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La Encantada, the open-air shopping mall in the Catalina Foothills, was sold for $165 million in September. The 246,000-square-foot mall is known for supporting high-end retail, home to stores such as AJ’s Fine Foods, Pottery Barn, Blanco Tacos + Tequila, Crate & Barrel, lululemon and more.

JLL Capital Markets represented the seller, Macerich Company, which owns multiple shopping malls throughout the country. This is Macerich’s second major sale in Arizona this year, after selling the majority of its Paradise Valley Mall in Phoenix for $95 million.

“In addition to sales of these properties, we are successfully executing on a robust land and pad sale program, from which we expect to generate an additional $100 million during 2021-2023,” said Ed Coppola, president of Macerich in a press release. “Our focused disposition efforts are designed to allow us to recycle capital into key densification and diversification activities, as we continue to realize our town center strategy at a number of Macerich properties across the country.”

Town West Realty, HSL Properties and Iridius Capital came together to purchase the property, with a $102 million loan from Goldman Sachs. 

Located at the intersection of Skyline Road and Campbell Avenue, La Encantada was completed in 2003 and regularly ranks in local polls as one of Tucson’s favorite shopping destinations. 

“This asset is the crown jewel of Tucson retail,” said JLL Capital Markets’ Patrick Dempsey, who led the sale, in a release. “Many stores at La Encantada are exclusive to the area, with a draw expanding the entire market. Lack of available land for new development in the Foothills Retail submarket makes La Encantada an irreplaceable property.” 

SALES 

Amerco Real Estate Company purchased 11.85 acres of industrial land at Tangerine Commerce Park Lot 7 in Tucson. The vacant land parcel was purchased from Tangerine/I-10, LLC for $4,207,071. Jesse Blum, Industrial Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction.  

Sonora Behavioral Health Hospital, LLC, purchased a 16,999-square-foot medical office building located at 3130 E. Broadway Blvd. in Tucson. The single-tenant investment property was purchased from LC3130, LLC, for $3,922,000. Thomas J. Nieman, Principal, and Office Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction. Jeremy Adams with Jones Lang LaSalle Brokerage, Inc., Atlanta, represented the buyer.  

Mirror Mirror Medical Aesthetics and Wellness purchased a 2,436-square-foot, freestanding building located at 1880 W. Orange Grove Rd. in Tucson. The building, situated on 1.44 acres, was purchased from JCM Tucson, LLC, for $465,000. Aaron LaPrise, Principal, and Retail Specialist with Cushman & Wakefield | PICOR, handled the transaction.  

Mister Car Wash, the largest car wash company in America and locally based in Tucson, purchased 1.38 acres of retail land located at the southwest corner of Rancho Sahuarita Blvd. and Sahuarita Rd. in Sahuarita, AZ. The vacant land parcel was purchased from Rancho Sahuarita Commercial Ventures, LLC, for $1,257,382. Aaron LaPrise and Dave Hammack, Principals, and Retail Specialists with Cushman & Wakefield | PICOR, represented both the buyer and seller in this transaction. Additional opportunities for MCW can be sent to Aaron LaPrise.  

Stone 14, LLC, purchased a 7,553-square-foot, multifamily apartment complex located at 2620 N. Stone Ave. in Tucson. Stone Apartments, a 14-unit casita-style property, was purchased from Stone Apartments, LLC, for $1,040,000. Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented both parties in this transaction.  

324 3rd Ave LLC, purchased two, four-plexes located at 331-337 S. Railroad Ave. and 322-328 S. Third Ave. in Tucson. The Railroad and Third property, an eight-unit apartment complex totaling 6,552 square feet of multifamily space, was purchased from Austin RE Holdings, LLC, for $965,000. Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented both parties in this transaction.  

Punahou Tucson Three, LLC, purchased a 5,632-square-foot, multifamily apartment complex located at 1302-1310 N. Richey Blvd. in Tucson. Richey Apartments, an 8-unit property, was purchased from JSS Richey, LLC, for $830,000. Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction. Desiree Palmer, with ABI Multifamily, LLC, represented the buyer.  

Dodge Fairmount LLC, purchased two, four-plexes located at 1412-1418 N. Dodge Blvd. and 3701-3707 E. Fairmount St. in Tucson. The Dodge and Fairmount property, an 8-unit apartment complex, totaling 4,287 square feet of multifamily space, was purchased from Austin RE Holdings, LLC for $685,000. Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented both parties in this transaction. 

Hispania Estates, LLC, purchased 0.82 acres of industrial land located at 1340 N. Mariposa Rd. in Nogales, AZ. The vacant land parcel was purchased from Araujo Vazquez Co., LLC, for $500,000. Cintya Denisse Angulo Garcia, Commercial Specialist with Cushman & Wakefield | PICOR, represented the buyer in this transaction. Mirna Valdez, with Century 21 Success Realty, represented the seller.  

