Tucson-based Aerie Development Acquires One South Church for $32 Million

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One South Church, Tucson, AZ
One South Church, Tucson, AZ (click to enlarge)

Tallest building tower in Tucson may soon be getting a new Sister Tower

Local real estate developer, Aerie Development (Roger Karber and Zach Fenton managers) recently closed on the purchase of One South Church, a 22-story tower in downtown Tucson for $32 million ($132 PSF). The 241,715-square-foot tower is commonly referred to as 23-stories, but with no 13th floor, it really is only 22-stories we were told by the new owners.

For the past month, rumors have been swirling in the real estate community about this sale. There is extra excitement about the building being purchased by local Tucson owners as this is the first time since construction in 1986 that that has happened.

“It is a phenomenal building, but it’s almost 30 years old and needs some love,” Fenton said. “We’re excited to be improving the building.” The buyers plan to do some capital improvements to the cooling tower of the building, just due to age, it is due.

However, there was a bonus included in the sale and that was the underground infrastructure for a second tower with a 500 space underground parking garage, and plans for a second sister tower designed with the original building. One South Church and the future tower were both designed by Curtis W Fentress of Fentress Architects. The plan was to build the second tower at a later time and that time appears to be coming closer than ever.

“We want to start planning for the second tower as soon as possible,” Karber told us. “The existing building at One South Church is 330 feet tall, we would like to make the new tower just slightly taller, maybe 350 feet, just to redefine ‘the tallest building’ downtown as one more recently constructed.”

Buzz Isaacson, First Vice President with CBRE in Tucson has leased and brokered the property since 2000 having sold it twice before. Isaacson along with Barry Gabel, Executive Vice President with CBRE in Phoenix, and Kevin Shannon with CBRE’s Capital Markets in El Segundo, CA office represented the seller, Equity Common Wealth (NYSE: EQC) a REIT based in Chicago with a national portfolio of 74 properties comprising 26.6-million-square-feet.

Roger Karber as principal also brokered the transaction through Karber Realty Advisors and Zach Fenton through his brokerage firm, ZFI Holdings, both of Tucson.

For more information Isaacson may be contacted 520.323.5151, Gabel is at 602.735.5273, and Shannon is at 310.363.4910. Karber can be reached at 520.977.5456 and Fenton is at 520.797.6700.

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