In a $1.4 million deal, Charter School Capital Inc. acquired an 11,308-square-foot retail building at 3434 East Broadway in Tucson.
A former BASIS School, the outfit is located across from El Con Mall between Alvernon and Country Club, within close proximity of Reid Park and the University of Arizona.
Nancy McClure of CBRE represented Charter School Capital and structured the transaction.
The property will be occupied by Arizona College Prep Academy (ACPA), a Charter School which was previously located at 7444 East Broadway Blvd. ACPA is expected to move to the new facility this summer, in time for the 2013 – 2014 school year to commence in August.
In other news, KVOA.com reports that a new and improved version of Joaquin Murrieta Park is currently in the works.
In a public meeting held June 1 at El Rio Neighborhood Center, the City of Tucson Parks and Recreation Department unveiled a master-plan for the park’s redevelopment, to include a community pool, upgraded softball fields, a lighted soccer field and a plaza for community events.
The $11 million project is part of a broader revitalization scheme to encompass the entire Barrio Hollywood neighborhood, on Tucson’s west side. Other attempts aimed at revamping the area included a proposal to build a satellite campus for the Grand Canyon University which was eventually shelved after being met with fierce resistance by both preservationist groups and community residents who were worried about losing public space.
Project supporters hope they will get $5 million in the city’s next bond funding for kicking off phase one of the park’s redevelopment.
Rendering of Joaquin Murrieta Park site: City of Tucson