According to third-quarter market reports released by Cushman & Wakefield | PICOR, both the local and national economic outlook remain positive. Listed in the report, the year-end 2017 U.S. real GDP forecast shows a 2.2 percent growth year over year. The expectation for next year remains 2.4 percent. In terms of unemployment, The U.S. seasonally adjusted unemployment rate stands at 4.4 percent, Arizona-wide at 5.0 percent, and the Greater Tucson Metro Area at 4.9 percent. Over the same period, new home permits for Tucson increased by more than 18 percent, to 2,152, compared to 1,821 last year.
Within the residential real estate market last month, the total sales volume decreased by more than 3 percent since September. Despite the drop, October ‘s $288,890,599 total volume was an increase of 12.5 percent since last year-according to a report from the Tucson Association of REALTORS. Average sales prices for homes also increased by more than 3 percent, settling at just over $238,000 last month.
Sales and Leases
Francisco Gonzalez, as Trustee of the Francisco and Josefa Gonzalez Family Trust, purchased a 1,785-square-foot office building located at 1037 E. 34th St. from Tucson Urban League Incorporated for $205,000. Ron Zimmerman with Cushman & Wakefield | PICOR represented the seller, and Rene Ramos with Coldwell Banker Commercial Advisors represented the buyer.
BP Swan Investors, LLC purchased +/- 29 acres of land at the south-east corner of 29th Street and Swan Road from the Arizona Department of Economic Security for $1,586,255. Jim Marian of Chapman Lindsay represented the buyer, and Ben Becker, Ian Stuart and Adam Becker represented the seller.
Port Plastics, Inc. leased 12,066 square feet of industrial space located at 2850 E. Valencia Road from MAS Real Estate Services, Inc. Crystal Jutte from Mohr Partners and Rob Glaser of Cushman Wakefield | PICOR represented the tenant, and Tim Healy and Bob DeLaney of CBRE represented the landlord.
Allikat Productions leased 4,253 square feet of office space at 406 N. Church Avenue in the El Mirador building from El Mirador Partners LLC. Alan Moore of Chapman Lindsey Commercial Real Estate Services represented the tenant, and Bruce Suppes and David Volk of CBRE represented the landlord.
Templo Fitness leased 1,758 square feet of retail space at 143 N. Stone Ave from the City of Tucson. Esther Empens of Tierra Antigua represented the tenant, and Ian Stuart of CBRE represented the landlord.
Port Plastics, Inc. leased 12,066 square feet located at 2850 E. Valencia Road from 3000 East Valencia, LLC. Rob Glaser, SIOR, CCIM, with Cushman & Wakefield | PICOR, and Crystal Jutte with Mohr Partners, Seattle, WA., represented the tenant in this transaction, and Robert DeLaney with CBRE represented the landlord.
Dr. Gerald Morris and Dr. Amanda Bacchus-Morris leased 3,245 square feet located at 6130 N. La Cholla Blvd., Ste. 117 from HCP/Utah II, LLC. Brandon Rodgers, CCIM, with Cushman & Wakefield | PICOR, represented the tenant.
AZ Parking Lot Maintenance, LLC leased 1,500 square feet in Old West Business Park, located at 6894 N. Camino Martin, Ste. 120 from Camino Martin Partners II, LLC. Cushman & Wakefield | PICOR handled the transaction; Max Fisher represented the tenant and Brandon Rodgers, CCIM, represented the landlord.
GEOST, Inc. leased 1,200 square feet in Ruthrauff Commerce Center located at 2410 W. Ruthrauff Road, Ste. 160 from Presson Scottsdale, LLC. Rob Glaser, SIOR, CCIM, with Cushman & Wakefield | PICOR, represented the landlord, and Alan Moore with Chapman Lindsey represented the tenant.
The iconic Diving Girl building at 145 S. Sixth Ave. in Downtown Tucson recently sold to Colorado-based Lemonds Holdings, LLC for $1,900,000. The 12,000-square-foot building will undergo a renovation and reopen as an Aveda School Salon and Spa. Buzz Isaacson of CBRE represented the seller in the transaction.
O ‘Reilly Auto Enterprises, LLC leased 6,944 square feet at Loma Linda Shopping Center, located at 361-373 West Mariposa Road from Loma Linda Mall, LLC. Debbie Heslop, CCIM, of Volk Company represented the tenant, and Julie Niles of Venture West Real Estate Services represented the landlord.
