TUCSON, ARIZONA — The multitenant office building at 800 N Swan Road in Tucson sold to Lerdal 800, LLC (Swain Chapman of Chapman Management,  managing member) for $700,000 ($70 PSF). The seller was a Canadian investment group from Ontario.

The 10,000-square-foot professional class B, office complex was built in 1982 on 1.13 acres and was 85% occupied at time of sale.

“It’s a very nice garden office property, perfect for small professional users,” Chapman commented. “Office suites range from 450 to 800-square-feet, geared for the small professional user.”

Tenants include The League of Women Voters, Acupuncturists, Psychologists and other professional uses in three single story buildings placed in a U-Shape with common courtyard.

For more information, Chapman can be reached at 520.622.5544.

To learn more, see RED Comp #5500.

TUCSON, Arizona – Lillestrom II, LLC of Tucson (Swain Chapman, Managing Member) purchased the multitenant office building at 5920 & 5930 East Pima Street in Tucson for $1.8 million ($87 PSF).

The 20,140-square-foot office complex was built in two phases, 1986 and 2002, on 1.67 acres and features covered parking and a shared courtyard in a high-profile area of Tucson. The property was 95% occupied when it sold.

Swain Chapman who represented himself and the investment group said, “We saw good value and a unique opportunity in this office environment. We managed the project for years and it’s a known commodity.  It’s in great shape, has really good fundamentals, and fits into our paradigm of what we envision one segment of the future office market will look like.  This project will cater to the smaller user with open spaces ranging from 600- to 2,700-square-feet and 900-square-feet on average.”

Andrew Sternberg with NAI Horizon of Tucson will continue to lease the property and Chapman Management Group will continue the property management.

Chapman Management Group is a local commercial real estate firm, with more than 30 years of investment brokerage, development and property management experience in Arizona, it has been an integral partner in the growth of Tucson. Its local experience, trusted advice and proven results have earned it a reputation as an essential investor resource for identifying, building and managing high quality investments.

For additional information, Chapman can be reached at 520.867.8711 and Sternberg should be contacted at 520.729.1694.

To learn more, see RED Comp #5156.

Art Wadlund and Rob Caylor recently purchased a 22,289-square-foot parking lot at the southwest corner of Broadway and Stone Ave in Tucson for $1.78 million ($80 PSF) from Swain Chapman and partners.

Plans for the lot are to develop a six-story, mixed use class A building, similar to ‘One East’, that was also developed by Wadlund and Caylor. On the northeast corner, the One East building has 29,374-square-feet of office space, street-level retail space, subterranean and above-ground structure parking and 24 residential apartments on approximately the same size lot, totally approximately 130,000-square-feet.

Now fully leased, with a waiting list for the 24-apartment units, Wadlund says they are hoping to add 40-apartment units more, plus retail and parking, similar to One East, but without the office space at the new project.

The current property address is 62-74 South Stone Avenue, but it is likely the City will permit the address change to ‘One West’ Broadway at this corner where east meets west Downtown and odd and even addresses switch sides.

The seller, Swain Chapman, told us he had owned the property since 2000 and was holding it for development themselves as the revitalized of the downtown district advanced.

“But, after seeing One East, I’m confident that this project is in the right hands to mirror the same success for Downtown,” Chapman stated.

Wadlund says, “The purchase was a no-nonsense deal with the seller, and the project is moving along with our first neighborhood association meeting scheduled for May 19^th; preliminary plans should be ready two weeks later, and we anticipate a Q1 2016 ground breaking.”

“There is a need for more multifamily units in the downtown district, so it was a simple supply and demand decision to proceed with this project,” according to Wadlund.

Tucson’s downtown has come a long way since revitalization began, there’s a symbiotic relationship that exists between Downtown and the Broadway corridor that this project will enhance, just as the University and the modern streetcar share a similar relationship. All combine to form a greater urban whole for Downtown Tucson unfolding before our eyes.

Both buyer and seller are licensed real estate brokers and represented themselves in the transaction. To learn more Wadlund is with Berkadia Real Estate Advisors in Tucson and should be contacted at 520.299-7200. Chapman is with Chapman Management Group and can be reached at 520.622.5544. For additional information login to see RED Comp #2840.