Insights on Tucson’s Industrial Market from Jesse Blum

TUCSON, ARIZONA, February 24, 2023 — Jesse Blum, an industrial specialist at Cushman & Wakefield | PICOR, presented at the CCIM Economic Forecast on February 16th, sharing his insights on Tucson’s industrial market growth.

Jesse_CCIM post

The city faced a challenging industrial market during the 2008 recession, with a 15% vacancy rate and job losses. However, with the help of the business community, the City of Tucson, the County, the State, Sun Corridor, and the ACA, the city has transformed its economy over the years, resulting in an economic impact of over $32 billion.

The 2020 pandemic brought two driving forces to Tucson’s industrial market. First, the pandemic increased Tucson’s population as employees worked remotely, and individuals had the chance to choose where they lived. The pandemic also resulted in a rise in online purchasing, which led to the need to decentralize the supply chain and replace mega, centralized warehouses with smaller warehouses throughout the country. Today, Tucson’s industrial market is booming, with a vacancy rate of 2.6%. However, the inventory is struggling to keep up with the demand, for example, there is only one bay of modern institutional quality space left on the market.

Despite the threat to Tucson’s success due to the lack of inventory, there is an upside. With low vacancy rates, a national spotlight on Tucson, and a growing diversification of the user base, the city has received an influx of institutional developers interested in participating in the growing market. With projects like the 1.8 million square feet under construction by Flint and the upcoming 990k project by Lincoln, the market has a 3–5-year supply for Tucson’s demand. This is an ideal setting for developers, and Tucson’s industrial market is poised for continued growth.




Tucson Lease Report May 28 – June 1, 2018

Tucson Lease Report May 28-June 1, 2018

The following commercial leases were reported to the Real Estate Daily News for the Tucson Lease Report from May 28-June 1, 2018.

OFFICE – 411 W. CONGRESS, TUCSON
The American National Red Cross, based in Beaverton, Ore., leased 8,450-square-feet at the ABC Broadway/Kolb Center located at 411 W. Congress in Tucson. William DiVito and Jesse Blum with CBRE Tucson and Peter Omundson with JLL represented American National Red Cross in the transaction.

OFFICE – 6802 E. BROADWAY BLVD., TUCSON
Community Medical Services Friendship, LLC, leased a new 4,588-square-foot clinic at 6802 E. Broadway Blvd. in Tucson. Bruce Suppes with CBRE’s Tucson office represented the landlord, Tucson-based Price Lane Properties. Kevin Volk with the Volk Company represented the tenant.

OFFICE – PLAZA PALOMINO, TUCSON
The owners of Plaza Palomino – Central Tucson’s premier retail and office lifestyle center – are proud to announce the relocation of Flying Leap Vineyard’s Tucson Tasting Room & Fine Art Gallery to the center.  The new 1,419-square-foot location will be open in the Fall.  Ben Craney, Phil Skillings and Andrew Sternberg with NAI Horizon handled the transaction.

RETAIL – 9725 N THORNYDALE PLAZA, TUCSON
Subway Real Estate LLC leased 1,400square-feet at Mountain View Plaza located at 9725 N. Thornydale Plaza, Tucson, Arizona.  Dave Dutson and Ben Craney with NAI Horizon represented the landlord in this transaction.

RETAIL – SWC I-19 & IRVINGTON ROAD, TUCSON
Red Star Vapor, LLC, leased 1,327-square-feet at Tucson Spectrum on the SWC I-19 & Irvington Road, Tucson, Arizona.  Jayme Fabe and Ben Craney with NAI Horizon represented the landlord and Debbie Heslop with Volk Company represented the tenant in this transaction.

RETAIL – 6747 E BROADWAY BLVD., TUCSON
Painted Temple leased 1,253-square-feet at the Boot Barn Plaza, located at 6747 E. Broadway, Tucson, Arizona.  Gordon Wagner and Dave Dutson with NAI Horizon represented the landlord in this transaction.

RETAIL – 10235 E. OLD VAIL RD., TUCSON
Desert Zen Yoga leased 1,200-square-foot at The Shoppes at Las Plazas, located at 10235 E. Old Vail Rd. in Tucson. Pete Villaescusa, Jesse Peron and Jesse Blum represented the landlord, OVP Lot 10. Mark Biery with Berkshire Hathaway represented the tenant in the transaction. Phone: 520.317.1795

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Tucson Lease Report May 14-19, 2018

Tucson Lease Report May 14-19, 2018

The following commercial leases were reported to the Real Estate Daily News for the Tucson Lease Report from May 14-19, 2018.

