Real Estate

Courtesy illustration

The Rio Nuevo downtown development district unanimously approved multiple projects at their most recent meeting. Among these projects is a multiphase hotel and residential complex on Sixth Avenue just north of the Union Pacific train tracks. The project will take up the entire block, located two blocks west of Fourth Avenue. The plans were presented by Scott Stiteler, the developer behind multiple downtown projects, including the AC Marriott hotel at Broadway, the One North Fifth apartment building, and the canceled $88M Rialto Theatre Hotel project.

The project is planned in three phases. Phase one will be an $8M renovation on the Corbett Building, which will include a burger restaurant, a beer garden, five pickleball courts, and 188 parking spots. The second and third phases contemplate a new 10-story hotel and 15-story apartment complex with an investment from Stiteler of over $180M.

“There isn’t anyone with that kind of scale contributing to downtown right now,” said Rio Nuevo chairman Fletcher McCusker. 

Rio Nuevo agreed to a GPLET lease, tax rebate of approximately $5M and a $500K cash contribution to launch the first phase.

Rio Nuevo’s other approved projects include a $125K allocation to activate “pop-up” retail in the vacant Rialto Block properties at Congress and Fifth Avenue; an investment of up to $500K to activate the public spaces improvement plan for the El Presidio District downtown; and a $125K investment to be the title sponsor for the 2022 Dusk music festival.

SALES

Rhino Realty of Nevada, LLC purchased 99,858 square feet of industrial space at Eastside Research Commerce Center, 1800 S. Research Loop in Tucson, from Java Property Investments, LLC for $9,357,692. Ron Zimmerman, Principal, Industrial Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction. Grant Traub with Colliers International AZ, represented the buyer in this transaction. 

BLW Holdings, LLC, purchased a two-building, multi-tenant industrial property located on 1.74 acres at the northwest corner of Runway Drive and Weymouth Street in northwest Tucson, just off the Prince Road/Interstate-10 Interchange. The 25,360-square-foot industrial complex was purchased for $1,850,000 from the Howard S. Feldman Testamentary Trust, Harriet S. Feldman Revocable Living Trust, “Trust A” under the Forrester Family Trust. Paul Hooker, SIOR, Principal, and Industrial Specialist with Cushman & Wakefield | PICOR, represented the buyer in this transaction. John G. Yarborough and David Carroll, with Romano Real Estate Corporation, represented the seller. 

225 W Flores, LLC, and Colonia Properties TIC I, LLC, purchased Flores Apartments, a 20-unit, 9,255-square-foot multifamily investment property located at 225-255 W. Flores St. in Tucson. In an associated transaction, Colonia Investments, LLC, purchased Ventura Apartments, a 3-unit, 2,532-square-foot multifamily property located at 244 W. Ventura St. Both transactions, consisting of 23 units and 11,787 square feet of multifamily space in Tucson, were purchased from QOF, LLC for $1,491,000. Allan Mendelsberg, Principal, and Conrad Joey Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented both parties in these transactions. 

SBA Management, LLC purchased Units 4, 5, and 6 of Building 4 at Eastside Industrial Center, 1828 S. Research Loop in Tucson. The 48,853 square feet of industrial space was purchased from Tucson Industrial Real Estate Company, LLC for $1,150,000. SBA also owns two other buildings adjacent to the development, operating as Airtronics, Inc., a precision manufacturing, machining, and engineering shop. Stephen D. Cohen, Principal, and Industrial Specialist with Cushman & Wakefield | PICOR, represented both parties in this transaction. 

Torch Properties, LLC purchased 1,320 square feet of office space at 6783 E. Camino Principal, in Tucson, from MJN Enterprises Inc for $200,000. Molly Mary Gilbert, and Thomas J. Nieman, Principal, Office Specialists with Cushman & Wakefield | PICOR, represented the seller in this transaction.

RSK 5140, LLC purchased an 8,492-square-foot medical office located at 5140 E. Glenn St., in Glenn Medical Village, Tucson, from DBS Property Holdings, LLC, BS & AD Investments, LLC, and Constantin C. Boiangiu for $4,028,000. Richard M. Kleiner, MBA, Principal, and Office Specialist with Cushman & Wakefield | PICOR, represented both parties in this transaction.

Tucson Cathodes & Tankhouse Services LLC, a corporation formed to serve the copper mining/metallurgical industry in Arizona, all the United States and Mexico, purchased Alvernon Rail Center Lot 14, at 4050 E. Columbia St. in Tucson. The 8,603-square-foot industrial building was purchased from Dick Cole Properties, LLC for $1,635,000. Industrial Specialists with Cushman & Wakefield | PICOR handled this transaction. Robert C. Glaser, SIOR, CCIM, Principal, and Paul Hooker, SIOR, Principal, represented the seller. Stephen D. Cohen, Principal, and Andrew Keim, represented the buyer.

