Tucson is one of the hottest rental markets in Construction & Real Estate

It’s no news that the Tucson real estate market is firmly in the hands of sellers. Homes for sale can get more than a dozen offers in their first few days on the market, often tens of thousands more than the asking price. However, a new report from RENTCafé shows that midsize markets like Tucson also lead the way in terms of rental competitiveness, fueled by the real estate market.

The Hottest Rental Markets in the US: Midsize Hubs Take the Lead in Competitiveness market report found that 96% of Tucson homes are occupied with an average of 14 potential tenants per home. This makes Tucson the 15th most competitive rental market in the nation. This puts Tucson next to cities like Colorado Springs, Boise and Sacramento.

Tucson apartments were empty for an average of 31 days. This is more than a week less than the national average of 39 days. Nationwide, 94% of rents were occupied by an average of 11 tenants per apartment.

“The largest markets and the surrounding outskirts show that tenants are clearly looking for more square feet or more amenities for the same price in and near these hubs. Residents of large gateway markets “trade” and with work-from-home policies, suburban locations near those areas benefit from this behavior, ”said Doug Ressler, manager of business intelligence at Yardi Matrix, a real estate data company. “The current climate increasingly points to economic growth in 2021, which offers the housing market considerable and risk-averse potential.”

Phoenix also made it into the rankings, it continues. The rapid growth of the Arizona job hub has attracted an increasing number of tenants from the surrounding states in recent years. More recently, the emerging tech sector of the market has spawned a new nickname for the region, the “silicon desert,” while the local economy has weathered the pandemic better than other major markets.

sales

Balance QOZB II D, LLC acquired 10,500 square feet of retail space in downtown Tucson in the historic Fourth Avenue neighborhood. The four locations 600, 602, 604 and 606 N. Fourth Ave. were purchased by Ten Fifteen Two and Four Partnership for $ 465,000. Cushman & Wakefield | PICOR completed this transaction. Greg Furrier, Retail Specialist, represented the seller; Allan Mendelsberg and Conrad Martinez, multi-family specialists, represented the buyer.

Tin Cup Properties, LLC acquired 6,400 square feet of commercial space at 500 E. 29th St., Tucson. The commercial property was purchased from Helen L. Cooke for $ 401,000. Ron Zimmerman, Principal and Industrial Specialist at Cushman & Wakefield | PICOR represented the buyer in this transaction. Timothy Bathen of Arizona Acquisition Strategies was representing the seller.

Rick Borane of VOLK Company represented Thomas C. Avery’s property in the sale of approximately 15,000 square feet of land with approximately 2,910 square feet of building improvements at 1024 South Plumer Avenue to 1024 South Plumer Avenue LLC for $ 275,000.

DavRiCO, LLC acquired 1.66 acres of commercial space at 3901 and 3941 S. Kolb Roads. The vacant lot was purchased by Kolb Boneyard, LLC for $ 145,000. Ron Zimmerman, Principal and Industrial Specialist at Cushman & Wakefield | PICOR represented the seller in this transaction. Julian Willetts and John Hamner, CCIM, with RE / MAX Excalibur, represented the buyer.

VOLK Company representatives, Brenna Lacey and Joey Castillo, completed the sale of an approximately 9,175 square foot multi-tenant retail building on 1570 East Tucson Marketplace Boulevard on the Tucson Marketplace in the Bridges development. Fullerton Tucson Marketplace, LLC was sold to R & P Properties, LLC for $ 3,075,000. The stores are next to Costco on the project’s main drag. Tenants included NextCare, GNC, and AT&T.

Debbie Heslop, CCIM of VOLK Company, represented Prince Road Professional Plaza, LLC and 2020 Prince Road Professional Plaza, LLC on the sale of a 2,333-square-foot building on East Prince Road from 2020 to 2020 E. Prince, LLC for a price of $ 220,300 . The buyer was represented by Jon O’Shea from Vast Commercial Real Estate.

Rental agreements

West Coast Wheel Accessories extended its lease with Costa Verde Investments, LLC for 1,500 square feet of commercial space in Romero-Prince Business Park, 3538 N. Romero Rd., Suite 160, Tucson. Ron Zimmerman, Principal and Industrial Specialist at Cushman & Wakefield | PICOR represented the landlord in this transaction.

HDPE Fusion, LLC has rented 1,500 square feet of commercial space from Tic Tac Properties, LLC at the Tucson Industrial Center, 4141 E. Tennessee St., Suite 171, Tucson. Cintya Denisse Angulo Garcia, Commercial Specialist at Cushman & Wakefield | PICOR represented the landlord in this transaction.

Tennessee, Inc.’s Acceptance Insurance Agency has rented 1,365 square feet of retail space in the Speedway Center, 3021 E. Speedway Blvd. in Tucson from Mahoney Family Partnership. Greg Furrier, Principal and Retail Specialist at Cushman & Wakefield | PICOR represented both parties in this transaction.

