A foothills complex is being converted to high-end office space and will get a second story.
Tucson-based Larsen Baker bought Gallery Row, a 22,500-square-foot commercial property at the northeast corner of Skyline Drive and Campbell Avenue. It was purchased from an investment trust, serviced by CIII Capital Partners, for $3.8 million.
The center will grow by about 5,000 square feet with a second-story addition and be renamed Gallery Offices, said Andy Seleznov, executive vice president with Larsen Baker.
The first two tenants will be Stewart Title & Trust and Skyline Dental. Both have signed leases and are to open over the coming months.
Built in 1999, Gallery Row was home to many prominent art galleries including Diana Madaras and Wilde Meyer Gallery, and restaurants including Soleil, Sur Real, and Acacia.
“This investment for us is first and foremost about location,” said Melissa Lal, president of Larsen Baker. “Rather than continuing to compete with the newer retail at the intersection, we saw an opportunity to create beautiful offices with views, signage and convenient access for the high-end office users that want to be close to their clients.”
The property redesign, renaming and rebranding will be completed in conjunction with the local architectural design firm Repp + Mclain.
Other recent commercial transactions include:
- ZFI LLC and KMS Properties LLC bought Montclair Apartments, a 61-unit apartment complex at 811 and 835 N. Alvernon Way, from Montclair by Bakerson for $3.2 million. Allan Mendelsberg, with Picor, handled the sale.
- Dairy Place 1771 LLC bought a 2,800-square-foot industrial building at 1771 W. Dairy Place from Luscombe LLC for $650,000. Paul Hooker, with Picor, represented the buyer.
- Desert Gold 4845 LLC bought 1.33 acres of vacant land at 4845 N. Desert Gold Place from Luscombe LLC for $250,000. Paul Hooker, with Picor, represented the buyer.
- Zimmer US Inc. leased 3,300 square feet at 2460 W. Ruthrauff Road from Presson Scottsdale LLC. Rob Glaser and Max Fisher, with Picor, represented the landlord. Pat Welchert, with Alpha Commercial, represented the tenant.
- Northgate Plaza Shopping Center at Grant Road and Alvernon Way has signed two new tenants. Tax Services of America, doing business as Jackson Hewitt Tax Services, leased 2,600 square feet, and Hair Land Plus Inc., doing business as Hair Club Beauty Supply, leased 2,500 square feet. Nancy McClure, with CBRE, represented the landlord, STROMIGA LP.
- Starbucks Coffee Co. leased 2,200 square feet at the southwest corner of Stone Avenue and River Road from Brixmor Holdings 1 SPE LLC. The store will be a freestanding building with a drive-through lane and replace the Starbucks store at that intersection. Greg Furrier, with Picor, represented the tenant.
- Dynamic Manufacturing and Engineering LLC leased 2,100 square feet at 4101 S. Longfellow Ave. from Longfellow Commercial LLC. Max Fisher, with Picor, handled the lease.
- C.H. Robinson Worldwide Inc. leased 2,557 square feet at 333 E. Wetmore Road. Phil Skillings and Andrew Sternberg, with NAI Horizon, represented the landlord, and Ryan McGregor and Leah Larson-Taylor, with Picor, represented the tenant.