Lee & Associates brokers sale of two properties in Tucson

Lee & Associates Investment Principals Steve Gonzalez, Marcus Muirhead and Greg Guglielmino brokered the sale of two properties in Southern Arizona near Tucson for a total of $7.89 million, including a three-building business park and single-tenant medical office building.

Rooney Ranch Professional Plaza, a three-building business park totaling 34,237 square feet at 10445 N. Oracle Road, was sold to a local investment entity for $6.715 million on April 25.

Lee & Associates Investment Principals Steve Gonzalez, Marcus Muirhead and Greg Guglielmino represented the seller, Berkeley Land Co. Inc., from Danville, Calif. The buyer was the Clover Companies, LLC, from Tucson, Ariz. represented by Swain Chapman of Chapman Management Group.

The property, constructed in 1991 and 1998, consists of a campus with three office buildings totaling 34,237 square feet, situated on an approximate 3.95 acres in the Town Center and commercial hub of Oro Valley, Ariz.

“Rooney Ranch Professional Plaza’s long-term occupancy history and office/medical office tenant mix makes this offering an attractive opportunity,” Guglielmino explains. “The demographics of the area, proximity to the 550,000-square-foot Rooney Ranch power center and frontage on the Oracle Road make up this a great acquisition for the buyers. Swain’s long-standing knowledge of the subject as property manager helped make this a smooth and fair transaction for buyer and seller.” 

Further south at 6238 E. Pima St., the Lee & Associates team represented both the buyer and seller in a $1.175 million sale of a single-tenant triple net (NNN) lease property.

Constructed in 1998 as a build-to-suit for this specific use, NextCare Urgent Care has leased the space for the last 20 years. Located along one of the busiest traffic corridors in Metropolitan Tucson, the property’s location benefits from high multifamily and single-family density as well as strong retail tenants from national and regional companies.  

Marcus & Millichap makes deals in Peoria, Tucson

• Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Northwest Emergency Center, a 11,500-square foot net-leased property located in Tucson, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $6,300,000. Jamie Medress and Mark Ruble, 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 buyer, a limited liability company, was secured and represented by John Susank , an investment specialist in Marcus & Millichap’s Newport Beach office. 

• Marcus & Millichap also announced the sale of 8760 N 77th Dr, a 4,283-square foot industrial property located in Peoria, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $825,000. The buyer, a limited liability company, was secured and represented by Jay Krew , an investment specialist in Marcus & Millichap’s Phoenix office. 

Old Navy expands in East Mesa

Velocity Retail Group recently finalized a lease on behalf of Old Navy at Superstition Gateway shopping center in Mesa.  Dave Cheatham, President and Darren Pitts, Executive Vice President represented Old Navy in the transaction.  Brian Gast, Senior Vice President represented the Landlord, DTL-SGW, LLC and DTR1C-SGW, LLC.  

This will be the 19th location for Old Navy in the Arizona market, and the second Old Navy store the team has completed recently.  The shopping center is located at the southwest corner of Signal Butte Road and the U.S.60 freeway in Mesa.  The new 12,500 square foot store is planning to open in early fall this year. The store will occupy part of the former Staples space, and represents another big box leased by Velocity Retail Group.

“Old Navy continues to look for new opportunities in strong regional trade areas.  This new location will serve the fast-growing east Mesa trade area and is a great fit with the existing tenant mix in the shopping center,” said Cheatham.