TUCSON, ARIZONA -- Tucson office buyers have stayed the course through the pandemic based on sales volume over the past 14 months.
While national office markets are reporting sales slowed with the onset of COVID-19, the first half of 2020, and renewed confidence came in the second half of year. Tucson’s office market sales have remained consistent and steady throughout.
Sales totaled more than $84 million during the first half of 2020, and over $82 million in the second half of the year with a stunning end of year, with 162,000-square-feet of office space coming off the market in Q4 2020, according to Cushman & Wakefield Picor Q4 Office Report.
Since the beginning of the year, the office market has stayed active, with over $55 million in office sales, mostly office condos, with a 6% overall increase in price per square-foot from 2020.
- A 7,128-square-foot medical office condominium at 3150 N Swan Road in Village Offices sold for $1.4 million ($196 PSF). The seller was an owner user dba Associates in Oral & Maxillofacial Surgery and the buyer will be the same dba Casas Adobe Oral & Maxillofacial Surgery (Dr. Adam Kaiser, Manager).
- A 4,255-square-foot medical office condominium at 4715 E Camp Lowell Drive in the Swan Corporate Center sold for $830,000 ($195 PSF) recently. The buyer is a dermatologist relocating to Tucson from South Dakota. Dr. Indy Chabra, MD, PhD is a board certified dermatologist and purchased the property to owner occupy for his medical practice. Buzz Isaacson of Buzz Isaacson Realty represented the seller Dr. Monash dba Tucson Bariatric, that was consolidating its offices. The buyer was self-represented in the transaction.
- A 3,273-square-foot medical office condominium at 7600 N La Cholla in La Cholla Corporate Center, sold for $605,000 ($185 PSF). The buyer, Living Gem Professional Corporations is an Allopathic & Osteopathic Physicians / Sleep Medicine clinic. Karen Farrell of Venture West Group represented the buyer and the seller, Casas Adobes Pediatrics (Dr. Carol Swanson, member).
- A 1,747-square-foot office condominium at 7522 N La Cholla Blvd in La Cholla Corporate Center, sold for $330,000 ($189 PSF). The buyer, Rachel Lohrman, MPC, LAC - Therapist plans to owner occupy the building for her counseling practice. Karen Farrell with Venture West Group represented the seller, Kurt Peterson had also owner occupied it as a periodical publisher. Jason Wong, CCIM, of Crestline Properties represented the buyer. The transaction closed on April 27, 2021.
- A 1,250-square-foot office condominium at 4775 E Camp Lowell Drive in the Swan Corporate Center sold for $240,000 ($192 PSF) to be owner occupied by T3 Financial Holdings (Nathan Frederico, manager), a financial services company. The seller, a family trust had been leasing the property to a law firm prior to sale. Karen Farrell with the Venture West Group represented the seller and Michael Coretz of Commercial Real Estate Group of Tucson represented the buyer. The transaction closed May 3, 2021.
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