Ventana Canyon Investments, LLC, purchased 5,832 square feet of multifamily space located at 3449, 3471, 3473 N. Geronimo Ave. and 350 E. Yavapai Rd. in Tucson. Brick Homes of Geronimo, a 12-unit apartment complex, was purchased from BRInc Financial, LLC, for $1,070,000. Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented both parties in this transaction.  

Biggan Properties, LLC purchased a 2,083-square-foot office building located in Old Farm Executive Park, 6019 E. Grant Rd., Lot 73 in Tucson. The single-tenant office property was purchased from Fox Hollow Enterprises, LLC, for $387,500. Thomas J. Nieman, Principal, and Office Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction. Joseph Nehls, with Sunvest Commercial, Inc., represented the buyer.  

TUCSON ABI, LLC purchased 2,200 square feet of office space at 3360 N. Country Club Road in Tucson, from the 1031 Exchange Company LLC/Partheni Enterprises, LLC for $342,000. Molly Mary Gilbert, Office Specialist with Cushman & Wakefield | PICOR, represented the buyer in this transaction. Gary Andros with Andros Properties, represented the seller. 

Steve Freeman and Laura Freeman purchased 15,330 square feet of multifamily space located at 1841-1883 S. San Jose Dr., 1640-1672 W. San Juan Trail and 1880-1884 S. San Antonio Dr. in Tucson. Sentinel Villas, a 21-unit apartment complex, was purchased from Sentinel Villas, LLC for $1,840,000. Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented the buyer in this transaction. Timothy Bathen, with Arizona Acquisition Strategies, represented the seller.  

TKL Properties, LLC, acquired 27,113 square feet of industrial space located at 4725, 4742 and 4749 S. Irving Ave. in Tucson. Six industrial buildings, offering warehouse, office, showroom, storage and shop space, were purchased from Lead Properties, LLC, for $1,450,000. Ron Zimmerman, Principal and Industrial Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction. Clint Buckelew with Buckelew Realty, represented the buyer. 

LEASES

Staples Contract & Commercial LLC renewed their lease with Harsch Investment Properties, LLC, for 12,000 square feet of industrial space at 2901 E. Elvira Road, Suite 195 in Tucson. Jesse Blum, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. John Slattery with CBRE, Tucson, represented the tenant.  

AT&T leased 2,000 square feet of retail space from HAM Midvale, LLC, located in Midvale Plaza, 1710 W. Valencia Rd., Suite 100 in Tucson. Dave Hammack, Principal, and Retail Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Kalen Rickard with Western Retail Advisors, LLC, Phoenix, represented the tenant.  

Timberlake Crafts, LLC, leased 1,261 square feet of industrial from space from Eastside Center, LLC, located in Eastside Research Commerce Center, 1642 S. Research Loop, Suite 130 in Tucson. Ron Zimmerman, Principal and Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. 

Blazon Design and Print, LLC, leased 1,200 square feet of industrial space from Presson Corporation located in Town Central Business Park, 4937 E. 29th St. in Tucson. Robert C. Glaser, SIOR, CCIM, Paul Hooker, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction.  

Inca’s Peruvian Cuisine renewed their lease with EREP Ventana II, LLC, for 1,200 square feet of restaurant space located in Ventana Village, 6878 E. Sunrise Dr., Suite130 in Tucson. Dave Hammack, Principal, and Retail Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction.  

Littlest Bookshop leased 1,000 square feet of retail space at 5011 E. 5th Street in Tucson, from H.L.F. Properties, Inc. Andy Seleznov, CCIM, Retail Specialist, and Ryan McGregor, Office Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. 

Sandra Alicia Figueroa Montijo leased 800 square feet of industrial space from Presson Corporation located in Town Central Business Park, 4967 E. 29th St. in Tucson. Robert C. Glaser, SIOR, CCIM, Paul Hooker and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction.  

Big 5 Corporation leased 10,800 square feet of retail space at Old Spanish Trail Crossings, 9545 E. Old Spanish Trail, Suite 175 in Tucson, from Barclay Holdings XVIII-A, LLC. Aaron LaPrise and Dave Hammack, Principals and Retail Specialists with Cushman & Wakefield | PICOR, represented the landlord. Charles Ogburn with Ogburn Associates, represented the tenant in this transaction.  

Applied Systems Engineering, Inc., extended their lease with NK Investments, LLC, for 9,240 square feet of industrial space located in the Tucson Airport Commerce Center, 6640 S. Bonney Ave. in Tucson. Robert C. Glaser, SIOR, CCIM, and Paul Hooker, Principals, and Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction.  

