Congratulations to Mike Gross of Tucson Realty & Trust Co. for closing the sale of Broadway Tower at 4400 E. Broadway Blvd in Tucson, Arizona for $8.125 Million.
The Class-A, 8-story office tower closed yesterday for $8.125 million ($67 PSF). The 121,300 rentable-square-feet tower was built in 1969, with elevators and the 8,200-square-foot basement combined with the 8-stories, the gross building size is closer to 132,000-square-feet and sits on a 4.57 acre lot.
Mr. Gross has represented the building for over 30 years and has sold it three times in that time. The Kivels bought it in 1998 and prior to that, Gross sold it in 1995. Mr. Gross has been retained by the new owner to continue management and leasing of the property.
The investor is 4400 Broadway, LLC (Daniel Norville, manager) of Phoenix who plans to spend an additional $1 million in upgrades to the lobby, for lighting and other cosmetic improvements. The building was 70% leased at closing, and should have 78% occupancy shortly based on potential leases out for signature. Tenants include Bank of Tucson in 16,000-square-feet, Power Physics in 9,000-square-feet, a health spa in the west wing, a full service restaurant and hair salon are in the building, and Congresswoman-elect Martha McSally has her office here in 3,800-square-feet.
The property has more than ample parking with 490 spaces and a 1:240 parking ratio.
The seller, 4400 Tower, LLC (Robert & Alvin Kivel, members) of Tucson was represented by Michael Gross of Tucson Realty & Trust Co. and Rick Kleiner of Cushman & Wakefield | Picor of Tucson. The buyer was self-represented in the transaction.
To learn more Mike Gross can be contacted at 520.577.7000 while Rick Kleiner can be reached at 520.546.2745.
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