The Rio Nuevo governing board unanimously approved a revised deal to build 16,500-square-feet of retail space, 252 new residential units and a restaurant near the Mercado District.
The board approved the deal with The Gadsden Company, which is developing The Bautista, a $72.5 million mixed-use project near West Cushing St. and South Linda Ave. The development is situated next to the Santa Cruz River, and will include water features that “will harken back to canals associated with 18th-century farms that were in the area,” according to the project’s description.
As part of the new agreement, Rio Nuevo will buy the land, valued at about $7.2 million. In return, Gadsden will prepay about $4.7 million in rent on the land and contribute $20 million in equity to the deal.
Sales and Leases
Pacific Dental Services, LLC leased 4,600 square feet at Tucson Spectrum, located at 1251 W. Irvington Road. Ben Craney and Jayme Fabe with NAI Horizon handled the transaction.
New Legacy Development, LLC purchased 1.59 acres located at 4830 E. Cindrich St. for $139,000. David Blanchette with NAI Horizon handled the transaction.
Brast Holdings dba: Tucson Stoneworks purchased a 16,618-square-foot freestanding building on 2.79 acres of land located at 3901 N. Oracle Road from 58 Properties, Inc. for $1.3 million. Craig Finfrock of Commercial Retail Advisors, LLC represented the seller. Jon O’Shea of Vast Real Estate Solutions represented the buyer.
La Cholla-OG, LLC purchased 25,821 square feet of industrial space located at 1951 W. Grant Roadfrom Wright & Case Holdings, LLC for $2.6 million. Robert C. Glaser, SIOR, CCIM, and Max Fisher, with Cushman & Wakefield | PICOR, handled the transaction.
Copart of Arizona, Inc. purchased a 6,050-square-foot warehouse on 14.05 acres located at 6001 S. Wilmont Road from Venco, LLC for $1.2 million. Stephen D. Cohen with Cushman & Wakefield | PICOR represented the seller.
Technicians For Sustainability, Inc. purchased a 14,010-square-foot industrial building located at 1050 E. 19th St. and 910 S. Santa Rita Ave. from DBLS Holdings, LLC for $950,000. Paul Hooker and Max Fisher, with Cushman & Wakefield | PICOR, handled the transaction.
SAENT Building, LLC purchased a 3,394-square-foot medical office building located in the San Rafael Medical Center, 6506 E. Carondelet Drive, from Ken Yoder Trust for $230,000. Richard M. Kleiner, MBA, with Cushman & Wakefield | PICOR, represented the seller.
Pegasus Properties, LP purchased 2.53 acres of industrial vacant land located at 3441 E. Global Loop from Rogers Real Estate Holdings, LLC for $185,000. Stephen D. Cohen and Ron Zimmerman with Cushman & Wakefield | PICOR handled the transaction.
Ames Construction leased 7,254 square feet of office space at Plaza Campana in Nogales, Arizona from 18232, LLC. Cintya Denisse Angulo Garcia with Cushman & Wakefield | PICOR represented the landlord.
Gospel Rescue Mission of Tucson leased 7,150 square feet of industrial space located at 3421 E. 44th St. from BD Equity Investments, LLC. Max Fisher with Cushman & Wakefield | PICOR handled the transaction.
Reliable Parts, Inc. leased 4,982 square feet of retail space in Frontier Village, 3933 E. Pima St., Ste. 101 i from Frontier Village, LLC. Aubrey Finkelstein and Stephen D. Cohenwith Cushman & Wakefield | PICOR and Mike Warner with Cushman & Wakefield, Calgary represented the tenant. Elaina Elliott, Melissa Lal, and Andrew Seleznov with Larsen Baker, LLC, represented the landlord.
Ames Construction leased 4,634 square feet of office space in Broadway Midtown Courtyard Plaza, 2530 E. Broadway Blvd., Ste. B, C and D, from LLJ Holdings, LLLP. Molly Mary Gilbert and Ryan McGregor with Cushman & Wakefield | PICOR represented the landlord.
Carbas Corporation, Inc. leased 2,892 square feet of office space at La Paloma Corporate Center, 3573 E. Sunrise Drive, Ste.125 from DHS Property Investments, LLP. Thomas J. Nieman and Ryan McGregor with Cushman & Wakefield | PICOR represented the landlord. Lynn Morrison with Lynn Morrison, LLC, represented the tenant.