Downtown Tucson Parking Lot Sells for $3.25 Million or $79 PSF

TUCSON, ARIZONA – The downtown parking lot at 79 East Alameda and 139 Scott Street in Tucson, at the southwest corner of Scott and Alameda, commanded a sale price of $3.25 million ($79 PSF) to an Austin based developer, TAZ Parking, LLC. The sale price represents the highest price per square foot for a parking lot in downtown Tucson since 2015 when 211 S Stone sold for $76 per square foot.

The Woodward Family (Leon Woodward, manager), the seller, had owned the parking lot since 2000 as an owner operator. Si Schorr, Sr. Partner at Lewis, Roca, Rothgerger, Christie, LLP represented the seller in the transaction.

Ben Riehle, who worked as a parking lot attendant there while attending the University of Arizona, and Jake Arnold of the APEX Team at Keller Williams of Southern Arizona represented the buyer in the transaction.

The investor plans to continue use of the OCR-3 zoned, 41,284-square-foot lot with 133-parking spaces for parking while holding for development. “With all the new development taking place downtown, a revenue producing open lot in the center of activity seemed a great investment opportunity for the buyer,” Arnold stated. “We have it back on the market already at $3.8 million, the appraised value.”

The buyer has up until now been investing in multi- and single-family investments in the Tucson area with Arnold and Riehle, and is also considering the property for redevelopment as condos and / or retail use.

For more information, Arnold can be reached at 520.505.1015.

 

 

 

 




Twin Peak Plaza Building in Marana Trades for $2 Million

Twin Peaks Plaza, 7555 W Twin Peaks Rd., Marana, AZ

TUCSON, Arizona — A Twin Peaks Plaza building at 7555 West Twin Peaks Road in Marana sold for $2 million ($234 PSF). Situated at the new Twin Peaks and I-10 interchange in the Northwest submarket, the buyer traded up in a 1031 exchange.

The 8,540-square-foot building is a portion of Twin Peaks Plaza, built in 2008 on .95-acres and includes two tenants, The Springs Church and Twin Peak Veterinary. The property was 100% leased at time of sale.

The property is near the new Simon Property’s Premium Outlet Mall, a portion of Marana Center Power Center that will include an Auto Mall and Hotels when complete.

The seller, CJR at Twin Peaks LLC, principal, Gary Heinfeld, CCIM, was self-represented in the transaction.

Wocky Redsar and Tari Auletta, CCIM, with Keller Williams of Southern Arizona represented the buyer, John Kai Jr. LLC of Tucson.

For more information, Heinfeld is at Advisors in Real Estate, Inc. and can be reached at 520.299.0700. Auletta and Redsar should be contacted at 520.615.8400.

This property was listed on RED Listing Registry. To learn more, see RED Comp #4561.




Tucson Lease Report – June 23-27, 2014

 

Tucson Lease Report
Tucson Lease Report

The following leases in Tucson were reported to the Real Estate Daily News’ Tucson Lease Report for the Week June 23-27, 2014:

INDUSTRIAL – 6652 S. MEMORIAL OL., TUCSON
Barlow Delivery, LLC leased 29,750-square-feet at 6652 S. Memorial Pl. in Tucson from Century Park Research Center, LLC. Barlow Delivery, LLC delivers and installs major appliances. Russ Hall, SIOR, GSCS and Steve Cohen, Industrial Specialists with Cushman & Wakefield | PICOR represented the landlord. Gary Emerson with GRE Partners, LLC represented the tenant in this transaction.

OFFICE – 698 E. WETMORE RD., TUCSON
Goldberg & Osborne leased 5,977-square-feet at 698 E. Wetmore Rd. from First Ave/Wetmore Office Plaza LLC. Bruce Suppes from CBRE represented Goldberg & Osborne. Andrew D. Sternberg and Douglas E. Marsh from Oxford Realty Advisors represented First Ave/Wetmore Office Plaza LLC.

