TUCSON, ARIZONA -- According to tracking done by Real Estate Daily News and RED Comps, the Tucson office market is picking up steam as 2017 advances.
The average price per square foot for office buildings selling is once again on the rise, with Q3 reaching $145.54 per square foot, a 25.84% increase over Q2 ($115.65 PSF) and a 15.43% increase over Q3 2016 ($126.08 PSF). Sales volume is also up by 37.61% quarter-over-quarter to $41.48 million and 23.48% year-over-year, or $90.6 million to-date.
Newly constructed Marana Health Center (MHC) purchased the building at 5224 W Dove Center Road for $4.5 million ($283 PSF). The 15,915-square-foot MHC facility was a built to suit in Marana. The Dove Mountain Health Center opened in 2016 at Tangerine Road and Mountain Centre Boulevard houses integrated healthcare (Medical and Behavioral Health) services, case management, general radiology, laboratory services and an Urgent Care with extended hours of service. The seller was KJT Capital Investments, LLC; PVP Investments, LLC and Medical Funding, LLC.
For prior land sale transaction, CLICK Here.
To learn more, see RED Comp #5171.
Margie Lannon the owner of Homewatch Caregivers purchased an 8,000-square-foot building for $625,000 ($78 PSF) to occupy. The office is located at 4625 E Fort Lowell in northeast Tucson. The two-story building was built in 1974 on .46 acres of block construction with a secure courtyard and parking for 40+ vehicles and secure storage space. The seller, Almonte Associates (John Hollingsworth, member) was represented by Rick Kleiner and Isaac Figuroa from Cushman & Wakefield | Picor. The buyer was represented by Gary Lovelace, Broker, at Spectrum Real Estate in Tucson.
For more information, Kleiner and Figuroa can be reached at 520.748.7100 and Lovelace should be contacted at 520.297.3639.
To learn more details, see RED Comp #5182.
Ross Capital, LLC of Woodland Hills Calif. purchased the property at 70-80 W Franklin Street in Downtown Tucson for $350,000 ($113 PSF) to owner occupy. The 3,088-square-foot freestanding building north east of Court Ave on Franklin Street is on a 6,003-square-foot lot with seven parking spaces. Jeff Casper and Buzz Isaacson at CBRE in Tucson represented the seller, Eric Cahan who owner occupied it previously as Cahan Law Firm.
For more information, Casper can be found at 520.323.5181 and Isaccson can be reached at 520.323.5151.
To learn more details, see RED Comp #5218.
Goldsmith Real Estate, a full service real estate company, purchased an office condominium at Cresta Loma for $282,500 ($182 PSF). The office, located at 5431 N Oracle Road Ste 191 in northwest Tucson was purchased to be owner occupied. The 1,551-square-foot condominium was built in 2007. David Montijo and Damian Wilkinson with CBRE’s Tucson office represented the seller, 5431 N Oracle LLC (Gary Repovsch, manager). Goldsmith Real Estate (Ellen Golden, designated broker) was self-represented in the transaction.
For more information, Montijo and Wilkinson can be reached at 520.323.5100 and Golden is at 520.219.3100.
To learn more details, see RED Comp #5106.
The principal of the Rabb Law firm purchased a 1,254-square-foot office building for $245,000 ($194 PSF) in the La Cholla Corporate Center II. Located at 7442 N. La Cholla Blvd. in northwest Tucson, the property was built in 2005 and sold move-in ready. The seller, Noble House Partners, LLC (Patricia Noble, member) purchased to occupy and was represented by Jordan Simon and Karen Ferrell at Venture West Real Estate Services. Gordon Wagner with NAI Horizon in Tucson represented the buyer in the transaction.
Simon and Ferrell can be reached at 520.722.9292 and Wagner should be contacted at 520.326.2200.
To learn more details, see RED Comp #5208.
Pinnacle Realty Investors (Jarrett Reidhead, manager) purchased a 1,255-square-foot condo in La Cholla Corporate Center for $185,000 ($147 PSF). Located at 7526 N La Cholla Blvd.in northwest Tucson, the property was built in 2004. The buyer purchased to owner occupy the property. Kristy Kelley with Long Realty represented the seller, M&L Robinson, LLC (Michael Robinson, member) and Jarrett Reidhead with Tucson Integrity Realty was self-represented in the transaction.
For more information, Kelley should be reached at 520.918.6539 and Reidhead is at 520.331.8050.
To learn more details, see RED Comp #5041.