Tucson Real Estate: Wilmot Plaza bought by local investors

The once dilapidated Wilmot Plaza, which was revitalized by local developers over the past three years, has sold for $47.3 million.

Bourn Companies LLC bought the plaza, at 6371 E. Broadway, in 2013 for $6.2 million and poured millions into its renovation, tearing down old buildings and attracting tenants such as Dick’s Sporting Goods and Nordstrom Rack.

“To transform a tired, almost blighted, commercial property into a vibrant shopping center … is extremely satisfying for our company,” said Bourn partner Alan Tanner. “Personally it’s nice that the ownership group is local.”

DSW Wilmot Plaza LP is the buyer of the 139,000-square-foot center.

Michael Sarabia and partner James Hardman were drawn to the “trophy asset” after seeing its transformation.

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“Bourn fully redeveloped the center with an all-star tenant lineup,” DSW said in a statement, noting that its appeal to investors included “the substantial visibility from both Broadway and Wilmot roads, access to the major arterial intersection and close proximity to Park (Place) Mall.”

Toufic Abi-Aad, with Bourn Cos., represented the seller. Sarabia and Hardman represented the buyer.

Other recent commercial transactions include:

• EG LLC bought a 45,675-square-foot industrial building at 4700 S. Overland Drive from Legacy Property Management LLC for $6 million. The building is fully leased to Xeridiem Medical Devices. Rob Glaser, with Picor, represented the seller and Patrick Lindley, with Cushman & Wakefield, Indianapolis, represented the buyer.
• Louis River LLC bought a 12,358-square-foot office building at 4601 E. Broadway from Community Behavioral Health Properties of Southern Arizona LLC for $1.7 million. Isaac Figueroa, with Picor, represented the buyer and David Volk, with CBRE, represented the seller.
• Sr. Jose Women’s Center bought a 9,404-square-foot industrial building at 1050 S. Park Ave. from Sanc LLC for $485,000. Picor’s Ron Zimmerman represented the seller and Esther Empens, with Tierra Antigua Realty LLC, represented the buyer.
• Puente NVA Partners LLC bought a 4,500-square-foot building pad in Puente Nuevo Plaza, 3925 E. Fort Lowell Road. The property was sold by Puente Nuevo Development LLC for $449,000. Rick Kleiner, with Picor, represented the seller and Walter Hoge, with Sunrise Ridge Realty & Development LLC, represented the buyer.
• Bear Tracks Holdings LLC leased 5,500 square feet at 6095 E. Broadway from Broadway Place I LLC. It will be a Black Bear Diner. Chuck Wells, of Echelon Realty Advisors, represented the tenant and Rick Borane, of Volk Co., represented the landlord.
• Little Castle Childcare & Preschool III LLC leased 4,246 square feet at 1802 E. Irvington Road from EC Irvington Foundation LLC. Kevin Volk and Debbie Heslop, with Volk Co., represented the landlord.
• Southern Arizona AIDS Foundation leased 3,935 square feet at 4600 S. Park Ave. from Ohio Street Building No. 2 Ltd LLLP. Rob Glaser and Isaac Figueroa, with Picor, represented the landlord.
• Asian BBQ & Grill leased 1,693 square feet at 5526 E. Grant Road from Maqsood & Sabina Enterprises LLC. Robert Nolan, of Oxford Realty Advisors, handled the transaction.
• Living Word Ministries International leased 1,500 square feet at 6890 N. Camino Martin from Camino Martin Partners II LLC. Picor’s Brandon Rodgers represented the landlord and Mark Klase, with Keller Williams Southern Arizona, represented the tenant.