RETAIL – 8170 E. 22ND ST., TUCSON
MPG Automotive Services Valencia, LLC renewed their lease for 3,720-square-feet at 8170 E. 22nd St. in Tucson from Autocare 22nd Associates, LLC.  Ron Zimmerman, Commercial Specialist with Cushman & Wakefield | PICOR, represented the tenant. George Larsen with Larsen Baker, LLC represented the landlord in this transaction. [mepr-show rules=”58038″]Tenant Phone: 520-294-4000[/mepr-show]

INDUSTRIAL – 4565 S. PALO VERDE, TUCSON
ISS Facility Services, Inc. leased 3,600-square-feet at 4565 S. Palo Verde, Suite 203 in Tucson from Presson Equity Partners, LLP.  Rob Glaser, SIOR, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord. JT Walker with Mohr Partners, Inc. represented the tenant in this transaction. [mepr-show rules=”58038″]Tenant Phone: 520-514-5422; $0.43 SF NNN[/mepr-show]

RETAIL – 1335 W. LAMBERT LN., TUCSON 
Centre Stage Dance Studio L.L.C. under the Direction of Katrina Wyckoff will be relocating to approximately 2,622-square-feet at the Shops at Oro Vista located at Lambert Lane and La Canada in Oro Valley.  The instructional studio has been operating in Northwest Tucson for 12 years and is now expanding to add additional space to accommodate their growing student base.  Roger Breckenridge of Long Realty represented Centre Stage and Jayme Fabe of CBRE  represented Shops at Oro Vista. [mepr-show rules=”58038″]Tenant Phone: 520-498-0093[/mepr-show]

OFFICE – 333 E. WETMORE RD., TUCSON 
Cross Country Mortgage, Inc. subleased 2,532-square-feet at 333 E. Wetmore Rd. from Shaw Facilities, Inc.. Andrew D. Sternberg and Douglas E. Marsh from Oxford Realty Advisors handled the transaction. [mepr-show rules=”58038″]Tenant Phone: 520-885-9071; $23.00 sf /year Full Service[/mepr-show]

OFFICE – 4425 N. CAMPBELL RD., TUCSON
Nambe’, L.L.C. Is relocating from La Encantada to 4425 N. Campbell in the Joesler Village located at Campbell and River Road.  They will be occupying 1,565-square-feet (approximately) in one of the original Josiah Joesler designed and constructed building facing Campbell Ave.  Roger Breckenridge of Long Realty Company represented the Nambe and John Yarborough of Romano Real Estate Services Represented Joesler Village.

RETAIL – 3312 SOUTH SIXTH AVE., TUCSON
Team Arizona Pizza, Inc. in its lease of 1,500-square-feet at 3312 South Sixth Avenue within Southgate Shopping Center. The tenant plans to open Domino’s Pizza in the space. Southgate Shopping Center is anchored by Curacao, El Super, Melrose, and BBB Fashion. Jayme Fabe of CBRE represented the landlord, Red Mountain Asset Fund I, LLC. Debbie Heslop, CCIM, of Volk Company represented the tenant. [mepr-show rules=”58038″]Tenant Phone: 520-325-3500[/mepr-show]

RETAIL – 3843 N. ORACLE RD., TUCSON
WCWMA North Tucson LLC leased 1,200-square-feet at 3843 N. Oracle Road in Oracle Tower from Tesoro Enterprises LLC for a mixed martial arts studio.  Gary Emerson of GRE Partners LLC represented the Landlord. [mepr-show rules=”58038″]Lease rate: $7.80 – $18.00 sq/ft year Modified Gross[/mepr-show]

INDUSTRIAL – 4500 E. SPEEDWAY, TUCSON
Kevin & Christine Conway leased 1,200-square-feet at 4500 E. Speedway, Suite 94 in Tucson from Presson Midpoint, LLC.  Rob Glaser, SIOR, CCIM, Principal and Paul Hooker, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord. John Hamner and Cindy Hartin with Keller Williams of Southern Arizona represented the tenant in this transaction. [mepr-show rules=”58038″]Lease rate: $0.39 – $0.53 sf/mo NNN[/mepr-show]

OFFICE – 3333 N. CAMPBELL AVE., TUCSON
Healing Arts of Tucson leased 1,020-square-feet at 3333 N. Campbell Ave. from Copper Villas LLC for a 5 year term. Robert Nolan from Oxford Realty Advisors represented the landlord.[mepr-show rules=”58038″] Lease rate: $16.00 sf / year Full Service[/mepr-show]

Submit all sales and leases to REDailyNews@outlook.com.

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