TUCSON, Arizona — The final piece of a public-private partnership between the Rio Nuevo District, Peach Properties (Ron Schwabe, manager) and Dabdoub Investments (Marcel Dabdoub, manager) has been assembled. Schwabe and Dabdoub acquired 123 S Stone Avenue in Tucson for $1.25 million ($116 PSF).

As part of the Public-Private Partnership (P3) project, Rio Nuevo will invest up to $4.4 million dollars in restorations of four iconic buildings, the projected value of which upon completion will be in excess of $19 million dollars. The four downtown properties include The Chicago Store, the Arizona Hotel, the Brings Chapel on South Scott, and 123 South Stone.

Each of the properties will be a mix of retail, food and beverage which the developers estimate will create over $1.3 million dollars per year in direct tax benefit within the District.

Restauranteur Chris Bianco has announced that he will also partner with the developers to keep his highly rated restaurant in downtown Tucson, along with a number of known businesses from EXO Coffee to the restaurant operators behind Obon Sushi were announced as tenants.

To learn more, see RED Comp #4483.

Much of the Peach-Dabdoub presentation for the Downtown Tucson Revitalization of these properties is posted here for viewing.

TUCSON, Arizona — Ron Schwabe and Marcel Dabdoub have partnered again, this time, to buy 44 East Broadway Blvd. in Tucson for $4,332,990 ($135 PSF) and 30,000-square-feet of parking lots from The Providence Service Corporation of Stamford, CT.

Home to Ron Schwabe and Peach Properties’ central office, this large multi-use building in downtown Tucson was redeveloped by Peach to serve as headquarters for Providence Service Corp in 2010.  The 32,000 gross-square-feet, four-story building, was built in 1979, and features 20,000-square-feet of office space and penthouse level condos on the upper levels.

The four, unique downtown residential lofts each come complete with huge windows, a balcony and rooftop deck with private rooftop pool.

Providence Service Corporation acquired the building in 2010 and occupied the second floor, leasing the ground and third floor offices, while working with Peach Properties to develop four residential lofts on the top floor.

Providence has decided to consolidate operations on the east coast and have leased back its space for another year. With Providence, the building was fully occupied when is sold.

44 East Broadway is situated in the center of the business and government district on a streetcar stop, within easy access to restaurants, banks, and performing arts venues in downtown Tucson.

Peach Properties has extensive experience renovating in downtown Tucson. Peach was also recently awarded the redevelopment of the Ronstadt Transit Center by the City, into a transit oriented development anchored by 250 housing units for all ages and economic backgrounds, 450 parking spaces and a 144-room hotel and conference center. This mixed-use project is on a key 4.7-acre downtown site at Congress and 6th Avenue.

There were no brokers involved in the transaction of 44 East Broadway. For more information, Schwabe can be reached at 520.798.3331.

To learn more, login and see RED Comp #4434.

[mepr-show rules=”58038″]Sale date: 12/30/2017. Legal description for property has been split into condominiums therefore SF is approximate. Building has an elevator, stairwells and common areas in gross SF, per buyer. [/mepr-show]

FPG Arizona, dba Bring Funeral Home, an affiliate of Florida-based FPG (Brad Rex, CEO), a leading provider of end-of-life transition services, sold 236 S Scott Avenue in Tucson for $1 million ($72.23 PSF) to 236 South Scott, LLC (Ron Schwabe and Marcel Dabdoub, partners).

This historic downtown landmark held its final service on December 1, 2014 after being at this location since 1928. Bing Funeral Home then consolidated its business and crematory to its other location at 6910 E. Broadway Blvd in Tucson. FPG owns and operates 40 funeral homes and six cemeteries in 13 states, and is actively seeking to expand its services throughout the U.S.

The two-story, 13,845-square-foot building (built 1928) had a major addition to it in 1942. The building sits on three parcels with a total lot size is reported as 22,003-square-feet. It adjoins the new 20,490-square-foot lot that Stone Avenue Homes, an affiliate of Holualoa Companies purchased in March for a row housing construction project.

Subsequent to closing on the Bring Funeral home, Schwabe split off and resold the 4,607-square-foot back portion of the lot to Stone Avenue Homes for $350,000 ($76 PSF) for assemblage to the new housing project site.

Plan for the former funeral home is to redevelop it as office space, located within walking distance to Modern Streetcar, restaurants, government buildings and other downtown amenities. Schwabe told us that they have already had several tenants show an interest in the prime downtown space.

Buzz Isaacson, First Vice President, and Jeff Casper, Associate, with CBRE in Tucson represented the seller, FPG Arizona of Orlando, FL in the sale of the Bring Funeral Home property.

Ron Schwabe with Peach Properties of Tucson represented 236 South Scott, LLC in the purchase and then the resale of the lot to Holualoa.

To learn more Schwabe can be contacted at 520.798.333. Isaacson should be reached at 520.323.5151, and Casper is at 520.323.5181.

For additional information see also RED Comps #2712, #2798 and #2800.