Wilmot Professional / Medical Plaza Sells For $2 Million

This article has been archived, please login for access or subscribe now for a free trial.

Tucson-based Larsen Baker (George Larsen and Don Baker, principals) through an affiliate, Grant Wilmot Associates, LLC, purchased the Wilmot Professional Plaza at 6260-6296 E Grant Rd in Tucson for slightly less than[mepr-show rules=”58038″]$2 million ($47 PSF) in an all-cash deal. The 42,425 sq. ft. professional / medical office plaza on 4.3 acres is adjacent to Larsen Baker’s headquarters at the southeast corner of Grant Road and Wilmot Road, and was approximately 75% vacant at time of sale.

The asset was sold online at Auction.com by the seller, US Bank National Association, as Trustee.

George Larsen told us it was an easy decision to purchase the adjoining property at one-third of replacement value and to renovate this strategic location near three hospitals: Tucson Medical Center, El Dorado Health Campus and St. Joseph Hospital for medical use. Covered parking will be added and Larsen says, “cost estimates for renovations should be about $500,000 before the property can be fully leased again in a few years.”

Andy Selznov, also with Larsen Baker, will handle leasing at the property.

In 2007, the property sold for $10 million to a group of 22 out-of-state investors as a tenancy-in-common (TIC) 1031 exchange. According to Tom Nieman, principal with Cushman & Wakefield / Picor Commercial Real Estate in Tucson, “TICs work well when times are good, but not so well when the market goes soft, and that’s what happened here.”

Nieman, who handled the property from 2000 – 2013 says, “There could not be a better match for this property than Larsen Baker.  It will change the entire corner at Wilmot and Grant into one ownership and bring better signage for tenants, something that has been an issue in the past.”

Larsen Baker develops, re-develops, owns, operates, manages and leases retail, office and industrial properties in Southern Arizona. Operating since 1993, the company has become the largest retail-commercial property owner in Tucson. Today, the firm owns and manages approximately 2-million-square-feet of commercial space in over 45 locations throughout Tucson and Southern Arizona. It is currently in the process of developing several new projects that will add ±500,000 square feet to its portfolio: Oro Valley Town Centre, Marana Marketplace, Sorrento Square and Cochise Plaza in Sierra Vista.

Larsen and Seleznov can be reached at (520) 296-0200. Nieman with C&W / Picor should be contacted at (520) 546-2728.[/mepr-show]