Longtime Tucson shopping center bought by local developers for $10M | subscribers
The 80,000-square-foot Rancho Center on Speedway, near Country Club Road, has been sold to local commercial real estate agency Larsen Baker. No immediate changes are planned for the center, which was built in 1950.
Gabriela Rico, Arizona Daily Star
A central Tucson shopping center, more than 70 years old and once the location of stores such as McLellan’s and Korby’s department store, has been sold.
Larsen Baker, through his affiliate Rancho Developers LLC, bought the 80,000-square-foot Rancho Center, 3302-3416 E. Speedway, for $10 million.
Built in 1950, the shopping center is now home to Whole Foods Market, Bookmans Entertainment Exchange and Zia Records.
The new local owner does not have immediate plans for changes to the center, which is about 80% occupied.
Larsen Baker was represented by his broker Isaac Figueroa, and the seller was represented by Debbie Heslop, with Volk Co.
Other recent real estate transactions include:
SS Enterprise Holdings LLC bought 87,000 square feet of land at the southwest corner of Oracle and Orange Grove roads from QuikTrip Corp. for $2.2 million to build a Super Star Car Wash. Jeramy Price, with Volk Co., represented the buyer.
IXL Learning bought a 5,708-square-foot building at 5961 N. Oracle Road for $2 million to expand its Tucson office. Dave Volk, with Volk Co., represented the buyer and the seller was represented by Jon O’Shea, of Vast Commercial Real Estate Solutions.