TUCSON—The trend for Tucson is upward. So says Brandon Rodgers senior associate with Cushman & Wakefield | PICOR.
"In 2006 to 2008 we were seeing a 5% vacancy range; in 2009 that spiked to 11-12%," Rodgers tells GlobeSt.com. But at the end of 2013 vacancies were down to 10.8%. "The past five quarters we've seen positive absorption. We are trending upward."
Rodgers explains that Tucson just doesn't see the velocity in size and deals that Phoenix does. "Our cycles are more muted," he says. "The upside to that is that we don't really have the dramatic swings that Phoenix does."
"Tucson is really more of a mom-and-pop type of community; that's our bread and butter. We don't really have the presence of large employers like Phoenix, although we are fueled by Phoenix to a degree," he says. "As Phoenix expands, companies open satellites in Tucson, but when the market slows they go back to doing their business out of Phoenix"
Below are some recent Tucson Mom-and-Pop transactions—the type which fuel Tucson's commercial real estate market.
-T-Mobile leased 1,921 square feet at 6970 E. 22nd St., Suite 106 in the Fry's grocery anchored Eastpoint Marketplace at 22nd Street and Kolb Road from Eastpoint Marketplace Investors, LLC. Greg Furrier with Cushman & Wakefield | PICOR, represented the landlord in this transaction.
-A & E Recycled Granite, LLC leased 2,180 square feet at 1660 S. Research Loop, Suite 110 in Clairemont Plaza from Foothills Business Ventures, LLC. Jeff Zellet with Cushman & Wakefield | PICOR, represented the tenant and Gary Emerson with GRE Partners, LLC represented the Landlord in this transaction.
-99 Cents Store leased 2,189 square feet at 6990 E. 22nd St., Suite 110 in the Fry's grocery anchored Eastpoint Marketplace at 22nd Street and Kolb Road from Eastpoint Marketplace Investors, LLC. Greg Furrier with Cushman & Wakefield | PICOR, represented the landlord in this transaction
-US Armory Corps renewed their lease at 2002 E. 14th St. from Michael and Jeanne Williams. Brandon Rodgers with Cushman & Wakefield | PICOR, handled the transaction.
-Le Boutique Erotica leased 1,350 square feet at 5102 E. Speedway Blvd., Suite A from The Monterra Group, LLP. Jeff Zellet with Cushman & Wakefield | PICOR, represented the landlord in this transaction.
-Tuff Shed, Inc. leased 2,100 square feet at 3502 N. Oracle Rd. from McTarnahan Family Trust. Ron Zimmerman with Cushman & Wakefield | PICOR, represented the landlord in this transaction.
-Trevor Davis Hall bought a 5,000 square foot building at 3128 E. 46th St. from Fluoresco Lighting. Russell W. Hall and Stephen D. Cohen, with Cushman & Wakefield | PICOR, represented the seller in this transaction and Ed Henne of Long Realty represented the buyer.
-Benjamin Galaz purchased 0.5 acres at 2710 N. 1st Ave. from SK, Inc. for $103,000. Rob Tomlinson and Brandon Rodgers with Cushman & Wakefield | PICOR, represented the seller in this transaction and Curt Stinson with Realty Executives, represented the buyer.
-Magnetmod, LLC leased 1,200 square feet at 4500 E. Speedway Blvd., Suite 65 in Tucson from Presson Midway, LLC. Rob Glaser and Paul Hooker with Cushman & Wakefield | PICOR, represented the landlord in this transaction.
-Jungle Partners, LLC leased 1,200 square feet at 4500 E. Speedway Blvd., Suite 35 in Tucson from Presson Midway, LLC. Rob Glaser and Paul Hooker with Cushman & Wakefield | PICOR, represented the landlord in this transaction.
-MPC Design Technologies Arizona, LLC leased 1,300 square feet at 4575 S. Palo Verde Rd., Suite 327 in Tucson from Presson Equity Partners, LLP. Rob Glaser with Cushman & Wakefield | PICOR, represented the landlord in this transaction.
-MedOne Healthcare, LLC leased 3,622 square feet at 1870 W. Prince Rd., Suites 69 - 71 in Tucson from Presson Corporation. Rob Glaser and Paul Hooker with Cushman & Wakefield | PICOR, represented the landlord in this transaction.
-Pacific Insulation renewed their lease for 10,000 square feet at 3761 E. 43rd Place, from JDHL Investments. Russell W. Hall and Stephen D. Cohen with Cushman & Wakefield | PICOR, represented the landlord in this transaction and Tim Healy of CB Richard Ellis represented the tenant.
-CODAC Behavioral Health Services of Pima County of Tucson leased 16,999 square feet at 3130 E. Broadway Boulevard from LC 3130, LLC. Tom Nieman with Cushman & Wakefield | PICOR, represented the landlord and Tom Knox and Paul Hooker with Cushman & Wakefield | PICOR, represented the tenant in this transaction.
-University City Church purchased a 34,163 square foot church, a historic landmark structure built in 1925, at 604 N. 6th Ave. from Crosslife Ministries for $1,900,000. Rob Tomlinson and Paul Hooker with Cushman & Wakefield | PICOR, represented the seller in this transaction.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.