Rio Nuevo

Rio Nuevo recently committed half-a-million dollars for development at downtown's Citizen Hotel.

At their March Board Meeting, downtown development district Rio Nuevo announced plans to fund and advance multiple real estate projects. The announcements come as Rio Nuevo reports it is back to pre-pandemic sales tax revenue and is seeing strong requests for new construction downtown.

“We are seeing one-to-two hotel operators per week along with multi-family developers and restaurateurs. Besides the requests for new development, the Board is also seeing movement on older proposed developments that have been on hold,” said Rio Nuevo Chairman

Fletcher McCusker. 

To begin, the Rio Nuevo Board unanimously voted to invest in the Citizen Hotel, located at the corner of Jackson and Stone downtown. Rio Nuevo’s $500,000 commitment included a year-and-a-half rent subsidy to bring Sand-Reckoner Vineyards into the building. Sand-Reckoner, a local winemaker with vines in Willcox, will occupy the basement as a winery, wine tasting venue and retail space. The Citizen Hotel is a 10 room, “boutique hotel” that renovated the 113 year-old Tucson Daily Citizen Building.

The Rio Nuevo Board also unanimously authorized their executive officers to complete negotiations with HighWire Lounge on Arizona Avenue to open a new restaurant and event space. This space will be adjacent to their cocktail lounge with entrances off Arizona Avenue. However, at the same time, the Board tabled a $230,000 request to enhance and improve the adjacent portion of Arizona Avenue.

“Buckle your seat belts,” McCusker said. “We are really going to be busy in the next year.”

SALES

DM Phase IV Investment, LLC, purchased 237.27 acres of vacant land located at 11800 E. Valencia Road in Tucson. The industrial land parcel, situated on Valencia Road at the Pantano Wash, was purchased from California Portland Cement Company for $1,000,000.  Robert C. Glaser, SIOR, CCIM, Principal, and Industrial Specialist with Cushman & Wakefield | PICOR, and Roy (Thrac) Paulette, with Cantera Real Estate, LLC, represented the seller in this transaction. 

LS El Dorado, LLC, purchased the 5,294-square-foot medical office located at El Dorado Medical Plaza, 1500 N. Wilmot Road, Suite A110 in Tucson. The property was purchased from GMRS MOB, LLC, for $950,000. Cushman & Wakefield | PICOR Principals and Office Specialists Richard M. Kleiner, MBA, represented the seller, and Thomas J. Nieman, represented the buyer.

Rubicon Convent LLC purchased Convent Apartments, an 8,607-square-foot multifamily property located at 69 W. Simpson St. and 331-345 S. Convent Ave. in Tucson. The 12-unit complex was purchased from 331 Convent LLC, for $3,500,000. Allan Mendelsberg, Principal, and Conrad Joey Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented both parties in this transaction.

Dybbol 1864, LLC purchased a 25,815-square-foot retail building located at 3931 W. Costco Drive in Marana. The junior anchor property, situated on 4.05 acres in Costco Plaza, was purchased from Dorothy Dunlap Trust and D.D. Dunlap Trust for $2,900,000. Dave Hammack, Principal, and Retail Specialist with Cushman & Wakefield | PICOR, represented the seller in the transaction. Nicholas Egide, with Meridian Commercial Property Management, Inc., represented the buyer. 

Rubicon 4th LLC purchased 4th Avenue Apartments, a 6,002-square-foot multifamily property located at 228 N. Fourth Ave. in Tucson. The 8-unit complex was purchased from 228 4th Ave LLC, for $1,600,000. Allan Mendelsberg, Principal, and Conrad Joey Martinez, Multifamily Specialists, with Cushman & Wakefield | PICOR, represented both parties in this transaction.  

LEASES

Kodiac Interiors Group, LLC dba Arizona Appliance and Home, leased 17,727 square feet of industrial space at West Commerce Court, 1641 W. Commerce Ct., Suite 101 in Tucson, from Miller Sales & Engineering, Inc. Ron Zimmerman, Principal, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Andy Seleznov, CCIM, Retail Specialist with Cushman & Wakefield | PICOR, represented the tenant.

Distribution International, Inc. renewed their lease with JDLH Investments, LLC for 15,000 square feet of industrial space at 3759, 3761, & 3763 E. 43rd Place, in Tucson. Stephen D. Cohen, Principal, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Robert C. Glaser, SIOR, CCIM, Principal, Industrial Specialist with Cushman & Wakefield | PICOR, and Beau Kaleel with Cushman & Wakefield, Houston, represented the tenant.

PowerPhotonic Inc. leased 14,000 square feet of industrial space at SAMTEC, 16220 South La Cañada Dr., Suite 1 in Sahuarita, from the Town of Sahuarita. Alex Demeroutis, and Jesse Blum, Principal, Industrial Specialists with Cushman & Wakefield | PICOR, represented the tenant in this transaction. Ian Stuart and Tim Healy with CBRE, Tucson, represented the landlord.

Savant of the West LLC renewed their lease with Doubletree Investments, Inc. for 6,230 square feet of industrial space at 4175 S. Fremont Ave., Suite 106 in Tucson. Stephen D. Cohen, Principal, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Ted Liles and Marissa Dichiara with Cresa, Phoenix, represented the tenant. 

