Posted on: December 6, 2021 Posted by: Ariel Tattum Comments: 0

A busy holiday shopping season is a silver lining for retail real estate, according to a new report from real estate services company CBRE. In their annual Holiday Trends report, CBRE reports that more consumers plan to shop in department stores than online as compared to last year, which may boost demand for retail real estate.

“Tucson retailers are already starting to welcome holiday shoppers looking to purchase gifts in-person rather than chancing delivery delays from online orders closer to the holidays,” said Nancy McClure, first vice president with CBRE in Tucson. “This trend is driving increased foot traffic to Tucson’s retail centers, which, in turn, should positively impact spending at our local retailers and restaurants.”

Despite challenges like lingering coronavirus and the oft-discussed supply chain delays, the report forecasts total holiday sales to increase between 7% and 10.5% this year. Brick-and-mortar retail sales are expected to rise by 8% this season, which would be a 10-year high. In total, brick-and-mortar are expected to make up roughly 80% of holiday sales, resulting in approximately $640 billion. 

“Despite disruption from the COVID-19 pandemic, the retail real estate sector is well on the road to recovery. The retail availability rate is nearing a long-term low after four consecutive quarters of positive net absorption,” the report says. “Despite potential challenges, the 2021 holiday season should generate record sales volume and go a long way toward improving retail real estate fundamentals.”

 

To read the report, visit cbre.com/insights/briefs/2021-holiday-shopping-trends

 

SALES

 

Tucson Logistics Land, LLC purchased 9.07 acres of land from Butterfield Tucson Limited Partnership, and 2.296 acres of land from Stewart Family Limited Partnership. Both parcels are located at Butterfield Business Center, Lot D, in Tucson. The purchaser plans to build a 194,750-square-foot industrial building for lease on the site. Robert C. Glaser, SIOR, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, represented the seller. Stephen D. Cohen, Industrial Specialist with Cushman & Wakefield | PICOR, represented the buyer in this transaction, and will represent the project leasing as well.

 

Jeramy Price of VOLK Company represented the purchaser, Main Street Town Center, LLC in the purchase of an approximately 1,650 square foot office condo 5956 E. Pima Street, Suite 120, from Michael H. Strauss for a purchase price of $200,000.

 

Sunbelt 2, LLC purchased 60.92 acres of industrial land at Sunbelt Industrial Center, Rita Ranch Lot 2, East Old Vail Road in Tucson, from JKKAP, LLC for $1,350,000. Stephen D. Cohen, Industrial Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction. Max Fisher with BRD Realty represented the purchaser, who will develop industrial buildings on the site.

 

Rick Borane of VOLK Company represented the seller, Loon Lake LLC, in the sale of the approximately 7,000 square feet of land with approximately 3,000 square feet of building improvements at 103 N. Park Ave. to Emet, LLC for a sale price of $980,000.

 

Brighton Holdings purchased 0.42 acres of land at Mercado at Canada Hills Lot 9 in Oro Valley, from La Canada Land Holdings, LLC for $525,000. Molly Mary Gilbert, Office Specialist with Cushman & Wakefield | PICOR, and Brandon Rodgers with BRD Realty, LLC, represented the buyer in this transaction. Barry Kitay with Whirlygig Properties, LLC, represented the seller.

 

Paleteria y Neveria La Michoacana, LLC purchased 2,247 square feet of retail space at 3102 E. 22nd Street in Tucson, from MEGB, LLC for $700,000. Jose Dabdoub, Industrial Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction. Cintya Denisse Angulo Garcia, Commercial Specialist with Cushman & Wakefield | PICOR, represented the buyer. 

 

 Zacharias Rodriguez purchased a retail restaurant property located at 5801 S. Palo Verde Rd. in Tucson. The 4,015-square-foot, single-tenant building was purchased from the Estate of Timothy R. Lindblad for $285,000. Andy Seleznov, CCIM, Retail Specialist and Ron Zimmerman, Principal, and Industrial Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction. 

 

Leases

 

Paragon Space Development Corporation leased 58,115 square feet of industrial space at Britannia Business Center, 3400 E. Britannia Drive, in Tucson, from Britannia Business Center, LLC. Jesse Blum, Industrial Specialist with Cushman & Wakefield | PICOR, represented both parties in this transaction. 

