Sales of office buildings picked up in the first month of Q2, with over $7.89 million in total volume, up from $13.5 million total for the three months in first quarter.
One of the growing trends found has been in the outpatient surgical center industry that reports indicate represent about 6,300 centers nationwide, with a combined annual revenue of about $24 billion.
XENA, LLC bought the office building at 3900 East Broadway Blvd. in Tucson for conversion to medical space and an outpatient surgical center. The 9,116-square-foot office building commanded a sale price of $1,914,360 ($210 PSF).
Formerly occupied by Western Emulsions, the property was vacant at time of sale and will be owner occupied by the buyer for an Internal Medicine practice and surgical center. The property appealed to the buyers for its central location and visibility at the southeast corner of Broadway and Alvernon, in vicinity to several other outpatient surgical centers.
Buzz Isaacson with CBRE in Tucson represented the seller, Eklund & Eklund, LLC and Tari Auletta, CCIM, with KW Commercial in Tucson represented the buyers.
For more information, Auletta should be reached at 520.235.2727 and Isaacson is at 520.323.5151.
To learn more, see RED Comp #3850.
In a separate transaction, 6303 Tanque Verde, LLC of Tucson purchased an approximately 30,588-square-foor building on 67,433-square-feet of land at 6303 East Tanque Verde Road in Tucson from Brinton Investments LLC of Willcox, Arizona.
The property was 60% occupied at time of sale with potential tenants that could bring it up to 80% occupied. Buyer purchased the property for upside potential. The unique property has an atrium in the middle that tenants use for company barbeques.
Michael Gross of Tucson Realty & Trust Co. represented the seller and John Weaver, Real Estate Broker, also in Tucson, represented the buyer in the transaction.
For more information, Weaver should be reached at 520.298.3010 and Gross can be contacted at 520.577.7000. Gross is also handling the leasing of the property.
To learn more, see RED Comp #3813 and #2329.
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[mepr-show rules="58038"]Sale price for 6303 E Tanque Verde was for $1.7 million ($56 PSF). Seller purchased property in October 2014 and was in escrow for one-year by seller’s request to hold off closing[/mepr-show]