Tucson, Arizona – Larsen Baker recently closed on the sale of a 10,400-square-foot building in the Plaza at Williams Center, to Brik Investments, LLC, an affiliate of HBL CPA’s. HBL was the building tenant at time of sale.

The building sold for $2.725 million ($231 PSF) and will continue to be part of the Plaza at Williams Centre managed by Larsen Baker. The transaction closed July 2, 2021.

Prior to HBL’s occupancy, this building at 5470 E Broadway Blvd in Tucson was the longtime home of the iconic Cactus Moon nightclub since 1986. The remodel is an example of how landlords are getting creative about recruiting tenants into nontraditional spaces.

Isaac Figueroa of Larsen Baker represented the seller, Plaza Williams Center, LLC, an affiliate of Larsen Baker in the sale. The buyer was represented by Buzz Isaacson and Annie Lewis of Buzz Isaacson Realty who also represented HBL when they leased it in 2019.

For more information, Figueroa can be reached at 520.296.0200 ext. 218 and Isaacson and Lewis should be contacted at 520.529.1300.

To learn more, see RED Comp #8910.

Mesa Commerce Center consists of five buildings totaling 71,582-square-feet

MESA, Ariz. – Cushman & Wakefield announced the firm has brokered the sale of Mesa Commerce Center, a 71,582-square-foot multi-tenant office complex located in Mesa, Arizona. The property consists of five (5) two-story office buildings in a low-rise, garden-style setting. Approximately 70% leased at the time of sale, the property sold for $5.85 million ($82 PSF).

Cordova Investment Partners, LLC was the buyer, and the seller, who had owned the asset since 1996, was CDKT, LLC. Cushman & Wakefield’s Eric Wichterman and Mike Coover in Phoenix represented the seller in the transaction.

“This was a rare, value-add opportunity with potential significant upside due to the property’s vacancy and below-market lease rates currently in place,” said Eric Wichterman, Executive Managing Director. “The property has many appealing features that can be activated with thoughtful renovations, including a large interior courtyard and several walkways.”

Located at 1930 S Alma Rd, the complex was originally built in 1981 and is situated on 4.6 acres. The property is just a quarter of a mile from the U.S. 60 freeway and the Alma School Rd full diamond interchange.

Mike Coover, Managing Director added, “The location will benefit from the nearby Fiesta District that is re-emerging as one of Mesa’s important business districts, while the immediate trade area is characterized by substantial healthcare/medical services, higher education, business services, and retail amenities.”

TUCSON, Arizona – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Sherwin-Williams Shops, a 7,448-square foot retail property located in Tucson, Arizona.

According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $3.075 million ($413 PSF).

Mark Ruble and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The retail shopping strip is 100 percent leased to a diverse tenant profile including Sherwin-Williams, One Stop Nutrition and Luxe Nails. Each suite has a triple-net lease.

Irvington Interstate Partners West, LLC (Don Bourn, Manager) was the seller.

Built in 2019, this retail shopping strip rests on a 1.07-acre parcel of land in the growing Tucson trade area. The property is located at 4830 South Calle Santa Cruz, across the street from Tucson Spectrum, a major shopping center with retailers including Target, The Home Depot, Harkins Theaters, JCPenney, PetSmart, Michaels, Old Navy, Best Buy, etc. Adjacent to the Interstate-19 freeway, the primary connector for Tucson and Phoenix, the shops are accessible to 205,523 residents and over 211,930 employees within a five-mile radius.

To learn more, see RED Comp #8905.