 

Volk Company agents, Joey Castillo and Jeramy Price represented the landlord, Casa 2905, Inc. in the lease of approximately 1,000 square feet at 2901 E. Speedway Blvd. to Marvelous Vintage, LLC to be used for a vintage clothing shop, and in the lease of approximately 1,000 square feet at 2903 E. Speedway Blvd. to Most Valuable Purchase, LLC to be used for the sale of collectible toys and hobby items. The property is now fully leased.

 

Relax the Back leased 5,975 square feet of retail space from River Equities, LLC, located in River Village Shopping Center, 5068 N. Oracle Road in Tucson. Dave Hammack, Principal, and Retail Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Ben Craney with NAI Horizon, Tucson, represented the tenant. 

 

VOLK Company agents Debbie Heslop, CCIM, and Joey Castillo handled a lease between Rancho Center, LLC as landlord and Desert Spin, LLC as tenant for approximately 1,950 square feet at 3400 E. Speedway Blvd., Suites 116-118, within Rancho Center.

 

Signal Power Group Operating, LLC leased 3,830 square feet of industrial space at Oro Valley Commerce Center, 10861 N. Mavinee Drive, Suite 163 in Tucson, from SN Investment Properties, LLC. Jesse Blum, Industrial Specialist, and Alex Demeroutis, with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Thomas Hunt with Tango Commercial Real Estate, represented the tenant. 

 

Joey Castillo of VOLK Company represented the landlord, Ajo Business Center Limited Partnership, in the lease of approximately 3,250 square feet at 1301 East Ajo Way, Suites 111-113, to Crystal Council, LLC.

 

Deb Waterbury, LLC, leased 3,327 square feet of office space from CALDOR Investments of Arizona, LLC, located in the Ina Corporate Center, 3275 W. Ina Rd., Suite 275 in Tucson. Thomas J. Nieman, Principal, and Office Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Alexis Ryland with Buzz Isaacson Realty, LLC, represented the tenant. 

 

Solutions Management Group, Inc., d//b/a ThinkSpace Executive Suites, leased 3,301 square feet of office space located at 10371 N. Oracle Road, Suite 201 in Oro Valley, AZ., from The Lake Investment Group, LLC. Thomas J. Nieman, Principal, and Office Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. 

 

Joey Castillo of VOLK Company represented the tenant, Suite 103, LLC, in the lease of approximately 1,580 square feet at 3210 E. Fort Lowell Road, Suite 103, from Hazen Enterprises, Inc. to be used for a wellness center.

 

Natalie Kaplan leased 1,200 square feet of industrial space at Midway Business Park, 4500 E. Speedway Blvd., Suite 57 in Tucson, from Pegasus Tucson Owner LLC. Paul Hooker, Principal, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction. 

 

Scott Haddock leased 1,200 square feet of industrial space at Midway Business Park, 4500 E. Speedway Blvd., Suite 56 in Tucson, from Pegasus Tucson Owner LLC. Paul Hooker, Principal, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction. 

 

Maxim Healthcare Services, Inc. renewed their lease with KCI-Broadway, LLC, Scott Seldin-Broadway, LLC, Belmont-Broadway, LLC, and Tucson 5151 Investments, LLC., for 7,267 square feet of office space located at 5151 E. Broadway Blvd., Suite 1100 in Tucson. Richard M. Kleiner, MBA, and Thomas J. Nieman, Principals, and Office Specialists, with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Peter McGill with Cushman & Wakefield U.S., Inc., Baltimore, represented the tenant. 

 

1st Choice Pools Building & Design, LLC, leased 1,200 square feet of retail space from River Equities, LLC, located in River Village, 5028 N. Oracle Rd. in Tucson. Dave Hammack, Principal, and Retail Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction.  

https://www.insidetucsonbusiness.com/construction_real_estate/in-holiday-trends-guide-cbre-expects-brick-and-mortar-sales-to-surge/article_183af60e-4d31-11ec-bdcd-9f6185e84874.html