The following commercial leases were reported to the Real Estate Daily News for the Tucson Lease Report from March 19-23, 2018.

OFFICE – 100 N STONE AVE., TUCSON
Nvest, Inc. leased 6,436-square-feet of office space at 100 N. Stone Avenue in the Pioneer Building. Trevor Pratt of JLL represented the tenant. Bruce Suppes and David Volk of CBRE represented the landlord, Holualoa Pioneer, LLC, in the transaction.

OFFICE – 6725 E BROADWAY BLVD., TUCSON
Pyramid Federal Credit Union has leased a 3,931-square-feet of office space at 6725 E. Broadway Blvd.  CBRE’s Nancy McClure represented Pyramid in the transaction, and NAI Horizon-Tucson office represented the landlord, Alpine Chalet Apartments, LLC. [mepr-show rules=”58038″]Phone: 520.292.1198 (Corporate)[/mepr-show]

OFFICE – 1636 SWAN ROAD, TUCSON
WSB Tucson Financial Center leased 3,304-square-feet of office space at 1636 Swan Road. Janine Irvin of Mark Irvin Realty represented the tenant. Bruce Suppes and Ian Stuart or CBRE represented the landlord, K Nardelli Building, LLC, in the transaction. [mepr-show rules=”58038″]Asking lease rate: $18.00 SF/YR Full Service Gross[/mepr-show]

OFFICE – 2055 W MEDICAL HOSPITAL DR., TUCSON
Presidio Surgical Group leased 1,921-square-feet of office space at 2055 W. Medical Hospital Drive in the Northwest Professional Plaza. Vicki Teeple of Tango Commercial represented the tenant. Bruce Suppes and Dave Volk of CBRE represented the landlord, Windrose Northwest Professional Plaza Properties, in the transaction. [mepr-show rules=”58038″]Phone: 520.219.9125[/mepr-show]

RETAIL – 4951 E GRANT ROAD, TUCSON
Bi Bim Bap Korean Restaurant leased 1,360-square-feet of retail space at 4951 E. Grant Road in the Crossroads East Shopping Center. Daniel Yang and Chris Tsighis of Coldwell Banker represented the tenant. Nancy McClure of CBRE represented the landlord, Machado Properties Crossroads East, in the transaction. [mepr-show rules=”58038″]Asking lease rate: $15.00 – 419.00 SF/YR NNN[/mepr-show]

RETAIL – EMBASSY PLAZA, MARANA
Liberty Tax Service leased 1,050-square-feet at Embassy Plaza, at 3924 West Ina Road at Ina and Thornydale Road in Marana. Juan Teran, CCIM, with Realty Executives in Tucson represented the tenant.

RETAIL- WETMORE PLAZA, TUCSON
Landmark Barber Studio has leased a 960-square-feet of space at Wetmore Plaza, located at the NW corner of Oracle Rd. and Wetmore Rd. The barbershop serves a mostly male clientele and also provides the sale of related products. They are scheduled to open for business June 2018.  Andy Seleznov and Melissa Lal represented the landlord, Larsen Baker, while Dave Hammack of Cushman & Wakefield | PICOR, represented the tenant.

TUCSON, ARIZONA – Catalina Palms Plaza at 16701 N Oracle Road in Catalina, Arizona sold for $1.975 million ($151 PSF) to Jack R Schneider of Severance, Colorado.

The 13,096-square-foot strip center on 2.35 acres is located in the Town of Catalina drawing customers from Oro Valley to Saddlebrook. Oracle Road which is State Highway 77, is a major north and south route heavily traveled with increasing traffic counts.

Property has the potential of 9 units with the largest tenant being Marana Healthcare. There is also a Freedom Smoke, a dentist and a hair salon. Property was 76% occupied at time of sale with 1,000-square-feet vacant that buyer intends to leased to a family member for “Absolutely Art Gallery and Gifts”.

Lori Casey and Doug Marsh of Oxford Realty Advisors in Tucson represented the seller, Blue Dahlia Investments LLC of Santa Barbara, CA.

Casey says, “The limited commercial space availability in Catalina made the property particularly attractive. We had it leased quickly and put it on the market to sell in a fairly fluid transaction.” There seems to be plenty of buyers for good investment properties these days.

Mark and Janine Irvin with Mark Irvin Commercial Real Estate Services of Tucson represented the buyer.

For more information, Janine and Mark Irvin can be reached at 520.620.1833 and Lori Casey and Doug Marsh should be contacted at 520.232.0200.

To learn more, login and see RED Comp #5103 and go to RED Listing Registry for more properties like this.

[mepr-show rules=”58038″]Sale date: 8/15/2017. Document #2017-2270502. Property sold with an NOI of $199,780 and a 10.12% cap rate.[/mepr-show]

TUCSON Arizona — Everyone expected a positive Tucson Office Market report for Q1 2017 as it trends upward, but it may be doing even better than expected.

We spoke with Tom Nieman, Office Specialist at Cushman & Wakefield to ask what was happening.

Nieman told us from 2010-2015 office vacancy had hovered around the 12%-13% mark in Tucson. However, this first quarter 2017 had an office vacancy drop to 10.9%. That’s almost a full percentage point drop year-over-year from when it was 11.7%.

“Businesses are feeling optimistic with the economy doing better, and businesses growing need more space,” Nieman said. “Some are even buying land when they can’t find what they want to build.”

Sales volume, according to RED Comps, which tracks all commercial sales in Pima County, is up by 51.94% in Q1 year-over-year, with the median sale price rising from $275,000 in Q1 2016 to $390,000 in Q1 2017.

“We’re not out of it (the recession) yet, but we sure are seeing improvement,” Nieman remarked.

Another sign of the improving economy is at 5151 E. Broadway, an approximately 250,000-square-foot, 17-story, Class-A office tower in Tucson with 360-degrees of breathtaking views, where Rick Kleiner and Tom Nieman, represent the landlord.

When Bayview Loan Servicing recently leased 39,627-square-feet of office space at 5151, this marked an 85% occupancy for the building, with all the full floors now leased.

Mark Irvin, CCIM, SIOR, of Mark Irvin Commercial Real Estate Services, who specializes in the office market had this to say, “This may be the highest occupancy the building has ever experienced in the 30 years I have been focusing on office properties in Tucson.”

Janine Irvin, CCIM, and Mark Irvin have a sublease on the ground floor. “This leaves the block of space we are representing on the ground floor (Tucson College Space) the largest block – just over 40K SF.   That space, although occupied, is available for sublease.   Good news for both the market and for Tucson’s largest multi-tenant office building,” Irvin expressed.

Kent Circle Partners, an affiliate of Seldin Real Estate, Inc. of Scottsdale owns the 5151 E Broadway tower and with the renewed enthusiasm in the market is doing a major remodel of the lobby and elevators. Adding a Destiny Dispatch System to the elevators, an optimization technique used for multi-elevators, which groups passengers for the same destinations into the same elevators, thereby reducing waiting and travel times when compared to a traditional elevator system where all passengers wishing to ascend or descend enter the same elevator and then request their destination. This is but one of the upgrades the owners are currently undergoing at 5151 to modernize the building.

Kent Circle Partners specializes in acquiring high-quality mixed-use real estate assets.

For additional information, Nieman can be reached at 520.5446.2728, Kleiner is at 520.546.2745 while Janine and Mark Irvin should be contacted at 520.620.1833.