Local Group Buys 22,289 SF Downtown Parking Lot for $1.78M
- May 08, 2015
A parking lot at the intersection of Broadway Boulevard and Stone Avenue in Tucson changed hands recently.
Swain Chapman, owner and managing member of Chapman Management Group, sold the property to a team of Tucson-based investors. Art Wadlund of Hendricks & Partners and President Rob Caylor of Robert Caylor Construction Co. acquired the 22,289-square-foot asset for $1.78 million, or $80 per square foot, according to Real Estate Daily News. As licensed real estate brokers, both parties represented themselves in the transaction.
Located at 62-74 West Broadway at the southwest quadrant of the intersection, the parking lot is adjacent to One South Church, the landmark high-rise office tower widely known for being the tallest building in downtown Tucson. Just minutes of Interstate-10 along the new Sun Link Modern Streetcar route, the site is situated in one of Tucson’s major employment centers along with the University of Arizona and Tucson International Airport.
The investors plan to add a six-story Class A building to the site. The mixed-use asset would be designed to match the “One East” building on the opposite quadrant, which is also the result of a Wadlund–Caylor cooperation. The existing configuration at One East comprises 24 apartment units, a total of 29,374 square feet of office space, ground-level retail and access-controlled garage parking. According to a source, office space would be dropped from the new building’s plans in favor of 40 more residential units. The developers also intend to apply for a permit to the City of Tucson and change the current address to “Two West” Broadway.
Photo credits: Property Solutions International, Inc.