Peach Properties Acquires Downtown Tucson Building from Providence Corporation
TUCSON, Arizona — Ron Schwabe and Marcel Dabdoub have partnered again, this time, to buy 44 East Broadway Blvd. in Tucson for $4,332,990 ($135 PSF) and 30,000-square-feet of parking lots from The Providence Service Corporation of Stamford, CT.
Home to Ron Schwabe and Peach Properties’ central office, this large multi-use building in downtown Tucson was redeveloped by Peach to serve as headquarters for Providence Service Corp in 2010. The 32,000 gross-square-feet, four-story building, was built in 1979, and features 20,000-square-feet of office space and penthouse level condos on the upper levels.
The four, unique downtown residential lofts each come complete with huge windows, a balcony and rooftop deck with private rooftop pool.
Providence Service Corporation acquired the building in 2010 and occupied the second floor, leasing the ground and third floor offices, while working with Peach Properties to develop four residential lofts on the top floor.
Providence has decided to consolidate operations on the east coast and have leased back its space for another year. With Providence, the building was fully occupied when is sold.
44 East Broadway is situated in the center of the business and government district on a streetcar stop, within easy access to restaurants, banks, and performing arts venues in downtown Tucson.
Peach Properties has extensive experience renovating in downtown Tucson. Peach was also recently awarded the redevelopment of the Ronstadt Transit Center by the City, into a transit oriented development anchored by 250 housing units for all ages and economic backgrounds, 450 parking spaces and a 144-room hotel and conference center. This mixed-use project is on a key 4.7-acre downtown site at Congress and 6th Avenue.
There were no brokers involved in the transaction of 44 East Broadway. For more information, Schwabe can be reached at 520.798.3331.
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