OFFICE – 2102 N. FORBES BLVD., TUCSON
Mettler–Toledo Thorton, Inc. renewed their lease for 8,050-square-feet at 2102 N. Forbes Blvd., Suites 103-107 in Tucson, from East Park VI Holding Company, LLC.  Rob Glaser, SIOR, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord; Jesse Blum with CBRE, represented the tenant in this transaction. [mepr-show rules=”58038″]Tenant Phone : 520.792.0780[/mepr-show]

RETAIL – 1951 W. GRANT RD., TUCSON
Ironwood Gastroenterology, PLLC and Rehan Iftikhar, PLLC expanded their leasehold for an additional 3,883-square-feet at 1951 W. Grant Rd., Suites 150 and 160 in Tucson, from Wright and Case Holdings, LLC. This expansion brings the total square feet for the gastroenterology practice to 10,657 square feet. Rob Tomlinson, Retail Specialist, and Brandon Rodgers, CCIM, Principal with Cushman & Wakefield | PICOR, represented the landlord; Esther Empens with Tierra Antigua Realty, LLC, represented the tenant. [mepr-show rules=”58038″]Tenant Phone: 520.624.4342[/mepr-show]

RETAIL – MISSION RD. and AJO WAY, TUCSON
Jack in the Box will construct and lease a 2,600-square-foot restaurant located at Mission Rd. and Ajo Way in Park View Plaza,.  Aaron LaPrise, Retail Specialist with Cushman & Wakefield | PICOR, represented Jack in the Box in this transaction; Richard Volk represented the landlord.

OFFICE – 5151 E. BROADWAY BLVD., TUCSON
Acorn Associates Architecture, Ltd. renewed their lease for 1,837-square-feet of office space at 5151 E. Broadway Blvd., Suite 1050 in Tucson, from Kent Circle Partners.  Tom Nieman and Rick Kleiner, MBA, Office Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction. [mepr-show rules=”58038″]Tenant Phone: 881.0731[/mepr-show]

INDUSTRIAL – 2341 S. FRIEBUS AVE., TUCSON
The Facilities Company, LLC leased 1,725-square-feet at 2341 S. Friebus Ave., Suite 13 in Tucson, from Friebus Investors, LLC.  Rob Glaser, SIOR, CCIM, and Brandon Rodgers, CCIM, Principal with Cushman & Wakefield | PICOR, represented the landlord in this transaction. [mepr-show rules=”58038″]Tenant Phone: 520.290.9313[/mepr-show]

RETAIL – 5526 E. GRANT RD., TUCSON
La Botana Grill has signed a lease for 1,693-square-feet at 5526 E. Grant Road, Tucson, AZ in the Ross anchored retail center at the southeast corner of Grant and Craycroft Roads. La Botana Grill plans to relocate their existing Mexican restaurant at 3200 N. 1st Ave. The new restaurant is estimated to open July 1, 2018.  Craig Finfrock of Commercial Retail Advisors, LLC represented the Tenant, La Botana Grill, and the Landlord, Maqsood and Sabrina Enterprises, LLC, was represented by Robert Nolan of Oxford Realty. [mepr-show rules=”58038″]Tenant Phone: 520.777.8801[/mepr-show]

RETAIL – SE CORNER of ORANGE GROVE and RIVER RD., TUCSON
Jimmy’s Pita & Poke has leased a 1,300-square-feet space at Marana Marketplace, located at the SE corner of Orange Grove Rd. and River Rd. The Premises will be used as a pita and poke restaurant and for the sale of related products. They are scheduled to open for business September 2018.  Andy Seleznov and Melissa Lal represented the Landlord, Larsen Baker, while Frank Arrota, of Tucson Realty and Trust, represented the Tenant. [mepr-show rules=”58038″]Tenant Phone: 520.882.7482[/mepr-show]

RETAIL – NEC of BROADWAY BLVD and HARRISON RD., TUCSON
H&R Block Enterprises, LLC renewed their lease for 1,200-square-feet in the Broadway Albertson’s Center, located at the NEC of Broadway Blvd. and Harrison Rd. in Tucson, from Grabbert Ranch, Inc.  Rob Tomlinson and Greg Furrier, Retail Specialists with Cushman & Wakefield | PICOR, handled this transaction.

RETAIL – 3553 S. 12th AVE., TUCSON
Jose Corral and Concepcion Leon leased 1,200-square-feet in Plaza Azteca, 3553 S. 12th Ave., Suite 173 in Tucson, from NAI Investments, LLC.  Denisse Angulo-Badilla and Rob Tomlinson with Cushman & Wakefield | PICOR, handled this transaction. [mepr-show rules=”58038″]Asking lease rate: $12.00 SF/YR Modified Gross[/mepr-show]

RETAIL – 4444 E. GRANT RD., TUCSON
3 Wishes Tattoo and Supply Company, LLC leased 1,200-square-feet in Grant Square, 4444 E. Grant Rd., Suite 121 in Tucson, from Kolvoord Family Limited Partnership.  Rob Tomlinson, Retail Specialist with Cushman & Wakefield | PICOR, represented the landlord; Hilda Ramirez with HomeSmart, represented the tenant.  [mepr-show rules=”58038″]Asking lease rate: $10.00 – $17.00 SF/YR NNN; Tenant Phone: 520.347.7956[/mepr-show]

