TUCSON, ARIZONA — Office sales of smaller office buildings has been active lately, with market vacancies at a seven year low in Tucson. There has been $17.3.6 million in sales volume this quarter with $400,000 the median sale price and 3,538-square-feet the median building square-footage.
William and Susan Daugherty purchased a 1,900-square-foot office building in the Central Submarket, located at 7479 E. Tanque Verde Rd. in Tucson, from Albatross Enterprise, LLC for $475,000 ($250 PF). The building in Tanque Verde Place was built in 2007 and was leased to Title Security Agency of Arizona when it sold. Stephen D. Cohen and Russell W. Hall, SIOR, GSCS, Industrial Specialists with Cushman & Wakefield | PICOR, represented the seller in this transaction. Tony Reed and Chris Itule with Long Realty Company represented the buyer.
Esquera Development, LLC purchased a 2,400-square-foot office building, located at 810 E. Fort Lowell Rd. in Tucson in the Central Submarket, from Jimmy Dale Pyland for $315,000 ($131.25 PSF). Built in 1961 the property is adjacent to Arizona Tile, also owned by the buyer. Brandon Rodgers, CCIM, Principal with Cushman & Wakefield | PICOR, represented the seller in this transaction. Rob Glaser, SIOR, CCIM, with Cushman & Wakefield | PICOR and Joshua Brown with Jackson & Cooksey, Dallas, TX, represented the buyer.
Tuczona 2, LLC purchased the 2,500-square-feet free-standing office building in the Eastern Submarket, located at 6475-6479 E. 22nd Street in Tucson. Michelle Minkus of Home Smart represented the buyer. Bruce Suppes of CBRE represented the seller, The Family Trust, in the transaction. The purchase price was $200,000 ($80 PSF).
EAZ-BAKARETH LLC purchased a 2,159-square-foot freestanding former medical building in the Central Submarket, located at 3925 N 1st Avenue in Tucson from Loren Cipolla and Marie Mendoza-Cipollo. The purchase price was $180,000 ($83 PSF) that included a second lot for expansion. The building was built in 1973 and was vacant at time of sale. The buyer purchased it for redevelopment as an assisted living home. Roy Drachman with Roy Drachman Realty Company of Tucson represented the seller and Tayyeb Ahmad with OZ Realty in Phoenix represented the buyer.
To learn more, see RED Comps # 4886, #4925, #4926 and #4927.