Double Gun Garage, LLC leased 6,000 square feet of industrial space at Tucson Industrial Center, 4151 E. Tennessee St., Suite 206 in Tucson, from Tic Tac Properties, LLC. Cintya Denisse Angulo Garcia, Commercial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. 

Raining Rocks AZ, LLC, leased 3,600 square feet of retail space located at 3840 E. 5th St. in Tucson, from Bristuc Investments, LLC. Ryan McGregor, Retail Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Aaron Seabaugh, with MCG Realty, LLC, Phoenix, represented the tenant.  

eXp Realty leased 3,249 square feet of office space, located in North Tucson Business Center, 3845 N. Business Center Dr., Suite 107 in Tucson, from NTBC Trust Partners, LLC. Robert C. Glaser, SIOR, CCIM, and Paul Hooker, Principals and Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction. 

True Potential, PLLC, renewed their lease with Siegmund Properties, LLC, for 2,300 square feet of office space located in Country Club Business Center, 620 N. Country Club Rd., Building 620 (East) in Tucson. Ryan McGregor, Office Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction.  

HOMC, Inc. dba The Hoppy Vine leased 1,888 square feet of retail space at Oro Valley Marketplace, 12125 N. Oracle Road, Suite 137 in Oro Valley, from OVM Delaware, LLC & Campbell Blacklidge Marketplace DE, LLC & First Avenue/Wetmore Office Marketplace DE, LLC & Casa Presidio Apartments, LLC. Dave Hammack, Principal and Retail Specialist with Cushman & Wakefield | PICOR, represented the tenant. Jesse Peron with CBRE, represented the landlord in this transaction.  

Rick’s Mobile RV Service, LLC, d/b/a, My Mobile RV Service, leased 1,718 square feet of office space from 111 S. Langley, LLC, located at 111 S. Langley Ave. in Tucson. Ryan McGregor, Office Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction.  

Andres Lopez leased 1,200 square feet of industrial space at South Dodge Business Center, 3230 S. Dodge Blvd., Suite 5 in Tucson, from Dodge Business Plaza Partners, LLC. Robert C. Glaser, Principal, SIOR, CCIM, Paul Hooker, Principal, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction.  

True Potential, PLLC, renewed their lease with Siegmund Properties, LLC, for 1,050 square feet of office space located in Country Club Business Center, 622 N. Country Club Rd., Suite A in Tucson. Ryan McGregor, Office Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction.  

ALC Schools, LLC leased 967 square feet of office space from Coronado Tower Tucson, LLC, located at 17 W. Wetmore Rd., Suite 300 in Tucson. Thomas J. Nieman, Principal, and Office Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Ferron Manwaring, with S & P Commercial, San Juan Capistrano, CA., represented the tenant. 

Imperial Brown, Inc. leased 99,000 square feet of industrial space at the Airport Distribution Center, 3350 E. Medina Dr. in Tucson, from Harsch Investment Properties, LLC. Jesse Blum, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Tim Healy with CBRE, Tucson, represented the tenant.  

Organa Health, PLLC, leased 2,185 square feet of office space from El Dorado Ventures, LLC, located in El Dorado Square, 1200 N. El Dorado Place, Suite I-900 in Tucson. Thomas J. Nieman, Principal, and Molly Mary Gilbert, Office Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Barbara Firminger with Carr, Inc., Phoenix, represented the tenant. 

Advanced IT Concepts renewed their lease with SAWACECI LLC for 1,156 square feet of office space at 4481 Campus Drive, Suite B in Sierra Vista. Molly Mary Gilbert, Office Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction.  

Angelica Lopez & Alex Lopez JR leased 238 square feet of office space at 2292 W. Magee Road, Suite 2 in Tucson, from MJ 96, LLC. Molly Mary Gilbert, Office Specialist with Cushman & Wakefield | PICOR, represented both parties in this transaction. 

Nova Brows LLC leased 135 square feet of office space at 2410 W. Ruthrauff Road, Suite F in Tucson, from Ruthrauff Partners, LLC. Robert C. Glaser, Principal, SIOR, CCIM, Paul Hooker, Principal, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction. 

Thomas J. Nieman and Richard M. Kleiner, MBA, Principals, and Office Specialists with Cushman & Wakefield | PICOR, co-represented lease of 13,950 square feet for a medical practice on the second floor of 7470 N. Oracle Road, LLC. The subject property is Units 27, 28, 31, 32 & 42 in the Oracle Medical Plaza Condominiums Phase II, located at 7470 N. Oracle Rd. in Tucson.