331 S Railroad Holdings LLC purchased a 6,552-square-foot multifamily complex located at 331-337 S. Railroad Ave. and 322-328 S. 3rd Ave. in Tucson.  Railroad & 3rd Four-Plexes, an 8-unit property, was purchased from 324 3rd Ave LLC for $1,620,000. Allan Mendelsberg, Principal, and Conrad Joey Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented both parties in this transaction.

Mortazavi Properties, LLC purchased a 6,615-square-foot professional office located at 1640 E. River Rd., Suite 215, in Mesquite Corporate Centre, Tucson, from K O P E Real Estate, LLC for $1,356,075. Richard M. Kleiner, MBA, Principal, and Office Specialist with Cushman & Wakefield | PICOR, represented the buyer; and John G. Yarborough, with Romano Real Estate Corporation, represented the seller in this transaction.

TMZ Dunkin’ Properties LLC, dba Dunkin Donuts, purchased Block D of South Gate Business Park, 1991 E. Ajo Way, in Tucson, AZ. The 22,395-square-foot pad was purchased from South Gate Partners II, LLC for $375,000. Rob Tomlinson, Principal, Retail Specialist, and Ron Zimmerman, Principal, Industrial Specialist, with Cushman & Wakefield | PICOR, represented the seller in this transaction. Kevin Volk with Volk Company, represented the buyer.

1991 E Ajo Way LLC, dba Eegee’s, purchased Block C of South Gate Business Park, 1991 E. Ajo Way, in Tucson. The 32,696-square-foot pad was purchased from South Gate Partners II, LLC for $375,000. Rob Tomlinson, Principal, Retail Specialist, and Ron Zimmerman, Principal, Industrial Specialist, with Cushman & Wakefield | PICOR, represented the seller in this transaction. Terry Dahlstrom with Volk Company, represented the buyer.

TMC Holdings, Inc. purchased 5265 E. Knight Dr., a 4,140-square-foot medical office building located in Tucson Medical Park, from Johnson-Corcoran Office Building Partnership, LLP for $372,600. Richard M. Kleiner, MBA, Principal, and Office Specialist with Cushman & Wakefield | PICOR, represented the buyer in this transaction.

Automotive Payment Solutions, LLC purchased a 2,175-square-foot industrial building located at 3137 E. 47th St. in Tucson.  The single-tenant property with yard, was purchased from Willie L. Hardin, Sr., and Jane Henderson-Hardin for $275,000. Ron Zimmerman, Principal, and Industrial Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction.

LEASES

Pima Vox LLC leased a 1.84-acre industrial yard from DVLP LLP, located at 4261 N. Sullinger Ave. in northwest Tucson. Ron Zimmerman, Principal, and Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. 

Freig Carrillo Forwarding, Inc. leased 26,000 square feet of industrial space from Nogales Warehouse, LLC, located in Border Warehouse, 772 W. Frontage Rd., Suite 1 in Nogales, AZ. Jose Dabdoub, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Lucette Mimiaga, with Agave Premier Properties, represented the tenant.

Nexus Arizona LLC leased 18,813 square feet of office space at Butterfield Technology Center, 4775 S. Butterfield Dr., Suite 149 C and D in Tucson, from Butterfield Technology Center, LLC and Foodtown Development Company, L.L.C. Robert C. Glaser, SIOR, CCIM, Principal, Industrial Specialist with Cushman & Wakefield | PICOR, and Isaac Figueroa with Larsen Baker, LLC represented the landlord in this transaction. John Barnes and Matt Fitz-Gerald with Colliers International AZ, represented the tenant.

Diego Dominguez and Gerardo Dominguez leased 15,355 square feet of retail space from CRE Strategic Investments, LLC, located in Santa Cruz Plaza, 3662 S. 16th Ave., Suites 100, 102, 104, in Tucson. Ron Zimmerman, Principal, Industrial Specialist, and Andy Seleznov, CCIM, Retail Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. 

Bowman Consulting Group, Ltd. leased 10,148 square feet of office space from CALDOR Investments of Arizona, LLC, located in Ina Corporate Center, 3275 W. Ina Rd., Suite 220 in Tucson. Thomas J. Nieman, Principal, and Office Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Keith Lammersen, with Jones Lang LaSalle Americas, Inc., represented the tenant.