Southgate Academy Exercises Option at Valencia & I-10, Tucson

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Southgate Academy, a K-12 Charter School purchased the building it had been occupying as a tenant for several years at 902-924 West Valencia Road in Tucson for[mepr-show rules=”58038″] $2,011,250 ($56.65 PSF). It was an option price for the property that was negotiated at lease signing by the charter school.

The 35,500-square-foot property, located at the northeast corner of I-10 and Valencia, is a former K-Mart shopping center (built 1975) that Southgate Academy has renovated for its use as a school after it was leased.

The sale took place in two separate transactions. The 25,500-square-foot building at 902 W Valencia Road was sold by Valencia I-19 Investments, LLC (James Capin, managing member) for $1,061,250 ($41.62 PSF). While the 10,000-square-feet building at 916-924 W Valencia Road sold by Valencia I-19, LLC (Eric M Hutchens, managing member) for $950,000 ($95 PSF).

Greg Furrier, Rob Tomlinson and Jeff Zellet, Retail Specialists with Cushman & Wakefield | Picor of Tucson handled both transactions.

Furrier can be contacted at (520) 546-2735, Tomlinson should be reached at (520) 546-2757. Speak with Zellet at (520) 546-2739[/mepr-show]

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902 W Valencia closed 11/15/2013. $178,669 down on $1,061,250 sale price. APN: 138-03-031Q. Escrow closing was 30-days from giving notice to exercise option.

916-924 W Valencia closed 11/13/2013. $155,000 down on $950,000 sale price. APN: 138-03-031L & 031F. Escrow closing was 30-days from giving notice to exercise option.

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