, LLC leased 8,000 square feet of retail space from CRE Ina Road, LLC, located at 3970 W. Ina Rd., Suite 101 in Tucson. Ron Zimmerman and Dave Hammack, Principals with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Paula Valencia, with RE/MAX Results Commercial, represented the tenant.

OFFICE – 5671 N ORACLE RD., TUCSON 85704, Northwest
WebMo Digital Marketing has signed a lease for 5,508 square feet of office space located at 5671 N. Oracle Road, Suites 2202-2206, Tucson, AZ in the Courtyard Offices center located at the northeast corner of Oracle Road and Roller Coaster Road. WebMO Digital Marketing offers digital services such as website design, extensive data analysis and reporting, social media management and advertising, and review monitoring. The new office is estimated to open in July 2022. Craig Finfrock of Commercial Retail Advisors, LLC represented the Tenant, WebMO, LLC, and Zach Fenton of ZFI Holdings, LLC, represented the Landlord, 5671 Investments, LLC.

RETAIL – 4605 S. PALO VERDE RD., TUCSON 85714, South
Alma Andrea Lomeli, dba Andrea’s Resale, leased 4,980 square feet of retail space at Butterfield Business Park, 4605 S. Palo Verde Rd., Suite 605-607 in Tucson, from Pegasus Tucson Owner LLC. Paul Hooker, SIOR, Principal, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

RETAIL – 3286 N. CAMPBELL AVE., TUCSON 85719, Central
Washington Federal Bank leased approximately 3,258 square feet, located at 3286 North Campbell Avenue, Tucson Arizona, from Ricisaar Investments II LLC. Hank Amos of Tucson Realty & Trust Co., represented the Lessee, and Rick Borane of Volk Company represented the Lessor, Ricisaar Investments II, in the transaction.

RETAIL – 727 W. AJO WAY, TUCSON 85714, South
Funland Raspados and Munchies leased 2,680 square feet of restaurant space from Restivo Family Trust, located at 727 W. Ajo Way, Suite 175 in Tucson. Aaron LaPrise, Principal, and Retail Specialist with Cushman & Wakefield | PICOR, handled this transaction.

RETAIL – 2900 N. SWAN RD., TUCSON 85712, Northeast
Carhuff & Cueva Architects. leased 2,534 SF at the Plaza Palomino located at 2900 N. Swan, Tucson, Arizona. Ben Craney and Phil Skillings with NAI Horizon represented the landlord, Jon O’Shea with Vast Commercial represented the tenant in this transaction.

INDUSTRIAL – 1684 S. RESEARCH LOOP, TUCSON 85710, East
Aeris Family Dental, PLLC renewed their lease with Pegasus Tucson Owner LLC for 2,480 square feet of industrial space at Clairemont Plaza, 1684 S. Research Loop, Suite 550 in Tucson. Paul Hooker, SIOR, Principal, Andrew Keim, and Molly Mary Gilbert with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

RETAIL – 3900 W. INA RD., TUCSON, 85741, Northwest
Salon Services Pro, Inc. leased 1,708 SF at the Embassy Plaza Shopping Center located at 3900 W. Ina Road, Tucson, Arizona. Ben Craney, Jayme Fabe and Sam Nalli with NAI Horizon handled this transaction.

INDUSTRIAL – 3583 N. ROMERO RD., TUCSON 85705, Central
K2 Electric, LLC leased 1,500 square feet of industrial space from Costa Verde Investments, LLC, located in Romero-Prince Business Park, 3538 N. Romero Rd., Suite 166 in Tucson. Ron Zimmerman, Principal, and Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

RETAIL – 5415 E. BROADWAY BLVD., TUCSON 85711, East
Bassett Salon Solutions leased 1,396 SF at Broadway Crossing located at 5415 E. Broadway, Tucson, Arizona. Gordon Wagner with NAI Horizon represented the tenant, and Isaac Figueroa with Larsen Baker represented the landlord in this transaction.

RETAIL – 5470 E. SPEEDWAY BLVD., TUCSON 85712, Northeast
Don Carleon’s Barbershop has leased 1,320 square feet at Speedway Craycroft Plaza located at 5470 E Speedway Blvd, Suite B-108, Tucson, AZ 85712. The center now fully leased. Elaina Elliott and Isaac Figueroa with Larsen Baker represented the Landlord in this transaction.

INDUSTRIAL – 1684 S, RESEARCH LOOP, TUCSON 85710, East
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, Andrew Keim, and Molly Mary Gilbert with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

INDUSTRIAL – 3220 S. DODGE BLVE., TUCSON 85713, South
Yellow Brick Coffee, LLC renewed their lease with Pegasus Tucson Owner LLC for 1,200 square feet of industrial space at South Dodge Business Center, 3220 S. Dodge Blvd., Suite 1 in Tucson. Paul Hooker, SIOR, Principal, Andrew Keim, and Molly Mary Gilbert with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

INDUSTRIAL – 4500 E. SPEEDWAY BLVD., TUCSON 85712, Northeast
Hyperion Elite Systems Inc. leased 1,200 square feet of industrial space at Midway Business Park, 4500 E. Speedway Blvd., Suite 25 in Tucson, from Pegasus Tucson Owner LLC. Paul Hooker, SIOR, Principal, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

OFFICE – 2262 W. MAGEE RD., TUCSON 85742, Northwest
Arizona Elks Major Projects, Inc leased 850 square feet of office space at Magee Center, 2262 W. Magee Rd., Suite 1 in Tucson, from MJ 96 LLC. Molly Mary Gilbert, Office Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

Submit sales and leases to [email protected]