Jeramy Price of the VOLK Company represented the landlord Peart Plaza LLC on the rental of approx. 2,023 square meters on 1485 East Florence Boulevard in the Casa Grande to ATI Holdings of Arizona LLC.

Brademann Corp., d / b / a Connect Chiropractic, rented 1,190 square feet of office space from JGBST Trust at 5719 E. 5th St. in Tucson. Ryan McGregor and Molly Mary Gilbert, office specialists at Cushman & Wakefield | PICOR represented the landlord in this transaction. Juan Pantoja with Grimm Commercial represented the tenant.

Debbie Heslop, CCIM, of VOLK Company represented O’Reilly Auto Enterprises, LLC on the rental of approximately 8,000 feet at 1535-1543 West St. Mary’s Road of Tucson St. Mary’s Plaza, LLC. The landlord was from Dave Hammack of Cushman & Wakefield | represent PICOR.

Joey Castillo of VOLK Company represented landlord Montesa Plaza, LP on the rental of approximately 900 square feet at 50 South Houghton, Suite 150, within Montesa Plaza to Robert D. Chasan II for use as an insurance office.

Incandescent Skin, LLC rented office space from El Dorado Ventures, LLC in El Dorado Square, 1200 N. El Dorado Pl., Suite D-410, Tucson. Thomas J. Nieman, Principal, and Molly Mary Gilbert, Office Specialists at Cushman & Wakefield | PICOR represented the landlord in this transaction. Christopher Irvin with Mark Irvin Commercial Real Estate Services represented the tenant.

Joey Castillo of the VOLK Company represented Chickadees of Tucson, LLC as a tenant in a lease with Broadway / Camino Seco, LLC as the landlord for a 1,392 square meter building on 8555 East Broadway Boulevard for use as a family restaurant.

Evans Insurance & Financial Services, LLC has rented office space from LLJ Holdings, LLLP at La Officina, 8750 E. Speedway Blvd., Suite 120, Tucson. Molly Mary Gilbert and Ryan McGregor, Office Specialists at Cushman & Wakefield | PICOR represented the landlord in this transaction. Rosemary Lacy of Long Realty Company represented the tenant.

Oil Changer Acquisition Corp., d / b / a Oil Changer, rented 710 square feet of office space from Rodgers Investment Fund II, LP, 2231 N. Indian Ruins Rd., Suite 4, Tucson. Ryan McGregor and Molly Mary Gilbert, office specialists at Cushman & Wakefield | PICOR represented the landlord in this transaction.

Scott Rosen Insurance Agency, LLC has rented 604 square feet of office space from Magee Marquez, LLC at 2292 W. Magee Rd., Suite 130, Tucson. Molly Mary Gilbert, Office Specialist at Cushman & Wakefield | PICOR represented both parties in this transaction.

Jeramy Price of VOLK Company represented 646 Fitness, LLC as a tenant on a lease with Continental Professional Plaza, LLC as the lessor for approximately 300 square feet at 8555 North Silverbell Road. The room is used as a crossfit gym.

Catalina Glass, LLC has rented 805 square feet of commercial space from Presson Midpoint, LLC at the Midpoint Business Center, 3933 E. 29th St., Suite 502, Tucson. Robert C. Glaser, SIOR, CCIM, and Paul Hooker, principals and industry specialists at Cushman & Wakefield | PICOR represented the landlord in this transaction.

Center 4 Stress Reduction, PLLC rented office space from Rodgers Investment Fund II, LP, 2231 N. Indian Ruins Rd., Suite 3, Tucson. Molly Mary Gilbert and Ryan McGregor, Office Specialists at Cushman & Wakefield | PICOR represented the landlord in this transaction. Jesse Blum and Alex Demeroutis with CBRE represented the tenant.

Bella’s Clothing, LLC rented 458 square feet of office space from MJ 96, LLC at the Magee Center, 2262 W. Magee Rd., Suite 3, Tucson. Molly Mary Gilbert, Office Specialist at Cushman & Wakefield | PICOR represented both parties in this transaction.

Mark E. Monier, d / b / a Monier Insurance, extended his lease with El Dorado Ventures, LLC for 275 square feet of office space at El Dorado Square, 1200 N. El Dorado Pl., Suite D-430 in Tucson. Thomas J. Nieman, Principal, and Molly Mary Gilbert, Office Specialists at Cushman & Wakefield | PICOR represented the landlord in this transaction.

Brenna Lacey of VOLK Company represented Macarthur Tucson, LLC on the sale of an approximately 24,260 square foot building in 345 East Toole to Moreno Valley Gateway, LLC for $ 4,600,000.

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