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Feb. 22, 2013 Rick Engineering Company, Inc. (Paul Iezzi, President and Bruce Paton, Secretary), a division of Rick Engineering of San Diego, purchased four office condos on two-stories, with an aggregate of 16,900 sq. ft. for[mepr-show rules="58038"]$3.5 million, or $207 per sq. ft. at the Puente Nuevo Plaza, 3945 E Fort Lowell Road in Tucson.. Rick Engineering was previously a tenant of the same space in the 27,000 sq. ft. two-story building. The seller was Puente Nuevo Development, LLC of Park City, UT an affiliate of Craig Masters Investment of Tucson (Craig Masters, principal).
Rick Engineering has been working in Tucson since 1987, and moved into its current office at Puente Nuevo in 2008, shortly after the building was completed. Puento Nuevo Plaza sits on 5.6 acres at the northeast corner of Alvernon and Fort Lowell, other tenants in the building include Dehnert Dental and Congressman Ron Barber.
Rick Engineering is a privately-owned corporation founded 1955 by Glenn A Rick in San Diego that offers a full scope of planning, design and engineering services. Today, it has eight locations in San Diego, Riverside, Orange, Sacramento, San Luis Obispo, and Bakersfield in California, and Phoenix and Tucson in Arizona serving the Southwest.
Some of its projects in and around Tucson include La Encantada, Gladden Farms Master Community, Williams Center, Cienega High School in Vail, The Gallery at Dove Mountain, Loews Ventana Canyon Resort, Miraval Resort & Spa, Tangerine Crossing, Rancho del Lago Clubhouse & Golf Course, Titan Missile Museum in Sahuarita, University of Arizona Learning Center, Intuit, Raytheon ATA Building, Joesler Village, Whetstone Ranch and Texas Instruments.
According to Bruce Paton, a partner with the Rick, “the decision to buy now instead of continue leasing was made because of the current low interest rates and favorable terms that were able to lower their monthly overhead.”Financing was handled by Donna Cotlow, Sr. Business Development Officer at Wells Fargo Bank SBA Lending. There were no real estate brokers involved in the transaction.
For more information on Rick Engineering, contact Bruce Paton at (520) 795-1000. Craig Masters can be reached at (520) 615-5268. Call Donna Cotlow of Wells Fargo SBA Lending is at (520) 577-2200.