Tucson ranks among hottest rental markets in nation | Construction / Real Estate

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It is no news that the Tucson housing market is firmly in the hands of sellers; Homes for sale can get more than a dozen offers in their first few days on the market, often tens of thousands more than the price. However, a new report from RENTCafé shows that midsize markets like Tucson are also leading in rental competition leadership, driven by the housing market.

The market report, “The Hottest US Rental Markets: Mid-sized Hubs Take the Lead in Competitiveness,” found that 96% of Tucson homes are occupied by an average of 14 potential tenants per home, making Tucson the 15th most competitive rental home in the market Nation. This puts Tucson next to cities like Colorado Springs, Boise and Sacramento.

In Tucson, too, homes were empty for an average of 31 days. That is more than a week less than the national average of 39 days. Nationally, 94% of the lettings were occupied, with an average of 11 tenants per apartment.

“The largest markets and the surrounding suburbs show that tenants are clearly looking for more square feet or more amenities for the same price within and near these centers. Residents of large gateway markets ‘trade’ and with home work guidelines, Exurb locations near those areas benefit from this behavior, ”said Doug Ressler, manager of business intelligence at Yardi Matrix, a real estate company. “The current climate increasingly indicates that the economy will grow in 2021 and that the housing market offers considerable and risky potential.”

Phoenix also made it into the ranking, it continues. The rapid growth of the Arizona job hub has attracted more and more renters from the surrounding states in recent years. Most recently, the emerging tech sector of the market has given the region a new nickname, the “silicon desert,” while the local economy weathered the pandemic better than other major markets.

sales

Equilibrium QOZB II D, LLC purchased 10,500 square feet of retail space in downtown Tucson, in the Historic Fourth Avenue District. The four locations 600, 602, 604 and 606 N. Fourth Ave. were acquired by Ten Fifteen Two and Four Partnership for $ 465,000. Cushman & Wakefield | PICOR completed this transaction. Greg Furrier, Retail Specialist, represented the seller; Allan Mendelsberg and Conrad Martinez, specialists for apartment buildings, represented the buyer.

Tin Cup Properties, LLC purchased 6,400 square feet of industrial space at 500 E. 29th St., Tucson. The commercial property was purchased from Helen L. Cooke for $ 401,000. Ron Zimmerman, Principal and Industrial Specialist at Cushman & Wakefield | PICOR represented the buyer in this transaction. Timothy Bathen of Arizona Acquisition Strategies was representing the seller.

VOLK Company’s Rick Borane represented The Estate of Thomas C. Avery on the sale of approximately 15,000 square feet of land with approximately 2,910 square feet of building improvements at 1024 South Plumer Avenue to 1024 South Plumer Avenue LLC for $ 275,000.

DavRiCO, LLC acquired 1.66 acres of commercial property at 3901 and 3941 S. Kolb Road. The vacant lot was purchased by Kolb Boneyard, LLC for $ 145,000. Ron Zimmerman, Principal and Industrial Specialist at Cushman & Wakefield | PICOR represented the seller in this transaction. The buyers were Julian Willetts and John Hamner, CCIM, with RE / MAX Excalibur.

The VOLK Company agents, Brenna Lacey and Joey Castillo, handled the sale of an approximately 9,175 square foot multi-tenant retail building on 1570 East Tucson Marketplace Boulevard within the Tucson Marketplace at the Bridges. Fullerton Tucson Marketplace, LLC was sold to R & P Properties, LLC for $ 3,075,000. The stores are next to Costco on the project’s main drag and tenants included NextCare, GNC and AT&T.

Debbie Heslop, CCIM, of VOLK Company represented Prince Road Professional Plaza, LLC and 2020 Prince Road Professional Plaza, LLC on the sale of an approximately 2,337 square foot building on East Prince Road in 2020 to 2020 E. Prince, LLC for a price of 220,300 U.S. dollar. The buyer was represented by Jon O’Shea from Vast Commercial Real Estate.

Rental agreements

West Coast Wheel Accessories extended its lease with Costa Verde Investments, LLC for 1,500 square feet of commercial space in Romero-Prince Business Park, 3538 N. Romero Rd., Suite 160, Tucson. Ron Zimmerman, Principal and Industrial Specialist at Cushman & Wakefield | PICOR represented the landlord in this transaction.

HDPE Fusion, LLC rented 1,500 square feet of industrial space from Tic Tac Properties, LLC at the Tucson Industrial Center, 4141 E. Tennessee St., Suite 171, Tucson. Cintya Denisse Angulo Garcia, Commercial Specialist at Cushman & Wakefield | PICOR represented the landlord in this transaction.

Acceptance Insurance Agency of Tennessee, Inc. rented 1,365 square feet of retail space at the Speedway Center, 3021 E. Speedway Blvd. in Tucson, from Mahoney Family Partnership. Greg Furrier, Principal and Retail Specialist at Cushman & Wakefield | PICOR represented both parties in this transaction.

