CBRE has been awarded the marketing assignment for several major land parcels in Tucson Arizona owned by the City of Tucson which have been declared surplus by Mayor and Council. The first three parcels, located at the northeast, southeast and southwest corners of the new Kino Parkway Overpass and 22nd Street intersection, were brought to market this week. Ian Stuart, Ben Becker and Adam Becker with CBRE’s Tucson office will handle the marketing assignment for the City.
CBRE was retained by the City in March of 2012 to identify and categorize its inventory of surplus properties. That task is now complete and CBRE has been engaged to market those parcels categorized as “major sites.” The city has retained Tierra Right of Way to help dispose of other, smaller lots.
“The City of Tucson owns some highly desirable land parcels within its city limits and we believe the timing is good to bring them to market in this improving economy,” said CBRE’s Ian Stuart, vice president, brokerage services “The citizens stand to benefit when these properties are returned to the tax rolls and developed to their highest and best use.”
“The City of Tucson Real Estate Program is excited to be working with the professional team at CBRE to assist in the sale of some of the City’s more prominent surplus parcels,” said Hector Martinez, Director of the City’s Real Estate Program. “The 22nd Street and Kino Boulevard parcels will be our first test at implementing an efficient, nation-wide marketing program that hopes to identify significant developers that can bring new development opportunities to Tucson.”
The first three parcels, totaling just over 10 acres, were acquired for the Kino Overpass project and will be surplus when the project is completed later this year. The three sites are all zoned predominantly medium density residential and are just east of the highly successful Retreat student housing complex which was fully leased prior to opening. However, given the visibility and proximity of the sites to traffic on the new interchange, the City has indicated a willingness to entertain rezoning for certain commercial uses. Each parcel has been appraised individually and prospective buyers may offer to purchase one, two or all three parcels.