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 — The Rio Nuevo Board of Directors took steps Tuesday to advance a Convention Center Hotel by un-shuttering the 300-room Hotel Arizona. The 13-story, 155,179-square-foot hotel sits on 3.56-acres with a stand-alone parking structure connected via skywalks at Congress / Broadway and Granada, adjacent to Tucson Convention Center (TCC), in Downtown Tucson

After a feasibility study was conducted by HVS to determine the hotel market conditions in downtown Tucson, the project had lots of support including Brent DeRadd, CEO for Visit Tucson, Glenn Grabski, GM for the Tucson Convention Center, and Bob Hoffman with the Tucson Roadrunners.  All made strong statements in support of the project.  Even a competitor spoke during the call to the audience, Brian Corbell from The Riverpark Inn spoke in full support of the convention center hotel coming back downtown.

The Hotel Arizona was built in conjunction with the Tucson Convention Center in the early 1970s and served as Downtown Tucson’s primary convention lodging facility until its closure in 2012. The hotel originally opened as Braniff Place and over the years has been branded as a Marriott and a Holiday Inn. The hotel is now expected to undergo an extensive renovation and modernization to reopen as a DoubleTree by Hilton, or similar brand, once again providing the Downtown with a large convention-oriented lodging facility.

The hotel is expected to include a fully renovated signature restaurant and a three-meal restaurant, as well as a lobby bar and lounge and banquet operations.

Other fully renovated amenities are expected to include a full-service business center with various workstations, a gift shop (featuring a grab-n-go market), wireless Internet access in the public areas, and possible retail boutiques.

The Architect is Swain and Associates of Tucson, the same architectural firm for the AC Tucson Hotel.

The Rio Nuevo Multipurpose District will allow the developer to recapture the Rio Nuevo Site Specific TPT taxes through 2025 and structure a GPLET for the property for up to 25 years.  The developer will spend $20 million to renovate the property.

Plans are to have it open by January 2019, in time for the Gem Show.

Edmund Marquez, a Rio Nuevo Board member, who made the motion to move forward said, “The redeveloped hotel is an opportunity to serve an under-served niche in the market. Based on other communities the size of Tucson, the downtown area is under-served for hotel rooms and that affects the TCC use. Despite current hotel projects underway, there is still greater opportunity downtown for lodging.”

Convention centers generate significant levels of demand for area hotels and serve as a focal point for community activity. Typically, hotels with the closest proximity to a convention center – up to three miles away – benefit the most. The 205,000-square-foot TCC has three Exhibition Halls that can share a total space of 89,760-square-feet. In 2015, the TCC underwent an $8 million renovation that included new seating, updated concession stands and new sound and visual aids. TCC also underwent management change when SMG took on the day-to-day operations from the City.

Last year, TCC become home to the Tucson Roadrunners, a new franchise and affiliate of the Arizona Coyotes.

According to Mark Irvin, Secretary of the Rio Nuevo Board, “By my count, Rio Nuevo has helped create close to 700-rooms downtown. There are 139-rooms opening this year at the AC Marriott, 109-rooms in due diligence phase at the Moxy Hotel, 125-rooms at Caliber Hotel and now 300-rooms more when HSL Hilton can be unshuttered. By working closely with the developers and using the arrows in Rio Nuevo’s quiver wisely, we have been able to make it happen.”

The project will now go to the City for GPLET approval.

TUCSON, Arizona – BodyCentral Physical Therapy (Jennifer L Allen) purchased two office condominium spaces at 1640 East River Road in Mesquite Corporate Center in Tucson for $801,528 ($168 PSF).

The total 4,771-square-feet in this class A complex was built in 2001 and 1,361-square-feet was leased to Bon Voyage Travel when it sold. BodyCentral will occupy the remaining 3,410-square-feet for Body Central Physical Therapy Sports and Wellness Center.

Founded in 2001 and locally owned, BodyCentral Physical Therapy has grown rapidly. This will be its seventh clinic in Tucson providing treatment for all musculoskeletal problems. They also have special programs and lecture series on health and wellness, fit for surgery programs, pregnancy wellness, and osteoporosis prevention to name a few.

Janine Clayton Irvin, CCIM, and Mark Irvin, CCIM, of Mark Irvin Commercial Real Estate Services in Tucson represented the seller, Charles Pitts, and Aaron LaPrise of Cushman & Wakefield | Picor in Tucson represented the buyer.

For more information, Janine and Mark Irvin should be reached at 520.620.1833 and LaPrise should be contacted at 520.546.2770.

To learn more see RED Comp #4968  or visit RED Listing Registry for more properties such as this still available.