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

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Midstar Plaza

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Midstar Plaza, at 4500-4594 E. Broadway, sold to an investor for $5.5 million. The plaza has more than 50,000 square feet of space.

A midtown Tucson mixed-use plaza has been bought by a San Diego investor for $5.5 million.

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

Tenants include Opa’s Best, Polish Kitchen and C.I. Chu’s Mongolian Barbeque.

“Over time, the ownership successfully curated a tenant mix of national, regional and local businesses, enabling the center to enjoy stabilized occupancy even during COVID,” said Nancy McClure, with CBRE, who along with CBRE’s Newport, California, brokers Philip D. Voorhees, Jimmy Slusher and Sean Heitzler represented the local private sellers.

“Midstar’s location on Tucson’s prime retail and corporate office corridor, Broadway Boulevard, exposes the center to high traffic counts and a continual customer flow looking for unique restaurant offerings, merchandise and services,” McClure said.

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

Other recent commercial transactions include:

  • North Forbes LLC bought a 40,130-square-foot building in the Broadbent Business Center, 2106 N. Forbes Blvd., from 2106 N. Forbes LLC for $2.3 million. Stephen D. Cohen, with Picor, represented both parties.
  • Joe Rose LLC bought 8,246 square feet of multifamily space in Monaco Condos, 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 S.J. Fowler Real Estate Inc., represented the buyer.
  • Olavaquero LLC bought the 12-space 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.
  • M.A.V. Roofing LLC bought a 5,000-square-foot industrial building at 3640 S. Campbell Ave. from The Strauss Revocable Living Trust for $400,000. Paul Hooker, with Picor, represented the seller.
  • Goodwill Industries of Southern Arizona leased 25,008 square feet of industrial space at 2000 E. Silverlake Road from Cherrylake Partners LLC. Picor’s Stephen D. Cohen represented the landlord.
  • Arete Associates Inc. leased 21,000 square feet of industrial space in Research Plaza, 1671 S. Research Loop, from Tin Cup Properties LLC. Ron Zimmerman, with Picor, represented the landlord and Robert Davis, with Tango Commercial Real Estate, represented the tenant.
  • Titan Laboratories Tucson LLC leased 5,200 square feet of industrial space in Valencia Business Park, 2175 E. Valencia Road, from RAGA LLC. Stephen D. Cohen, with Picor, represented the landlord and Rick Borane, with Volk Co., represented the tenant.
  • ASM Systems LLC leased 4,560 square feet of industrial space in Clairemont Plaza, 1674 S. Research Loop, from Clairemont Partners LLC. Robert C. Glaser, with Picor, handled the transaction.
  • Thriveworks leased 1,709 square feet of office space in Miramonte Plaza, 3127 E. Second St. from Agare LLC. Molly Mary Gilbert and Brandon Rodgers, with Picor, represented the landlord. Bruce Suppes and Ian Stuart, with CBRE, represented the tenant.

Information for Tucson Real Estate is compiled from records at the Pima County Recorder’s Office and from brokers. Send information to Gabriela Rico, grico@tucson.com.

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