Tucson Real Estate: Midtown plaza sells for $5.5M to San Diego investors | Business News



Midstar Plaza, 4500-4594 E. Broadway, was sold to an investor for $ 5.5 million. The square has an area of ​​more than 50,000 square meters.


Courtesy of CBRE

A mixed-use space in Midtown Tucson was bought by a San Diego investor for $ 5.5 million.

Midstar Plaza, 4500-4594 E. Broadway, has more than 50,000 square feet of retail and office space.

Tenants include Opa’s Best, Polish Kitchen and CI Chus Mongolian Barbeque.

“Over time, the ownership has successfully curated a mix of national, state, and local businesses so the center can enjoy stabilized occupancy even during COVID,” said Nancy McClure of CBRE, who, along with Newport, Calif., CBRE, Philip D. Voorhees, Jimmy Slusher and Sean Heitzler represented the local private sellers.

“Midstar’s location on Broadway Boulevard, Tucson’s main corridor for retail and corporate offices, exposes the center to high traffic and a steady stream of customers looking for unique dining, goods and services,” said McClure.

The buyer, LBM Investments, was represented by Maha Odeh-Arnold of Zeal Property Group in San Diego.

Other current trading transactions are:

  • North Forbes LLC purchased a 40,130-square-foot building located at Broadbent Business Center, 2106 N. Forbes Blvd., for $ 2.3 million from 2106 N. Forbes LLC. Stephen D. Cohen represented both parties with Picor.
  • Joe Rose LLC purchased 8,246 square feet of apartment space in Monaco Condos at 1620 N. Wilmot Road from Murray Development Services LLC for $ 710,000. Allan Mendelsberg and Conrad Martinez with Picor represented the seller and David Walsh with SJ Fowler Real Estate Inc. represented the buyer.
  • Olavaquero LLC purchased the 12-lot Lee Street Mobile Home Park at 4344 E. Lee St. from Arivaca Group LLC for $ 460,000. Allan Mendelsberg and Conrad Martinez with Picor represented the buyer and Thomas De Sollar with Arizona First Properties LLC represented the seller.
  • MAV Roofing LLC purchased a 5,000-square-foot industrial building at 3640 S. Campbell Ave. from the Strauss Revocable Living Trust for $ 400,000. Paul Hooker and Picor represented the seller.
  • Southern Arizona-based Goodwill Industries has rented 25,008 square feet of commercial space from Cherrylake Partners LLC on 2000 E. Silverlake Road. Picor’s Stephen D. Cohen represented the landlord.
  • Arete Associates Inc. has rented 21,000 square feet of commercial space from Tin Cup Properties LLC at Research Plaza, 1671 S. Research Loop. Ron Zimmerman with Picor represented the landlord and Robert Davis with Tango Commercial Real Estate represented the tenant.
  • Titan Laboratories Tucson LLC has rented 5,200 square feet of commercial space from RAGA LLC in the Valencia Business Park, 2175 E. Valencia Road. Stephen D. Cohen represented the landlord with Picor and Rick Borane represented the tenant with Volk Co.
  • ASM Systems LLC has rented 4,560 square feet of industrial space at Clairemont Plaza, 1674 S. Research Loop, from Clairemont Partners LLC. Robert C. Glaser with Picor completed the transaction.
  • Thriveworks rented 1,709 square feet of office space at Miramonte Plaza, 3127 E. Second St. from Agare LLC. Molly Mary Gilbert and Brandon Rodgers represented the landlord with Picor. Bruce Suppes and Ian Stuart with CBRE represented the tenant.

Information for Tucson Real Estate is compiled from records in the Pima County Recorder’s Office and from real estate agents. Send information to Gabriela Rico, [email protected]