RARE Entertainment (Rick Rose, owner) purchased the 2,949-square-foot building at 4349 East 5th Street in Tucson to relocate his business, Film Creations, Ltd, since he is currently in a building slated for demolition valong the Broadway corridor widening project.
This award winning Arizona video production company was established in 1978 and has owned and occupied its building on Broadway since moving here from Colorado in 1986. Four short years after occupying the Broadway building (1990) the City began discussion on the Broadway corridor widening. The project was approved by the voters in 2006 and is now reaching final approval by Mayor and Council this June for 2018 construction.
Rose said, “I wasn’t thrilled when I first heard, about the idea of moving, especially so soon after I had just moved in. But, I understand that Tucson needs progress, so I'm willing to do my part for the city. Twenty-five years late, I can say admittedly, I did not expect it to take this long.”
“The best way to describe it is feeling like you are being held hostage, through all the uncertainty of the past 20+ years,” Rose said, while maintaining his sense of humor. “I have to remain optimistic that the City will honor their word with no more delays and move forward; besides, I can’t afford to carry two buildings for more than a few months."
Rose doesn’t yet have a buyout offer from the City for his property on Broadway, in fact the City has told him that they can’t begin to negotiate a sale price until after the decision is taken by Mayor and Council in June. So he remains uncertain, yet optimistic of the outcome.
Film Creations, Ltd. is a full-service digital video production company, a local success story, with clients all over the globe. It is also Southern Arizona's oldest and most experienced company for video production. They specialize in corporate videos, promotional videos and commercials, political and government, educational and training videos, documentaries, fundraiser and event videos as well as creative video editing.
Over the years, the company has partnered with Fortune 500 companies, government agencies, start-ups, non-profits, PR and advertising agencies to deliver visually stunning videos and unforgettable messages that make their clients stand out. They are also a leading, local resource for producers all over the world in providing production management and support. With a proven track record of delivering exceptional results on time and on budget for clients, they’ve emerged as a leading creative boutique in the Southwest.
Pat Welchert, SIOR, Industrial Specialist with Cushman & Wakefield | Picor represented the seller, Dupont Properties LLC of Tucson (William & Elizabeth Ross) and Mark Irvin, CCIM, SIOR, with Mark Irvin Commercial Real Estate Services represented the buyer in the transaction.
For more information on Film Creations and to see samples of their productions visit: https://www.filmcreations.com/recent-work/
To learn more about this transaction Welchert should be contacted at 520.546.2748 and Irvin can be reached at 520.620.1833.
For more information on this transaction, login and see RED Comp #2769.
[mepr-show rules="58038"]Sale date: 3/31/2015. Sale Price: $440,000 ($149 PSF). Buyer paid $65,000 down and a seller carry back on the balance.[/mepr-show]