Jeramy Price of VOLK Company represented landlord Peart Plaza LLC on the rental of approximately 2,023 square feet on 1485 East Florence Boulevard in Casa Grande to ATI Holdings of Arizona LLC.

Brademann Corp., d / b / a Connect Chiropractic, has rented 1,190 square feet of office space from the JGBST Trust at 5719 E. 5th St., Tucson. Ryan McGregor and Molly Mary Gilbert, office specialists at Cushman & Wakefield | PICOR represented the landlord in this transaction. Juan Pantoja with Grimm Commercial represented the tenant.

Debbie Heslop, CCIM, of VOLK Company represented O’Reilly Auto Enterprises, LLC on the approximately 8,000 foot lease at 1535-1543 West St. Mary’s Road of Tucson St. Mary’s Plaza, LLC. The landlord was represented by Dave Hammack from Cushman & Wakefield | PICOR.

VOLK Company’s Joey Castillo represented landlord Montesa Plaza, LP, on the approximately 900 square feet lease at 50 South Houghton, Suite 150, within Montesa Plaza to Robert D. Chasan II for use as an insurance office.

Incandescent Skin, LLC has rented 986 square feet of office space from El Dorado Ventures, LLC located at El Dorado Square, 1200 N. El Dorado Pl., Suite D-410, Tucson. Thomas J. Nieman, Headmaster, and Molly Mary Gilbert, Office Specialist at Cushman & Wakefield | PICOR represented the landlord in this transaction. Christopher Irvin with Mark Irvin Commercial Real Estate Services represented the tenant.

Joey Castillo of the VOLK Company represented Chickadees of Tucson, LLC as a tenant in a lease with Broadway / Camino Seco, LLC as the landlord for a 1,392 square meter building on 8555 East Broadway Boulevard for use as a family restaurant.

Evans Insurance & Financial Services, LLC rented 897 square feet of office space from LLJ Holdings, LLLP, at La Officina, 8750 E. Speedway Blvd., Suite 120, Tucson. Molly Mary Gilbert and Ryan McGregor, office specialists at Cushman & Wakefield | PICOR represented the landlord in this transaction. Rosemary Lacy of Long Realty Company represented the tenant.

Oil Changer Acquisition Corp., d / b / a Oil Changers, rented 710 square feet of office space from Rodgers Investment Fund II, LP, 2231 N. Indian Ruins Rd., Suite 4, Tucson. Ryan McGregor and Molly Mary Gilbert, office specialists at Cushman & Wakefield | PICOR represented the landlord in this transaction.

Scott Rosen Insurance Agency, LLC rented 604 square feet of office space at 2292 W. Magee Rd., Suite 130, Tucson, from Magee Marquez, LLC. Molly Mary Gilbert, Office Specialist at Cushman & Wakefield | PICOR represented both parties in this transaction.

Jeramy Price of VOLK Company represented 646 Fitness, LLC as a tenant on a lease with Continental Professional Plaza, LLC as the landlord for approximately 3,093 square feet at 8555 North Silverbell Road. The room is used as a crossfit gym.

Catalina Glass, LLC rented 805 square feet of industrial space from Presson Midpoint, LLC in the Midpoint Business Center, 3933 E. 29th St., Suite 502, Tucson. Robert C. Glaser, SIOR, CCIM, and Paul Hooker, Principals and Industrial Specialists at Cushman & Wakefield | PICOR represented the landlord in this transaction.

Center 4 Stress Reduction, PLLC rented 560 square feet of office space from Rodgers Investment Fund II, LP, at 2231 N. Indian Ruins Rd., Suite 3, Tucson. Molly Mary Gilbert and Ryan McGregor, office specialists at Cushman & Wakefield | PICOR represented the landlord in this transaction. Jesse Blum and Alex Demeroutis from CBRE represented the tenant.

Bella’s Clothing, LLC rented 458 square feet of office space from MJ 96, LLC at the Magee Center, 2262 W. Magee Rd., Suite 3, Tucson. Molly Mary Gilbert, Office Specialist at Cushman & Wakefield | PICOR represented both parties in this transaction.

Mark E. Monier, d / b / a Monier Insurance, extended his lease with El Dorado Ventures, LLC for 275 square feet of office space at El Dorado Square, 1200 N. El Dorado Pl., Suite D-430 in Tucson. Thomas J. Nieman, Headmaster, and Molly Mary Gilbert, Office Specialist at Cushman & Wakefield | PICOR represented the landlord in this transaction.

VOLK Company’s Brenna Lacey represented Macarthur Tucson, LLC on the sale of an approximately 24,260 square foot building in 345 East Toole to Moreno Valley Gateway, LLC for $ 4,600,000.

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