TUCON, Arizona — Main Gate Square is one of the oldest shopping districts in Tucson dating back to 1922, part of a 4-square block redevelopment district which includes 138,000-square-feet of retail space and 200,000-square-feet of office space.  Tucson’s modern street car connects downtown activity centers, including Main Gate Square, along a 3.9-mile route.

The Marshall Foundation owns and manages most of the real estate in Main Gate Square. When the opportunity arose to purchase a ground lease in Southwest Plaza, a portion of Main Gate Square, at the southwest corner of Park and University, the Marshall Foundation took it with seven years remaining on the ground lease.

The two-story, 14,498-square-foot building (built 1975) was redeveloped and leased to nine retail and office tenants by the Marshall Foundation, with only 371-square-feet available at time of sale. Tenants of the property include Pelio Grill, Jimmy John’s, US Marine Corps, Cost Cutters, Oriental Express, Campus Apartments, Fox-in-a-Box, and Sanctity Tattoo.

U of A’s culturally diverse campus holds over 38,000 undergraduate and graduate students, 15,000 employees as well as 19 intercollegiate athletic programs and a wide variety of academic programs. Central to the entire Tucson metropolitan area Main Gate Square and the University of Arizona are an important focal point of Tucson.

Over 292,000 people live within a 5-mile radius of Main Gate Square.

The Marshall Foundation through the management of its real estate assets and redevelopment of Main Gate Square, under the direction of Jane McCollum, General Director & President of Real Estate, has donated over $16 million to the University of Arizona primarily in the form of scholarships or special projects and to over 250 not-for-profit organizations in Pima County that serve youth and promote education, arts, culture and health and wellness.

Scott Soelter of NAI Horizon in Tucson represented the seller, Kettenbach LLC of Tewsbury, MA (Michael Kettenbach, manager). Tamra Williamson of Bourn Advisory Services represented the buyer. Williamson also handles Main Gate Square leasing.

For more information, Soelter can be contacted at 520.326.220 and Williamson should be reached at 520.290.2335.

For more information visit www.marshallfoundation.com.

To learn more, see RED Comp #4618.

The following commercial leases were reported to the Real Estate Daily News for the Tucson Lease Report from January 16 thru 20, 2017.

RETAIL – 3525 E. FT.LOWELL RD., TUCSON
Burlington Mattress Company leased 8,328-square-feet of retail space at 3525 E. Ft. Lowell Road from 3525 East Fort Lowell Road, LLC; Scott Soelter and Ben Craney, with NAI Horizon represented the Landlord and John Reva of JLL represented the tenant in this transaction. [mepr-show rules=”58038″]Asking lease rate: $17.50 SF/YR NNN[/mepr-show]

OFFICE – 3561 E. SUNRISE DR., TUCSON
The Hopman Group leased 2,517-square-feet of office space at the La Paloma Corporate Center, 3561 East Sunrise Dr. The tenant was represented by Bruce Suppes of CBRE. The landlord was represented by David Montijo and Jeff Casper of CBRE. [mepr-show rules=”58038″]Asking lease rate: $25.00 SF/YR Full Service; Tenant Phone: 520.326.1625[/mepr-show]

RETAIL – 9610 N. ORALCE RD., ORO VALLEY
Pierce Productions, Inc., dba Growler USA, leased 2,200-square-feet at El Corredor in Oro Valley. The space will be used as a micro brewpub and will be located within a new commercial development at the northeast corner of Oracle Road and Linda Vista. Kneaders recently opened in this project. Dave Dutson of NAI Horizon represented the tenant. Debbie Heslop, CCIM, of Volk Company represented the landlord, Boulder Oro Valley, LLC. [mepr-show rules=”58038″]Asking lease rate: $27.00 SF/YR NNN; Tenant Phone: 480.454.4354[/mepr-show]

RETAIL – 3122 N CAMPBELL AVE, TUCSON
Spirals Salon Unlimited, Inc. leased 1,977-square-feet at 3122 North Campbell Avenue, Suite 120. The space is located within Copper Plaza, a retail center just south of the southeast corner of Campbell and Fort Lowell. Other tenants in the center include Wingstop, Better Bodies, Hungry Howie’s, GolfTEC, and Kung Fu Noodle. Dave Hammack and Jeramy Price of Volk Company handled the lease for the Landlord, 3122 North Campbell Ave., LLC. [mepr-show rules=”58038″]Tenant Phone: 520.409.5414[/mepr-show]

RETAIL – 2920 N. SWAN RD., TUCSON
Simplicity Laser leased 1,297-square-feet of retail space, suite 119, at Plaza Palomino from WCCP Plaza Palomino, LLC.  Ben Craney and Phil Skillings of NAI Horizon represented the landlord.  Tari Auletta with Keller Williams Southern Arizona represented the tenant in this transaction. [mepr-show rules=”58038″]Tenant Phone: 520.342.0811[/mepr-show]

Login for additional information on these leases.

