{"id":1004119115,"date":"2015-05-08T14:28:06","date_gmt":"2015-05-08T22:28:06","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=346107"},"modified":"2025-02-25T23:20:05","modified_gmt":"2025-02-26T07:20:05","slug":"local-group-buys-22289-sf-downtown-parking-lot-for-1-78m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/local-group-buys-22289-sf-downtown-parking-lot-for-1-78m\/","title":{"rendered":"Local Group Buys 22,289 SF Downtown Parking Lot for $1.78M"},"content":{"rendered":"

By Balazs Szekely, Associate Editor<\/em><\/p>\n

\"\"<\/a><\/p>\n

One East, as seen from the future construction site<\/p>\n<\/div>\n

A parking lot at the intersection of Broadway Boulevard and Stone Avenue in Tucson changed hands recently.<\/p>\n

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 \u00a0Rob Caylor of Robert Caylor Construction Co. acquired the 22,289-square-foot asset for $1.78 million, \u00a0or $80 per square foot, according to Real Estate Daily News<\/a>. As licensed real estate brokers, both parties represented themselves in the transaction.<\/p>\n

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\u2019s major employment centers along with the University of Arizona and Tucson International Airport.<\/p>\n

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\u2013Caylor 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\u2019s 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. <\/em><\/p>\n

Photo credits: Property Solutions International, Inc.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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 Company 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, bothparties represented themselves in the transaction.<\/p>\n","protected":false},"author":35,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[1815],"class_list":["post-1004119115","post","type-post","status-publish","format-standard","hentry","category-latest","tag-national"],"acf":[],"yoast_head":"\nLocal Group Buys 22,289 SF Downtown Parking Lot for $1.78M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/local-group-buys-22289-sf-downtown-parking-lot-for-1-78m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Local Group Buys 22,289 SF Downtown Parking Lot for $1.78M\" \/>\n<meta property=\"og:description\" content=\"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 Company acquired the 22,289-square-foot asset for $1.78 million, or $80 per square foot, according to Real Estate Daily News. 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