Elm Street, LLC, a prominent investor in Tucson’s Gem Show, has recently purchased several properties to create a large assembly for the Gem Show and related development purposes. Represented by Kameron Norwood, Cushman & Wakefield | PICOR’s Investment Sales & Leasing specialist, Elm Street, LLC’s first acquisition was of a 5,000-square-foot (SF) industrial property at 4550 S Country Club Rd. Phoenix Welding Supply, a small, well-established dealer specializing in welding equipment and other supplies, sits on the 1.1 acres which sold for $1.2 million.
In addition to this industrial property, Elm Street, LLC acquired two parcels of land at 3433 E Michigan St and 3441 E Michigan St. These parcels, totaling approximately 0.28 acres, were purchased for $175,000 (~$14.35/SF). These acquisitions contribute to a larger plan to list the warehouse, now enhanced by an additional yard space, once Phoenix Welding Supply’s lease is up and the current tenant vacates next year.
These purchases complete Elm Street, LLC’s assembly of 11.8 acres. The strategic value of this assembly is heightened by the planned ADOT I-10 interchange at Country Club Rd, which will take up 2 acres of this assembly, and is expected to be completed within the next five years. Additionally, the adjacent Mosaic Quarter development is contributing to a substantial increase in nearby land values.
(Photo Credit: ADOT.com)
