TUCSON, AZ-A local developer has acquired a 74,000-square-foot movie theater in central Tucson with plans to redevelop the property into 140,000 square feet of new commercial space. Michael R. Wattis Inc. paid Plano, TX-based Century Theaters $2.76 million in cash for Century Park 16, which sits on 12.7 acres at 1055 W. Grant Rd.
“This is a wow location – it’s as central as you can get in Tucson,” says Buzz Isaacson of CBRE’s local office. He and Ike Isaacson represented Wattis in the acquisition, while the seller was represented by Robert DeLaney and Tim Healy, also in CBRE’s Tucson office
The new owner has retained CBRE’s Buzz Isaacson, Ike Isaacson, DeLaney and Healy as the marketing agents for the property, which is available for lease or build-to-suit opportunities.
Buzz Isaacson tells GlobeSt.com that the redevelopment won’t begin until a tenant has been nailed down for the project. He says it would be perfect for a large back-office user or adult education provider. “The site has flexible zoning, so it could house a variety of uses,” he notes.
The property, which was developed in 1990 on a former drive-in movie site, has high visibility with more than 800 feet of freeway frontage. The new owner is working with locally-based CDG Architects to redesign and reposition the existing theater.
“We could demolish the theater, but it has real value because it’s so well-constructed,” Buzz Isaacson says. “It’s expandable and it also lends itself to new entrances.”
In fact, the existing building can nearly double in size with the addition of a second floor mezzanine. Additionally, parking for more than 1,000 cars is available.
The theater will continue to operate until January 8, 2011.
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