RETAIL – 6330 N. CAMPBELL AVE., TUCSON
The Ballet of Conservatory Dance Music and Art, LLC expanded their leasehold for an additional 1,189-square-feet at 6330 N. Campbell Ave., Suite 110 in Tucson, from HRA Paloma Village, LP. This expansion brings the total square feet for the studio to 5,247 square feet. Rob Tomlinson, Retail Specialist with Cushman & Wakefield | PICOR, represented the tenant in this transaction. [mepr-show rules=”58038″]Tenant Phone: 520.770.7827[/mepr-show]

OFFICE – 5403 E. PIMA ST., TUCSON
Allan Goddard – Farmers Insurance, leased 1,129-square-feet at 5403 E. Pima St. in Tucson, from DBR Investment Properties, LLC.  Ryan McGregor, Office Specialist with Cushman & Wakefield | PICOR, represented the landlord; Bruce Suppes with CBRE, represented the tenant.

RETAIL – 4444 E. GRANT RD., TUCSON
Ai-Yun and Mei-Ying Fang leased 1,080-square-feet in Grant Square, 4444 E. Grant Rd., Suite 104 in Tucson, from Kolvoord Family Limited Partnership. Rob Tomlinson, Retail Specialist with Cushman & Wakefield | PICOR, represented the landlord; Daniel Yan and Chris Tsighis with Coldwell Banker, represented the tenant.[mepr-show rules=”58038″] Asking lease rate: $10.00 – $17.00 SF/YR NNN[/mepr-show]

RETAIL – SWC of SPEEDWAY BLVD. and WILMOT RD., TUCSON
True Collectors, a vintage toy store, leased 950-square-feet in Monterey Village Shopping Center, located at the SWC of Speedway Blvd. and Wilmot Rd. in Tucson, from Monterey Village, LLC.  Greg Furrier, Retail Specialist with Cushman & Wakefield | PICOR, handled this transaction.

RETAIL – 3955 E. SPEEDWAY BLVD., TUCSON
Presidio Hair and Nails leased 900-square-feet in Central Point Business Plaza, 3955 E. Speedway, Suite 107 in Tucson, from Central Point Tucson, LLC.  Rob Tomlinson and Greg Furrier, Retail Specialists with Cushman & Wakefield | PICOR, handled this transaction.

OFFICE – 4560 E. BROADWAY BLVD., TUCSON
Hairdoer Studio, LLC leased 425-square-feet of office space in Midstar Plaza, 4560 E. Broadway Blvd., Suites 229-230 in Tucson, from Midstar Partners, LLC. Isaac Figueroa, Office and Investment Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

OFFICE – 1200 N EL DORADO PL, TUCSON
Monier Insurance leased 275-square-feet of office space in El Dorado Square, 1200 N. El Dorado Pl., Suite D-430 in Tucson, from El Dorado Ventures, LLC. Tom Nieman, Office Specialist with Cushman & Wakefield | PICOR, represented the landlord; Mark Monier, Monier Realty & Insurance, represented the tenant in this transaction. [mepr-show rules=”58038″]Tenant Phone: 520.721.6711[/mepr-show]

RETAIL – SE CORNER of BROADWAY BLVD. and KOLB RD., TUCSON
Big D Flooring has renewed their lease for an additional 5-years at Circle Plaza Shopping Center, located on the SE corner of Broadway Blvd. and Kolb Rd. Andy Seleznov and Melissa Lal of Larsen Baker represented the Landlord. [mepr-show rules=”58038″]Tenant Phone: 520.624.2225[/mepr-show]

RETAIL – SE CORNER of SPEEDWAY BLVD and PANTANO RD., TUCSON
SW Motor Vehicle has renewed their lease for an additional 5-years at Speedway Pantano Square, located on the SE corner of Speedway Blvd. and Pantano Rd. Andy Seleznov and Melissa Lal of Larsen Baker represented the Landlord. [mepr-show rules=”58038″]Tenant Phone: 520.722.2006[/mepr-show]

RETAIL – SE CORNER of BROADWAY BLVD. and KOLB RD., TUCSON
Big D Flooring has renewed their lease for an additional 5-years at Circle Plaza Shopping Center, located on the SE corner of Broadway Blvd. and Kolb Rd. Andy Seleznov and Melissa Lal of Larsen Baker represented the Landlord. [mepr-show rules=”58038″]Tenant Phone: 520.624.2225[/mepr-show]

RETAIL – SE CORNER of SPEEDWAY BLVD and PANTANO RD., TUCSON
SW Motor Vehicle has renewed their lease for an additional 5-years at Speedway Pantano Square, located on the SE corner of Speedway Blvd. and Pantano Rd. Andy Seleznov and Melissa Lal of Larsen Baker represented the Landlord. [mepr-show rules=”58038″]Tenant Phone: 520.722.2006[/mepr-show]

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