All Nations Church renewed their lease with Pegasus Tucson Owner LLC for 3,176 square feet at Midway Business Park, 4500 E. Speedway Blvd., Suite 109-110 in Tucson. Paul Hooker, SIOR, Principal, Andrew Keim, and Molly Mary Gilbert with Cushman & Wakefield | PICOR, represented the landlord in this transaction. 

Timberlake Crafts, LLC leased 2,322 square feet of industrial space at Eastside Research Commerce Center, 1646 S. Research Loop, Suite 140 - 150 in Tucson, from Eastside Center, LLC. Ron Zimmerman, Principal, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. 

Boxed Services LLC leased 2,315 square feet of industrial space at Central Point Business Plaza, 3961 E. Speedway Blvd., Suite 414 & 415 in Tucson, from Central Point Tucson, LLC. Molly Mary Gilbert, Office Specialist with Cushman & Wakefield | PICOR, represented both parties in this transaction. Greg Furrier, and Rob Tomlinson, Principals and Retail Specialists with Cushman & Wakefield | PICOR, represented the landlord. 

WaterLogic Americas, LLC leased 2,200 square feet of industrial space at Central Point Business Plaza, 3959 E. Speedway Blvd., Suite 308 & 309 in Tucson, from Central Point Tucson, LLC. Molly Mary Gilbert with Cushman & Wakefield | PICOR, represented the landlord in this transaction. David Blanchette, CCIM with NAI Horizon, Tucson, represented the tenant. 

Tradesmen International, LLC renewed their lease with Pegasus Tucson Owner LLC for 1,720 square feet of office space, at Butterfield Business Park, 4555 S. Palo Verde Road, Suite 105 in Tucson. Paul Hooker, SIOR, Principal, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction. David Blanchette, CCIM, with NAI Horizon, Tucson, represented the tenant.

Zimmer US, Inc. leased 1,599 square feet of industrial space at Exchange Place, 1870 W. Prince Road, Suite A-1 in Tucson, from Pegasus Tucson Owner LLC. Paul Hooker, SIOR, Principal, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Kevin Burnett with Colliers, represented the tenant. 

Studio 220, dba Got All Your Marbles renewed their lease with Pegasus Tucson Owner LLC for 1,200 square feet of industrial space, at South Dodge Business Center, 3601 E. 44th St., Suite 105 in Tucson. Paul Hooker, SIOR, Principal, Andrew Keim, and Molly Mary Gilbert with Cushman & Wakefield | PICOR, represented the landlord in this transaction. 

Saguaro Staffing Solutions LLC leased 310 square feet of office space at West Grant Centre, 1955 W. Grant Road, Executive Suite W in Tucson, from WestGrant Investors, LLC. Molly Mary Gilbert, Office Specialist with Cushman & Wakefield | PICOR, represented both parties in this transaction. 

Lexicon Medical Supply Company renewed their lease with Pegasus Tucson Owner, LLC for 3,200 square feet of industrial space at Midway Business Park, 4500 E. Speedway Blvd., Suite 16 in Tucson. Paul Hooker, SIOR, Principal, Industrial Specialist, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

Photonics Automation Specialties LLC leased 2,525 square feet of industrial space at Dodge Business Center, 3671 E. 44th St. in Tucson, from Pegasus Tucson OwnerLLC. Paul Hooker, SIOR, Principal, Industrial Specialist, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

Ninyo & Moore | Geotechnical & Environmental Sciences Consultants, leased 2,360 square feet of industrial space from Bobaganoosh, LLC, located in South Gate Business Park, 1991 E. Ajo Way, Building D, Condo 161 in Tucson. Ron Zimmerman, Principal, and Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. 

Carlos P. Gandara leased 2,180 square feet of industrial space at Clairemont Plaza 1660 S. Research Loop, Suite 110 in Tucson, from Pegasus Tucson Owner LLC. Paul Hooker, SIOR, Principal, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

MJNailz LLC renewed their lease with Pegasus Tucson Owner LLC for 2,147 square feet of space at Midpoint Business Plaza, 1835 S. Alvernon Way, Suite 202 in Tucson. Paul Hooker, SIOR, Principal, Andrew Keim, and Molly Mary Gilbert with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

Sunbright Solar, LLC renewed their lease with Pegasus Tucson Owner LLC for 1,965 square feet of industrial space, at South Dodge Business Center, 3250 S. Dodge Blvd.,Suite 8 and 3643 E 44th St. in Tucson. Paul Hooker, SIOR, Principal, Andrew Keim, and Molly Mary Gilbert with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

Olga Chausovskaya renewed their lease with Pegasus Tucson Owner LLC for 1,765 square feet of retail space at Midway Business Park, 4500 E. Speedway Blvd., Suite 36 in Tucson. Paul Hooker, SIOR, Principal, Industrial Specialist, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

SD Media LLC renewed their lease with Pegasus Tucson Owner for 1,440 square feet of industrial space at Exchange Place, 1870 W. Prince Rd., Suite A-8 in Tucson. PaulHooker, SIOR, Principal, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction.