TUCSON, ARIZONA – An affiliate of EJC Holdings LLC (Eddie Chernecki, manager), CB110 and Paul Antonucci, Ltd., purchased the two-story office building at 7202 E Rosewood Street in Tucson for $3.2 million ($65.53 PSF).

The building was fully occupied by two tenants: Lovitt & Touché and Arizona Health Care Cost Containment System (AHCCCS), both on short term leases. Property sold on a price per square-foot to be re-leased.

Headquartered in Arizona, Lovitt & Touché is a part of the Marsh McLennan Agency serving Arizona and the Western region. A subsidiary of Marsh LLC, a leading global insurance broker and risk management advisor.  AHCCCS is Arizona’s Medicaid agency that offers health care programs to serve Arizona residents.

Built in 1986, the 48,830-square-foot building has 203 parking spaces; 150 surface and 53 covered spaces on 3.43 acres at Gateway Center located southeast of Speedway and Kolb.

Bryce Horner with CBRE Tucson represented the seller, DTA Ventures and Jon O’Shea with Vast Commercial Real Estate Solutions represented the investors.

For additional information, O’Shea should be reached at 520.624.9400 and Horner is at 520.323.5100.

To learn more, see RED Comp #9716.

Phoenix, AZ – Seasoned commercial real estate broker, Ian Turner with Commercial Industrial Arizona Advisors was recently involved in helping a long-time investor acquire a once thriving retail strip center just south of the Metro Parkway circle. Turner represented the seller and buyer in the sale of Metro South Shops for $1.18 million.

The property is located off 29th Avenue, just south of the entrance into the main entrance, N. Metro Parkway. The Metro South Shops is specifically located at 9070 N 29th Ave, right next to anchored retailer, Goodwill Thrift Store off the N. Black Canyon Hwy. The seller, Jeff Geyser with GM Metro, LLC sold to Neil Mody with Dunlap Commercial, LLC. The approximate 11,000 square-foot building will add another center to the buyer’s investment portfolio. Geyser has been redeveloping the site for quite some time and the overall property has a great foundation to rebuild and attract new business in the area.

Turner stated, “The light rail is going in, just north of Dunlap Ave and a new +200-unit multifamily development is being built just west of the building.”

In late December of last year, news broke that plans for the $750 million redevelopment of the iconic Metrocenter Mall would be one of the largest mall redevelopment projects in Arizona history, according to Concord Wilshire Companies, one of the developers for the project. With the city approved $150 million light rail project, this will make it easy for people who are gravitating to live and work in the area. Metrocenter will be developed into a residential and mixed-use community. Though the buyer was looking in other areas around this development, Metro South Shops was the perfect value-add property that would see great potential and gain extra yield long-term. Turner introduced the property and the buyer saw great potential. The empty gray shell building will give the new buyer a chance to bring some great tenants to accommodate all the upcoming developments in the area.

“Mody was super excited about the prospect and the price per square-foot that he and the seller agreed to,” said Turner. It was far below replacement costs and there is a huge upside to redeveloping the building that is contiguous to Goodwill Retail Center, a thriving retail thrift store.

TUCSON, ARIZONA — The Rio Nuevo Board Meeting began with a positive update given by Chairman Fletcher McCusker.

Chairman McCusker shared that Rio Nuevo is back to pre-pandemic sales tax revenue and the requests for new construction in downtown are stronger than ever. “We are seeing one-to-two hotel operators per week along with multi-family developers and restaurateurs. Besides the requests for new development, the Board is also seeing movement on older proposed developments that have been on hold.

“Buckle your seat belts,” said Chairman McCusker. “We are really going to be busy in the next year, two years.”

The Rio Nuevo Board welcomed new Board Member Ross McCallister.

Ross McCallister’s experience in all aspects of real estate is most powerfully leveraged in his leadership of construction and business development. He brings more than 30 years of experience in operations including acquisition, investment analysis, financing, project management, and client relations.

“We welcome Ross to the Board,” stated Chairman McCusker.

“Thank you to Governor Doug Ducey for a wise choice that will add a tremendous amount of real estate and finance experience to our efforts to revitalize Tucson’s downtown.”

The Citizen Hotel

The Rio Nuevo Board unanimously voted to invest in the Citizen Hotel, a 10 room, boutique hotel that renovated the 113 year-old Tucson Daily Citizen Building at 82 S. Stone Avenue. The $500,000 commitment included an 18^th month rent subsidy to bring Sand-Reckoner Vineyards to the project. Sand-Reckoner, a local winemaker with vines in Willcox will occupy the basement as a winery, wine tasting venue, and retail space.

HighWire

The Board unanimously authorized the executive officers to complete negotiations with HighWire on Arizona Avenue to open a new restaurant and event space. This space will be adjacent to their very successful cocktail lounge with entrances off Arizona Avenue, the alleyway immediately east of the property. The Board tabled a $230,000 request to enhance and improve the adjacent portion of Arizona Avenue.

The Board authorized counsel to complete leases in order to activate the Rio Nuevo owned property adjacent to the Presidio Museum, located on Church Avenue, now that the renovation of the property is complete.

Friedman Block and Solot Plaza Block

Finally, the Board authorized counsel to prepare the documents required to solicit private sector partners for the Solot Plaza Block and the Friedman Block, located in the Sunshine Mile District along the newly widened Broadway Boulevard.