Tucson, Arizona –Larsen Baker, through its affiliate Bedroxx OZ Organization, LLC recently acquired the 44,354-square-foot building at 4385 W Ina Rd. in Marana, Arizona for $1.9 million ($43PSF). The all cash transaction closed April 29, 2022.

The building was formerly occupied by Bedroxx Bowling Alley and Hooters restaurant and sits on 3.69 acres zoned Heavy Industrial and Village Commercial in the Town of Marana.

Larsen Baker plans to reposition the building into industrial/flex space for one or more tenants, and to construct an additional flex building on the site.

The buyer was self-represented by  Isaac Figueroa, CCIM, 0f Larsen Baker. The seller, Bedrock Ina, LLC was self-represented by Gary Heinfeld, CCIM/Advisors in Real Estate.

This was a Southern Arizona CCIM Chapter member-to-member transaction. Members involved include Gary Heinfeld, CCIM, with Advisors in Real Estate; George Larsen, CCIM, Melissa Lal, CCIM, and Isaac Figueroa, CCIM, Ted Herman and Ferrum Walllace with Larson Baker; and Bobbi Raymond of Fidelity National Title.

TEMPE, ARIZONA — CBRE announced the sale of Farmer Avenue Lofts, an 18-unit townhome property in the Tempe submarket of Phoenix, to Blueprint Capital, a Seattle-based real estate investment trust for $13.1 million ($728,000 per unit).

Brian Smuckler, Jeff Seaman, Derek Smigiel, and Bryson Fricke of CBRE represented the buyer.

Farmer Avenue Lofts, located at 354 South Farmer Avenue, was built in 2008 and is comprised of three-bedroom floor plans, averaging 2,467 square feet each, that include granite countertops, Wellborn Milan cabinets, stainless steel appliances, floor-to-ceiling windows, over-sized balconies, two-car direct-access garages and private rooftop decks.

This property is situated in proximity to the Loop 202 Freeway, Mill Avenue Entertainment District, Arizona State University, and Phoenix Sky Harbor International Airport.

“We continue to see great interest for multifamily housing in Tempe from local investors as well as out-of-town buyers looking to enter the market or expand,” says Smuckler.  “They are particularly attracted by this area’s growth potential from the recent construction of mixed-use developments, the emerging corporate tech footprint, and the expansion of Arizona State University.”

CBRE also represented the seller, Tincath LLC, an Arizona-based limited liability company based in Germany, in the transaction.

SAHUARITA, ARIZONA – Steel Jupiter, a Minority-Owned, specialty coating manufacturer, announced today it has leased a 13,000-square-foot facility in Sahuarita for its manufacturing, research and development facility. The facility is expected to be operational by the end of 2022, initially creating 15 jobs in the community.

“Steel Jupiter’s mission is to help make indoor air as free from viruses as possible,” said Carlos Tellez, Chairman and President of Steel Jupiter. “Our product, developed by leading scientists, has the promise to significantly improve the effectiveness of HVAC filters and masks in filtering viruses from the air we breathe. We evaluated other locations and we are thankful to have found the Sahuarita Advanced Manufacturing, Engineering and Technology facility (SAMTEC). Sahuarita is a great community, and the facility and location are perfect for us. We are thrilled to call Sahuarita our home base for our continued growth and innovation long into the future.”

“Steel Jupiter’s innovative manufacturing and research facility is a valued addition to Southern Arizona,” said Sandra Watson, President and CEO of the Arizona Commerce Authority. “We are grateful Steel Jupiter is establishing its manufacturing facility in Sahuarita, bringing quality jobs while furthering Arizona’s reputation as a national innovation and manufacturing leader.”

“The establishment of this new facility will have an economic impact of $27 million over the next five years,” said Joe Snell, President and CEO, Sun Corridor Inc., the region’s economic development group. “The ripple effect of these high-paying jobs advancing Steel Jupiter’s technology will be felt across Southern Arizona.”

“It’s exciting to sign another tech firm to a lease at SAMTEC. This vision is many years in the making,” said Sahuarita Mayor Tom Murphy. “I know that Sahuarita is becoming a hub for excellence in innovation. We’re laying the groundwork for that right now. Attracting companies like Steel Jupiter, and PowerPhotonic is just the beginning.”