The nonprofit Tucson Industrial Development Authority recently purchased two lots in downtown Tucson with plans of assembling them with a third lot in order to expand business and industry opportunities for the area. The three properties, one of which Tucson IDA already owns, are titled Block 174 and stretch between Church and Stone Avenues north of Council Street. The parking lots sit near the Pima County Consolidated Justice Court, YMCA, and El Charro Cafe.
According to Tucson IDA, the nonprofit has owned the approximately 20,350 square-foot surface parking lot at the northwest corner of Stone and Council for multiple years. The Rio Nuevo Multipurpose District decided to sell its nearby approximately 15,100 square-foot surface parking lot at the northeast corner of Church Avenue and Council Street and the Tucson IDA was the “logical buyer.” Tucson IDA then decided to expand the footprint of the property by purchasing a second parcel of approximately 6,750 square-feet at 257 N. Stone Avenue, which is currently an office building.
The more than 42,000 square-feet of combined properties is zoned Office/Commercial/Residential and includes the potential air rights above Ash Alley, the street running between the two surface parking lots. Although no specific plans have been announced yet, Tucson IDA president Judy Clinco says the development authority is “working on a strategic vision for all of the Tucson IDA-owned downtown properties. We’re focusing on creating high-impact community-based projects that promise to generate resources and foster equity.”
Other nearby projects from the Rio Nuevo District include revitalizing a 23-story tower at 1 S. Church Ave. into a hotel and offices, renovating the Old Pueblo Club Building at 123 S. Church to house a new restaurant, a new home for the Foundation for Senior Living at the corner of Broadway and Church, and sidewalk and street improvements to Ochoa Street between Church and Stone avenues.
Spoke Coworking Tucson East, LLC purchased 8,702 square feet of office space from Catalina Technology Properties, LLC. The single-tenant office building, located at 6700 E. Speedway Blvd. in Tucson, was purchased for $1,500,000. Richard M. Kleiner, MBA, and Thomas J. Nieman, Principals, and Office Specialists with Cushman & Wakefield | PICOR, handled this transaction. Kleiner represented the seller; Nieman represented the buyer.
Main Street Town Center, LLC purchased the Associated Dental building located at 4890 S. Mission Road in Tucson. The 2,918-square-foot, single-tenant medical office property was purchased from Daniel A. Gomez, Trustee of The Popplewell 1999 Family Trust, for $769,100. Thomas J. Nieman, Principal, and Office Specialist with Cushman & Wakefield | PICOR, and Rajan Lal, with Mandala Real Estate, Lafayette, CA., represented the seller in this transaction. Jeramy Price with Volk Company, represented the buyer.
211 Lee, LLC purchased Lee Street Apartments, a 3,000-square-foot, multifamily property located at 209 and 211 E. Lee St. in Tucson. The 4-unit facility was purchased from Kristen Janet Eddy for $525,000. Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented both parties in this transaction.
Veterans Blvd. Apartments, LLC purchased a 3,814-square-foot multifamily property located at 19 W. Veterans Blvd. in Tucson. The 8-unit apartment complex was purchased from Wang Kai for $335,000. Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented the buyer in this transaction.
The City of Tucson, A Municipal Corporation, purchased 13,032 square feet of mixed-use space located at 1833-1835 W. Anklam Road in Tucson. Desert Cove Country Club was purchased from 25JAK Properties L.P. for $1,175,000. Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented the seller in this transaction.
Kevin S. Albert and Kimberly LeBlanc Albert, as Trustees of the Albert Revocable Trust, purchased Lot 16, a 40,800-square-foot, vacant land parcel located at 3290 E. Elvira Road in Tucson. The industrial zoned property was purchased from Airport Run Investors, LLC for $153,000. Ron Zimmerman, Principal, and Industrial Specialist with Cushman & Wakefield | PICOR, represented the buyer in this transaction. Tim Healy with CBRE, Tucson, represented the seller.
Arizona Biological Control, Inc. expanded into and leased 15,983 square feet of industrial space at Oro Valley Commerce Center, 10831 N. Mavinee Drive, Suite 185 in Oro Valley, from Harsch Investment Properties, LLC. Jesse Blum, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Robert C. Glaser, SIOR, CCIM, Principal and Industrial Specialist with Cushman & Wakefield | PICOR, represented the tenant.
Therapy Tree, LLC leased 2,851 square feet of office space from KCI-Broadway, LLC, Scott Seldin-Broadway, LLC, Belmont-Broadway, LLC, and Tucson 5151 Investments, LLC, located at 5151 E. Broadway Blvd., Suite 1500 in Tucson. Richard M. Kleiner and Thomas J. Nieman, Principals, and Office Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Raymond Cashen with Cashen Realty Advisors, Inc., represented the tenant.
Oncology Institute of Hope & Innovation leased 2,746 square feet of medical office space from Welltower OM Group, LLC, located at Oro Valley Hospital, 1521 E. Tangerine Road, Suite 331 in Oro Valley. Richard M. Kleiner, MBA, Principal, and Office Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. David Montijo with CBRE, represented the tenant.
Tucson Home Window Tint, LLC leased 1,296 square feet of industrial space from Bloomfield Capital, LLC, located in the Roger at Oracle Business Center, 470 W. Roger Road, Suite 110 in Tucson. Paul Hooker, Principal, and Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Lesco Optical, Inc. leased 1,200 square feet of retail space from Eastpoint Marketplace , LLC, located in the Fry’s Eastpoint Marketplace, 7020 E. 22nd St., Suite 100 in Tucson. Greg Furrier, Principal, and Retail Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction and Vickie Schuyler with Partners Management company represented the tenant.