The Southern Arizona CCIM Chapter will be giving its market predictions for 2016 on Tuesday, February 9^th at the 25^th Annual CCIM Market Forecast Competition, the longest running competition in the nation.  There local commercial real estate brokers, lenders and appraisers specializing in the office, retail, multifamily, land, industrial and financing sectors will offer their thoughts, insights and opinions for the new year.

Continuing a long local CCIM tradition, a new Tucson Commercial Real Estate Legend will be honored. Jim Marian of Chapman Lindsey and George Larsen of Larsen Baker founded the tradition to give special recognition to those pioneers, visionaries, contributors, gamblers and risk takers who have helped shape our local market. This year’s inductees into Tucson Legends will be Robert Sarver and family.

This year’s keynote speaker will be Arizona Real Estate Commissioner, Judy Lowe and Robert Sarver, majority owner of the National Basketball Association franchise Phoenix Suns. In 1984, Sarver founded the National Bank of Tucson (which he expanded statewide and changed the name to the National Bank of Arizona). In 1990, he co-founded the real estate company Southwest Value Partners with Millard Seldin. In 1994, he sold the National Bank of Arizona, then the largest independent bank in the state, to Zions Bancorporation. In 1995, Southwest Value Partners purchased the Emerald Plaza in San Diego. In 1995, he acquired Grossmont Bank, one of San Diego’s largest community banks. Grossmont was also sold to Zions Bancorporation in 1997. In 2004, his jointly owned real estate firm, Southwest Value Partners, sold the Emerald Plaza and two other San Diego office buildings to Santa Ana real estate firm, Triple Net Properties, for $274.5 million. In 1998, he led Zions Bancorporation’s acquisition of Sumitomo Bank of California. In 2003, he became chairman, president, and CEO of Western Alliance Bancorporation.

If you are wondering where year-end vacancy rates will be? Where Tucson’s market is heading? What sectors will see the most growth? In one afternoon, attendees will walk away with a working knowledge of the current market conditions and insight into emerging opportunities. Now more than ever, you need to check in with what the experts are seeing in the market and expect to see as the year unfolds and attend the 25^th Annual CCIM Market Forecast Competition to hear and meet the experts.

The 2016 panel experts will be:

Retail
Nancy McClure, Gary Heinfeld, CCIM; Scott Soelter NAI Horizon and APPRAISER Carl Boode, Axiom Appraisals

Office
Rick Kleiner, Cushman & Wakefield Picor; Aubrey Finkelstein, Vast; Jeff Casper, CBRE; APPRAISER: Mike Naifeh

Land
Jim Marion, Chapman Lindsey; Rick Sack, SRES Long Realty; Aaron Mendenhall Chapman Lindsey

Multifamily
Chuck Corriere, Keller Williams; Mike Chapman NAI Horizons; and Lance Parsons, ABI Multifamily

Industrial
Russ Hall Cushman & Wakefield PICOR; Jesse Blum, CBRE; Terry Lavery, Tucson Realty & Tucson; APPRAISER: Craig Johnson

Finance
Lars Larson, Bank of the West; Mike Trueba, Commerce Bank; Gary Molenda, BDFC

Register now for the CCIM Market Forecast Competition
(seating is limited-only 40 seats left!)

Tuesday, February 9^th, 2015
at the Marriott Tucson University Park
880 E 2^nd Street Tucson AZ 85719
Click Here for online registration

FREE Improved Parking, Coffee Break and Snacks, Cocktails and Reception Appetizers.
And approved for 3 hours of ADRE Continuing Education Credit – Legal Issues!

For more information, please contact Aaron Reid at sazccim@tucsonrealtors.org

Or contact a member of the CCIM 2016 Board of Directors:
Greg Boccardo, President
520-955-0777 greg@gregboccardo.com
Melissa Lal, President Elect
520-296-0200 melissa@larsenbaker.com
Jane Holder, Treasurer
520-820-0171 janeyholderaz@gmail.com
Brandon Rodgers, Past President
520-546-2714 brodgers@picor.com