Tucson Industrial Development Authority is buying and converting downtown real estate | Construction & Real Estate

The nonprofit Tucson Industrial Development Authority recently purchased two lots in downtown Tucson and plans to combine them with a third lot to expand business and industrial opportunities for the area. The three properties, one of which is already owned by Tucson IDA, are titled Block 174 and extend between Church Avenue and Stone Avenue north of Council Street. Parking is located near the Pima County Consolidated Justice Court, YMCA, and El Charro Cafe.

According to Tucson IDA, the nonprofit has owned the 20,350-square-foot parking lot on the northwest corner of Stone and Council for several years. The Rio Nuevo Multipurpose District decided to sell its nearby 15,100 square foot parking lot on the northeast corner of Church Avenue and Council Streets, and Tucson IDA was the “logical buyer.” Tucson IDA then decided to expand the area of ​​the property by purchasing a second lot of approximately 6,750 square feet at 257 N. Stone Avenue that is currently an office building.

The 42,000-square-foot combined properties are divided into office / commercial / residential zones and include potential aerial rights over Ash Alley, the street that runs between the two surface parking lots. Although no specific plans have been announced, Judy Clinco, president of Tucson IDA, says the development agency “is working on a strategic vision for all of Tucson IDA’s downtown properties. We focus on creating high impact community-based projects that promise to generate resources and promote equity. “

Other nearby projects from the Rio Nuevo District include the revitalization of a 23-story tower at 1 S. Church Ave. to a hotel and offices, the renovation of the Old Pueblo Club Building at 123 S. Church to include a new restaurant, a new home for the Senior Housing Foundation on the corner of Broadway and Church, and sidewalk and street improvements on Ochoa Street between Church and Stone Avenue.

SALES

Spoke Coworking Tucson East, LLC purchased 8,702 square feet of office space from Catalina Technology Properties, LLC. The single tenant office building at 6700 E. Speedway Blvd. in Tucson, was bought for $ 1.5 million. Richard M. Kleiner, MBA, and Thomas J. Nieman, Headmaster and Office Specialist at Cushman & Wakefield | PICOR, completed this transaction. Kleiner represented the seller; Nieman represented the buyer.

Main Street Town Center, LLC purchased the Associated Dental building at 4890 S. Mission Road, Tucson. The 2,918-square-foot single-tenant medical office building was purchased for $ 769,100 by Daniel A. Gomez, trustee of the Popplewell 1999 Family Trust. Thomas J. Nieman, Principal and Office Specialist at Cushman & Wakefield | PICOR and Rajan Lal, with Mandala Real Estate, Lafayette, CA, represented the seller in this transaction. Volk Company’s Jeramy Price represented the buyer.

211 Lee, LLC purchased Lee Street Apartments, a 3,000-square-foot apartment building at 209 and 211 E. Lee St., Tucson. The 4-unit system was purchased by Kristen Janet Eddy for $ 525,000. Allan Mendelsberg, Headmaster, and Conrad Martinez, Multi-Family Specialists at Cushman & Wakefield | PICOR represented both parties in this transaction.

Veterans Blvd. Apartments, LLC purchased a 3,814 square foot apartment building on 19 W. Veterans Blvd. in Tusson. The eight-unit apartment complex was purchased from Wang Kai for $ 335,000. Allan Mendelsberg, Headmaster, and Conrad Martinez, Multi-Family Specialists at Cushman & Wakefield | PICOR represented the buyer in this transaction.

The City of Tucson, A Municipal Corporation, purchased 13,032 square feet of mixed-use space on 1833-1835 W. Anklam Road in Tucson. The Desert Cove Country Club was purchased by 25JAK Properties LP for $ 1,175,000. Allan Mendelsberg, Headmaster, and Conrad Martinez, Multi-Family Specialists at Cushman & Wakefield | PICOR represented the seller in this transaction.

Kevin S. Albert and Kimberly LeBlanc Albert, as trustees of the Albert Revocable Trust, purchased Lot 16, 40,800 square feet of vacant lot at 3290 E. Elvira Road, Tucson. The Industrial Zone property was purchased by Airport Run Investors, LLC for $ 153,000. Ron Zimmerman, Principal and Industrial Specialist at Cushman & Wakefield | PICOR represented the buyer in this transaction. Tim Healy of CBRE, Tucson, represented the seller.

RENTAL

Arizona Biological Control, Inc. expanded and rented 15,983 square feet of industrial space at the Oro Valley Commerce Center, 10831 N. Mavinee Drive, Suite 185 in Oro Valley, from Harsch Investment Properties, LLC. Jesse Blum, Industrial Specialist at Cushman & Wakefield | PICOR represented the landlord in this transaction. Robert C. Glaser, SIOR, CCIM, Principal and Industrial Specialist at Cushman & Wakefield | PICOR, represented the tenant.

Therapy Tree, LLC rented 2,851 square feet of office space from KCI-Broadway, LLC, Scott Seldin-Broadway, LLC, Belmont-Broadway, LLC, and Tucson 5151 Investments, LLC, 5151 E. Broadway Blvd., Suite 1500 in Tuscon. Richard M. Kleiner and Thomas J. Nieman, Principals and Office Specialists at Cushman & Wakefield | PICOR represented the landlord in this transaction. Raymond Cashen of Cashen Realty Advisors, Inc. represented the tenant.

The Oncology Institute of Hope & Innovation has rented 2,746 square feet of medical office space from Welltower OM Group, LLC, located at Oro Valley Hospital, 1521 E. Tangerine Road, Suite 331, Oro Valley. Richard M. Kleiner, MBA, Principal and Office Specialist at Cushman & Wakefield | PICOR represented the landlord in this transaction. David Montijo with CBRE represented the tenant.

Tucson Home Window Tint, LLC rented 1,296 square feet of industrial space from Bloomfield Capital, LLC in the Roger at Oracle Business Center, 470 W. Roger Road, Suite 110, Tucson. Paul Hooker, Principal and Industrial Specialist at Cushman & Wakefield | PICOR represented the landlord in this transaction. Lesco Optical, Inc. rented 1,200 square feet of retail space from Eastpoint Marketplace, LLC in the Eastpoint Marketplace of Fry, 7020 E. 22nd St., Suite 100, Tucson. Greg Furrier, Principal and Retail Specialist at Cushman & Wakefield | PICOR represented the landlord in this transaction and Vickie Schuyler with Partners Management Company represented the tenant.

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