TUCSON, Arizona –  An investment group from Conroe Texas traded into the inline shops at Midvale Park Community Shopping Center at 1625-1645 West Valencia in Tucson. The property commanded a sale price of $6.9 million ($235 PSF).

The center is located across the street from the newly constructed 104,479-square-feet Fry’s store that opened Q3 206, with a 7,800-square-feet of inline shop space under construction, and mostly pre-leased by Rick Volk and Brenna Lacey of the Volk Company to Nationwide Vision, Great Clips and Lee Spa Nails. See Two Pads Sell for Construction at New Fry’s Center on Valencia.

To the west of the Midvale Park Community Shopping Center, a Tractor Supply store is being constructed as reported last week. See Tractor Supply Expands with 4^th Store in Tucson Metro.

Planning at 1955 W Valencia, located at Headley and Valencia,is under way as part of a 75,000-square-foot retail center with pads when complete at this 11.38 acres. See New 75,000 SF Shopping Center Coming to Southwest Tucson.

Valencia is a main arterial road serving the Southwest Tucson submarket with approximately 50,000 average vehicles per day. Neighboring tenants in Midvale Park include Walmart Supercenter, Lowe’s, several banks and many restaurants.

Development is pushing even farther west from Midvale Park along Valencia, Circle K Stores just closed on a 61,453-square-foot lot for $1 million ($16.27 PSF) at the northwest corner of Valencia and Camino de Oeste, for a new store site.

The 29,365-square-foot of inline space at Midvale Park Community Shopping Center was built in 1988, and sold fully leased with such tenants as Little Caesar, Super Pawn, Tucson International Academy, The UPS Store, Metro PCS and El Taco Tote.

Wilcox Center II, LLC of Tucson (Neil Kleinman, manager) the seller, owned the property since 2004.

Gordon Wagner and Dave Dutson with NAI Horizon in Tucson were brokers involved in the transaction and Valerie Skylar with Partners Management in Tucson will continue to manage the property.

For additional information, Skylar can be reached at 520.745.6221. Wagner is at 520.398.5130 and Dutson can be reached at 520.326.2200.

To learn more, see RED Comp #4563 and #4579.

[mepr-show rules=”58038″] Midvale Park Center closed 2/15/2017, document #2017-0460608. Sale price was $6,900,000. APN: 138-24-164A & 164B, 129,159 SF lot. Cap rate was undisclosed. RED Comp #4563

Circle K site closed 2/21/2017, document #2017-0520573. Sale price was $1,000,118. APN: 210-23-080B (por) 1.4108 acres, 61,453 SF lot. RED Comp #4579. [/mepr-show]

TUCSON, Ariz.– Bourn Companies, LLC of Tucson (Don Bourn, managing member) a commercial real estate investment, development and services company, announced Tuesday the demolition of the north half of Wilmot Plaza, located at the northeast corner of Broadway Boulevard and Wilmot Road in Tucson. TJ Maxx, Christie’s Appliance, Brawley’s Restaurant and R&S Mattress will remain open as the vacant buildings are being taken down to the north and west of TJ Maxx.

Built in 1956, the property consists of relatively large buildings grouped along the northern and eastern edges of the site, two small, free-standing vacant buildings near the Broadway/Wilmot intersection, and a small building at the northwest corner of the site. The shopping center is zoned commercial C-1, except a strip of land on the north and east property boundary. Bourn Companies on behalf of the owner at the time rezoned 2.6 acres from R-1 to C-1 for redevelopment in 2012.

Tucson General Plan defines the area as a regional commercial activity center that includes Park Place Mall and several shopping centers along Broadway Blvd, a high density office and residential node northwest of the intersection and the St. Joseph’s Hospital and medical office complex. The General Plan also encourages redevelopment and expansion of strip commercial development to improve traffic flow, pedestrian circulation and safety, and streetscape quality, providing primary access from an arterial street away from residential uses.

The initial phase of redevelopment was made possible with support of the Vice Mayor Paul Cunningham’s office and the San Rafael Neighborhood Association who wanted to see the property revitalized and returned as an amenity to the area, after years of vacancy and neglect.

Bourn acquired the property in July 2013, the center was 60-70% vacant when it sold to BP Wilmot Plaza, an investment group formed by Don Bourn, managing member.

Through redevelopment efforts Bourn intends to transform the 10 acre property into a first-class shopping center. In addition to the demolition, the buildings not being razed will undergo a complete remodel. The redevelopment of the property is estimated to last approximately one year.

While no new tenants are being announced at this time, Bourn is looking forward to bringing quality retailers to the high profile location to service the east side of Tucson.

Contact Alan Tanner or Brig Stevens at (520) 323-1005 for more information.

For related article see the Real Estate Daily News article Real Estate Facts, Rumors and half-truths