Tucson Assets, LLC purchased an 18,989 foot office building located at 4575 E. Broadway Blvd. for $3,150,000. David Volk of CBRE represented the seller, and Christian Gile and Charlie Wolfsandle of AZHCR represented the buyer.
Southwest Fair Housing leased 2,663 square feet of office space located at 177 Church Ave., in the Transamerica Building, from TA Building Corp. Buzz Isaacson of CBRE represented the landlord.
Dr. Eades leased 2,376 square feet of office space at located 2900 N. Swan Road, in the Plaza Palomino, from WCCP Plaza Palomino, LLC. Bruce Suppes of CBRE represented the tenant, and Ben Craney of NAI Horizons represented the landlord.
The Beauty Spot leased 1,328 square feet of retail space at 10420 N. La Canada Drive from Don Carlton. Michael Laatsch of CBRE represented the landlord.
Community Partners, Inc., has leased 15,000 sq. ft. of office space at 44 E. Broadway. Ron Schwabe of Peach Properties represented the landlord, and David Volk of CBRE represented the tenat.
Arizona Estimation and Procurement, LLC purchased a 4,250-square-foot industrial building located at 1110 S. Park Ave. from Utility Underground, LLC for $290,000. Brandon Rodgers, CCIM, with Cushman & Wakefield | PICOR represented the buyer, and Alan Moore with Chapman Lindsey Commercial Real Estate Services represented the seller.
Bank of the West leased 5,694 square feet of space located at 7225 N. Oracle Road from OPIA, LLC. Aaron LaPrise with Cushman & Wakefield | PICOR represented the tenant.
San Plumbing Supply renewed its lease for 4,800 square feet in Grant Interstate Commons, 1121 W. Grant Road, Ste. 401-404 in Tucson from Sloat Family Partnership, LLP. Steve Cohen and Russ Hall, SIOR, GSCS, with Cushman & Wakefield | PICOR, handled the transaction.
Arizona Community Physicians, PC renewed its lease for a 4,211-square-foot medical office suite located at 6565 E. Carondelet Drive, Ste. 105 from Tucson 6565 Medical Properties, LLC. Rick Kleiner, MBA, with Cushman & Wakefield | PICOR, represented the landlord, and David Montijo with CBRE, Inc., represented the tenant.
Cable Solutions, LLC leased 3,145 square feet at 1955 W. Grant Rd., Suite 235 in Tucson, from WestGrant Centre. Ron Zimmerman with Cushman & Wakefield | PICOR handled the transaction.
Arizona Kidney Disease & Hypertension, LLC leased a 3,050-square-foot medical office in Grant Road Professional Plaza, located at 5355 E. Grant Rd., Building 1 from DAZ5-Grant Road, LLC. Rick Kleiner, MBA, and Tom Nieman with Cushman & Wakefield | PICOR represented the landlord, and Fletcher Perry with Kidder Mathews, LLC, represented the tenant.
Homeowners Financial Group USA, LLC leased 2,389 square feet of office space located at 5151 E. Broadway Blvd., Ste. 280, from Kent Circle Partners. Tom Nieman and Rick Kleiner, MBA, with Cushman & Wakefield | PICOR, represented the landlord, and Rick Osselaer with Keyser, represented the tenant.
Quail Mail, Inc. leased 2,310 square feet of retail space located at 2900 E. Broadway Blvd., Ste. 101from H.L.F. Properties, Inc. Isaac Figueroa and Rob Tomlinson with Cushman & Wakefield | PICOR represented the landlord, and Nancy McClure with CBRE, Inc. represented the tenant.
Absolute Osmosis leased 1,700 square feet at 50 W. Fort Lowell Road from R Legacy Trust. Brandon Rodgers, CCIM, with Cushman & Wakefield | PICOR, represented the landlord.
Boost Mobile leased 1,558 square feet in Broadway Center, 5612 E. Broadway Blvd., from Broadway Craycroft, LLC. Greg Furrier with Cushman & Wakefield | PICOR represented the landlord, and Gordon Heckaman with De Rito Partners, Inc. represented tenant.
Calvin Beech leased 1,390 square feet at 850 E. Ohio St., Ste. 1 from RRL, Inc. Max Fisher with Cushman & Wakefield | PICOR handled the transaction.
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