Tucson Real Estate: Office market appears to be rebounding

The local office market appears to be making a slow but steady comeback after more than a year of remote work.

CJR Investments recently sold a 5,200-square-foot office suite at 10130 N. Oracle Road to private investors for $1.5 million. The space houses the administrative offices for Basis school, which has renewed its lease for five years.

“They’re committed to the space — not just working from home,” said Gary Heinfeld, with Advisors in Real Estate, who represented the seller along with Chris Hollenbeck of Cushman & Wakefield. “Just in the last month, we’ve seen a little more activity for offices,” he said.

Vacancy rates remained steady at 9.3% during the first quarter of 2021, according to a report by commercial brokerage firm Picor.

“We anticipate that (the second quarter of 2021) will turn the corner toward increasing demand for office space,” the report says. “Pent-up demand is likely to become evident as decision makers feel more comfortable evaluating their near- and long-term office requirement.”

Other recent commercial transactions include:

The 25-unit Village Green Townhomes, 1401 E. Adelaide Drive, sold for $2.4 million. James P. Robertson Jr. and Omer Kreso, with Realty Executives Arizona Territory, along with Laura Grijalva and Ed Garcia, with Grijalva Realty, handled the sale.

Winstel Vista, a 30-unit complex at 3750 E. Monte Vista Drive was bought by California investors for $1.9 million. ABI Multifamily Apartment Brokerage & Advisory Firm handled the sale.

4th Street Apartments, a 10-unit property at 638, 642 and 644 E. Fourth St., was bought by Sarando-Swan LP for $1.1 million. Alan Mendelsberg, with Picor, represented the buyer and the seller, Bear Down Properties LLC.

Back to homepage

Subscriber Login

Keep reading with a digital access subscription.

Subscribe now

Coronado Heights, a 10-unit complex at 3035-3053 N. Los Altos Ave. sold to Trusted Circle 4 Realty LLC for $875,000. Joe Boyle, with Joseph Bernard Investment Real Estate, represented the sellers, Gregory and Megan Smith.

Pascua Yaqui Development Corp. leased 2.97 acres of industrial land and a 3,600-square-foot trucking terminal at 2455 N. Fairview Ave. from CDR Leasing LLC. Max Fisher, with BRD Realty, handled the lease.

Rodgers Hoge Partners signed two new tenants at its distribution warehouse properties. Jewel Tunnel Inc. leased 3,600 square feet at 1621 W. Grant Road, and Pigeon Post Freight Distribution leased 3,600 square feet at 1627 W. Grant Road. Max Fisher, with BRD Realty, handled the leases.

Tucson ADAS Calibration Center LLC leased 3,034 square feet of industrial space at South Dodge Business Center, 3631 E. 44th St., from Dodge Business Plaza Partners LLC. Robert Glaser and Paul Hooker, with Picor, handled the lease.

Bloomie’s Flowers leased a 2,410-square-foot building from Little Group LLC at 6852 E. Tanque Verde Road. Aaron LaPrise, with Picor, represented the landlord.

Quick Restore of Tucson LLC leased 2,340 square feet of industrial space at 3961 E. Speedway from Central Point Tucson LLC. Molly Mary Gilbert, with Picor, represented both parties.

Saguaro Learning LLC, dba Sylvan Learning of Central Tucson, leased 1,600 square feet of office space at 4500 E. Speedway from Presson Midway LLC. Robert Glaser and Paul Hooker, with Picor, handled the lease.

Kent Hush leased 1,440 square feet of industrial space at 1870 W. Prince Road from Exchange Partners LLC. Robert Glaser, with Picor, represented the landlord, and Mark Klase, with Tierra Antigua Realty, represented the tenant.

Keep Em Covered leased 1,250 square feet of retail space at 5921 E. 22nd St. from H.L.F. Properties Inc. Dave Hammack and Ryan McGregor, with Picor, represented the landlord. Eric Hutchens, with Hutch Companies LLC, represented the tenant.