Despite overall economic recovery, the Arizona economy is set to improve at a rate lower than the national average. Even though growth has been slow, housing sales are expected to improve anywhere from five to eight percent next year, and home prices are expected to rise as high as five percent.
Though November brought about a slight downturn in residential sales, third quarter numbers were extremely strong. Last month, total sales decreased month to $190,421,972, a 24.24 percent drop from $251,340,493 in October.
Though less noticeable, the average housing sale price also took a slight downturn last month, at a decrease of just under one percent. Additionally, the total number of new listings during November dropped 14 percent from October.
Sales and Leases
Lester Investment Partners, LLC purchased Sonoran Palms Apartments at 1002 E. Lester St. from SVP Holdings, LLC for $787,500. Allan Mendelsberg with Cushman & Wakefield | PICOR represented the buyer and the seller.
Tin Cup Properties, LLC purchased a 7,231 square foot industrial building at 2111 E. Benson Highway from S. Kino Pkwy. & E. Benson Hwy., LLC for $275,000. Ron Zimmerman with Cushman & Wakefield | PICOR represented the buyer and seller.
4825 Investments, LLC purchased a 2,709 square foot retail/office building at 4825 N. First Ave from The William H. Gewirtz Profit Sharing Plan and Trust Agreement and The Debra Jean Nordstrom Revocable Trust for $250,000. Jeff Zellet with Cushman & Wakefield | PICOR represented the seller.
La Cholla Landscaping, Inc. purchased an 840 square foot industrial building at 1840 and 1850 W. Price Rd. from Baja Products, Ltd. for $150,000. Ron Zimmerman with Cushman & Wakefield | PICOR represented the seller. Gordon Wagner with Coldwell Banker Residential Brokerage represented the buyer.
Handling Systems, Inc. leased 5,000 square feet at 2725 N. Grand Ave. in Nogales, Arizona, from Ruiz Logistics, LLC. Denisse Angulo-Badilla with Cushman & Wakefield | PICOR, and Allen Buchanan with Lee & Associates Commercial Real Estate Services represented the tenant. Jose Dabdoub with NAI Horizon represented the landlord.
Genesis OB/GYN, PC expanded its lease at 2424 N. Wyatt Dr. in Tucson for an additional 2,307 square feet from landlord TMC Holdings, Inc. Rick Kleiner, MBA with Cushman & Wakefield | PICOR represented the landlord. Mark Irvin, SIOR, with Mark Irvin Commercial Real Estate represented the tenant.
Fairhaven Partners, LLC leased 1,543 square feet at 3275 W. Ina Rd., Suite 255 from Caldor Investments of Arizona, LLC. Tom Nieman with Cushman & Wakefield | PICOR represented the landlord. Chuck Corriere with Keller Williams Southern Arizona represented the tenant.
Jackson Hewitt leased 1,315 square feet in Speedway Center at the Northwest corner of Speedway Blvd. and Country Club Rd. from Mahoney Family Partnership. Greg Furrier with Cushman & Wakefield | PICOR represented the landlord. Jason Bruner with SRS Real Estate Partners – West represented the tenant.
Cactus Bowling Co (dba Vantage Bowling) leased 3,500 square feet of industrial space at 3755 E. 34th Street from Rodgers Investment Fund Two. Pete Villaescusa and Jesse Peron with CBRE Tucson represented the tenant. Brandon Rodgers with Picor Commercial Real Estate represented the landlord.
Eric Avdee leased 520 square feet of office space at 2221 E. Broadway Blvd, Suite 203 from New Deke, LLC. Damian Wilkinson with CBRE Tucson represented the landlord. Kevin Volk with Volk Co. represented the tenant.
Hope, Inc. has leased 6,950 square feet of office space at 1671 W. Grant Road from Sunbelt, LLC. The transaction was conducted by CBRE Tucson. Bruce Suppes, Tim Healy, and Bob DeLaney represented the landlord. Buzz Isaacson and Jeff Casper represented the tenant.
Title Security Agency, LLC. (dba Signature Title Agency) leased 1,246 square feet of office space at 4750 N. Oracle Road, Suite 115 from Oracle Office Park Associates, LLC. The transaction was conducted by CBRE Tucson. David Montijo and Damian Wilkinson represented the tenant.
Buzz Isaacson and Jeff Casper represented the landlord.
Kent Circle Investments announces new management at 5151 E. Broadway and 250 S. Williams.
Kent Circle Investments, owner of Tucson’s largest commercial building, has made a change in its onsite property management program. Cushman & Wakefield | PICOR has been hired to manage 5151 E. Broadway and 250 S. Williams.
The two buildings comprise 369,075 square feet of office space. The change will take effect Jan.1.
5151 E. Broadway is an iconic 247,075 square foot, 17-story office tower with breathtaking views. 250 S. Williams is a 122,000 square foot commercial office building in Williams Centre. C&W | PICOR is the largest commercial management firm in Tucson and will employ the staff of five overseeing property operations.