Tucson shopping center sold, rebranded and opening several new businesses
A midtown Tucson shopping center has been sold and will be renovated and rebranded.
Larsen Baker, through its affiliate Broadway Investment Group LLC, bought the 86,500-square-foot shopping center at 5355-5455 E. Broadway for $14.9 million.
Two future drive-thru buildings will be added, a Starbucks Coffee currently under construction and a to-be-named restaurant.
The shopping center, at the corner of Broadway and Craycroft Road, will undergo an exterior renovation and rebranding to Broadway Crossing. A new line up of retail tenants will open for business in 2022.
Davis Kitchens and Sherwood Cabinets will have a retail showroom grand opening in the former Toys R Us building in January. Cycle Gear, a motorcycle accessories retailer, will open a 9,000-square-foot store in 2022.
“We are excited to reintroduce this great retail corner to Tucson.” said Melissa Lal, Larsen Baker’s co-owner and president. “With new high-energy restaurants, a new slate of retail stores and a new look, Broadway Crossing will become another great shopping destination at the intersection.”
Larsen Baker was represented by its broker, Isaac Figueroa. The seller, SDR Associates LLP, was represented by JVI Brokerage.
Other recent commercial transactions include:
- Amerco Real Estate Co. bought 6.86 acres of land at 115 W. Duval Mine Road from Park Corp. for $3.4 million. Lane Neville and Logan Crum, with NAI Horizon, handled the sale.
- The 30-unit Campbell Plaza Garden Apartments, 1811 E. Blacklidge Drive, sold for $2.7 million. Joseph Chaplik, with Joseph Bernard Investment Real Estate, represented the buyer, 5330 Bellevue Investments LLC, and the sellers, MLIII Investments LLC and Clinton Venture LLC.
- Nevada investors bought the 14-unit Devon Apartments, 3706 E. Fairmount St., for $1 million. ABI Multifamily brokerage handled the sale.
- Seven Eight Investments LLC bought 3,900 square feet of retail space at 821 W. Grant Road from Vitaliy V Melkumov and Diana Melkumov for $490,000. Rob Tomlinson, with Picor, represented the buyer and Chuck Corriere, with Keller Williams Commercial, represented the seller. The property will be the new home of Tucson Collision Specialists.
Information for Tucson Real Estate is compiled from records at the Pima County Recorder’s Office and from brokers. Send information to Gabriela Rico, firstname.lastname@example.org
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