PIMA COUNTY, (Sept. 2, 2026) – One of Downtown Tucson’s historic buildings will take on a new role as a center for economic development, international collaboration, workforce development and innovation under an agreement approved by the Pima County Board of Supervisors.

The Board on Aug. 25 approved a memorandum of understanding between Pima County and the University of Arizona establishing the Arizona-Taiwan Talent & Innovation Hub at the County-owned Roy Place Building, 44 N. Stone Ave.

The Hub will bring together Pima County, the University of Arizona, and Taiwanese and regional partners to support the area’s growing semiconductor and advanced technology sectors. Its work is expected to include economic and workforce development, academic and cultural exchange, research and innovation, support for startups and small businesses, and foreign direct investment.

“By building a strong talent pipeline, we’re giving Southern Arizona companies more of what they need to grow while opening the door to new suppliers, startups and investment,” said Heath Vescovi-Chiordi, director of Pima County Economic Development.

“This is an opportunity to enhance our international efforts and further solidify Pima County’s place in the global semiconductor economy. What happens at this Hub has the potential to benefit our entire region and economy.”

The Roy Place Building has long connected Pima County and the University of Arizona with Downtown Tucson. Built in 1928 as a Montgomery Ward department store, the building was designed by prominent Tucson architect Roy Place, whose work also includes the Historic Pima County Courthouse and numerous buildings on the University of Arizona campus. Pima County later restored the building’s historic façade, and the University of Arizona has used Roy Place as its downtown presence since 2011.

“As the longest-running occupant of that building, we are thrilled to see these partners come together to further activate the building and continue building on downtown Tucson’s innovation story,” Startup Tucson Director of Programs & Events Megan Fink said at the Aug. 25 Board meeting.

Under the agreement, Pima County will make space available at Roy Place through subsequent agreements and coordinate with state and Taiwanese government partners.

The University of Arizona will work with Taiwan’s National Yang Ming Chiao Tung University on academic programs, student exchanges and research partnerships. It also will support technology commercialization and maintain a faculty and staff presence at the Hub.

“A partnership of this scale needs a visible home and the County’s support gives students, researchers, workers and industry partners a place to learn, collaborate and solve problems together,” University of Arizona Chief Research Partnerships Officer Dr. Lindy Bixby said at the meeting.

A delegation from Taiwan visited Pima County for a second time earlier this month, meeting with Pima County Economic Development staff and other local leaders.

Plans for the Hub grew out of an international collaboration that began in September 2025 among Pima County, the University of Arizona, National Yang Ming Chiao Tung University, the Arizona Commerce Authority and the Arizona Trade & Investment Office. Since then, the County and its partners have expanded relationships with educational, governmental and industry leaders in Taiwan.

The two-year agreement does not commit Pima County or the University to a specific funding amount. The partners will pursue grants, industry support and other funding opportunities.

Within 60 days, Pima County and the University will begin joint planning for use of the Roy Place Building, including work on a space utilization plan, a coordinated funding strategy, working groups and a timeline for launching the Hub.

TUCSON, AZ (Sept. 1, 2026) — Two single-tenant drive-thru coffee properties sold in Tucson recently for a combined $5.88 million, with investors acquiring locations occupied by Starbucks and Black Rock Coffee Bar.

La Jolla Blvd & Cedros LLC purchased a newly constructed Starbucks at 2121 N. Craycroft Road for $3.4 million in a transaction that closed Aug. 3. The 2,262-square-foot building sits on 0.89 acres within Pima Medical Campus near Tucson Medical Center. The sale equated to approximately $1,503 per square foot. Meridian Development Group LLC was the seller.

The Starbucks was marketed by Eli Castronova, Brian Harpel and Paige Keefer of Velocity Retail Group.

The property is located along Craycroft Road near Tucson Medical Center and Pima Medical Institute.

BRC 22nd Ave Tucson AZ LLC purchased the Black Rock Coffee Bar at 6295 E. 22nd Street for $2.48 million. The 828-square-foot drive-thru, built in 2020, sits on 0.48 acres near the intersection of 22nd Street and Wilmot Road. The transaction equated to approximately $2,995 per square foot. Vaquero Tucson Partners LP was the seller.

The Black Rock property was marketed by Zack House, Mark Ruble and Chris Lind of Marcus & Millichap.

Both properties were offered as absolute triple-net investments with corporate guarantees and sold at high 5% and 6% cap rates.

The two transactions underscore continued investor appetite for small-format, single-tenant drive-thru assets in established Tucson infill locations, particularly properties backed by recognizable coffee operators with long-term leases.

Sources: RED Comp #12662 and #12654.

SURPRISE, Ariz., (Sept. 1, 2026)  — Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a 5,103-square-foot Applebee’s property in Surprise, Arizona for $3.54 million ($694 PSF).

“The casual dining sector has faced challenges over the past several years, but the underlying real estate fundamentals of this property were exceptionally strong,” said Chris Lind, senior managing director investments. “Its location at one of the busiest intersections in the Phoenix metropolitan area generated a competitive bidding process and ultimately delivered a result the seller was very pleased with.”

Lind, Mark Ruble and Zack House, investment specialists in Marcus & Millichap’s Phoenix office, represented the seller, a Delaware limited liability company, and procured the buyer, a California limited liability company, in the all-cash transaction.

The property is located at 13756 W. Bell Rd. Built in 2001, the restaurant sits on 0.79 acres and is occupied by Applebee’s, one of the world’s largest casual dining brands. The buyer plans to hold the property as a long-term investment.