Macritchie Group recently acquired 15 acres of industrial land at Rita Ranch Commerce Center for $1.95 million. Jesse Blum and Paul Hooker, Principals and Industrial Specialists with Cushman & Wakefield | PICOR, represented the seller, an affiliate of Diamond Ventures, in this transaction. The purchased land, located at 9603 E Rita Commerce Drive, is positioned near major retailers like Lowe’s and Home Depot, making it an attractive location for Macritchie’s planned multi-tenant industrial outdoor storage facility. This development will be Macritchie’s third location in Arizona and first location in Tucson.
Tucson’s commercial real estate market is on the rise, with notable growth in the Rita Ranch area, located just southeast of the city. This vibrant neighborhood benefits from its proximity to major employers, including Amazon, Davis-Monthan Air Force Base, and the University of Arizona Tech Parks, which houses prominent companies such as Raytheon, Citi, and IBM. The area is also served by the nationally recognized Vail School District, making it an ideal location for families.
Rita Ranch’s residential landscape is rapidly evolving, with nearly 30,025 homes and a steady influx of new developments. The area’s retail sector is expanding as well, featuring the Houghton Town Center shopping center, which is anchored by Super Walmart, TJ Maxx, Ross, Petco, and many other popular retailers along with a variety of dining options. These attributes make Rita Ranch a prime destination for both residential and commercial growth, indicating a promising future for its real estate market.
The transaction carries a legacy as it was initially handled by C&W PICOR principal, the late Ron Zimmerman. Many in the industry remember Zimmerman for his exceptional work ethic, engaging storytelling, and his ability to make friends wherever he went. Joining PICOR in 2013, he brought over 30 years of experience in commercial real estate, having previously worked at Bourn Partners. He had an unparalleled transaction volume, including his work at Rita Ranch Commerce Center, where he originally listed the property in escrow. Although that deal fell through, it was revived this year in a larger build-to-suit arrangement with Diamond Ventures, led by Bill Kelley.
Working closely with Bill Kelley to ensure a successful transaction, Paul Hooker and Jesse Blum generously donated their compensation from the transaction to Zimmerman’s estate. This gesture not only honors Ron’s significant contributions during his time at PICOR but also reflects the profound impact he made on everyone at the company. As Bill Kelley expressed, ‘We miss him dearly.’ His legacy continues to inspire and resonate with all who knew him.
SOURCES:
Houghton Town Center, houghtontowncenter.com/. Accessed 19 Aug. 2024.
Schutte, Karen. “Macritchie Buys Land for Multi-Tenant Industrial Outdoor Storage in Rita Ranch Commerce Center.” Real Estate Daily News, 14 Aug. 2024, realestatedaily-news.com.
