La Suprema Historic Property & Parking Lot

319 W Simpson, Tucson, AZ 87501

Project Description

Co-working / Events Space with Redevelopment Parcel

Once a Chinese Market and later a famed tortilla factory, the 1900’s adobe structure had fallen into serious disrepair and was in desperate need of stabilization, restoration and re-visioning to its new highest and best use. Months of planning and design work went into finding a way to feature the historic elements of the building while adapting in all new systems and structures. The historic adobe was carefully restored, original door and window openings unearthed, and custom wood doors and windows made to fit the exact specifications of the original openings. New lime plaster was then applied in a traditional way to protect and enhance the adobe walls. All new plumbing lines were installed, new electrical service and distribution, Ethernet and Wi-Fi systems, zoned HVAC systems, roof, and insulation were all redone. Careful consideration was made with interior finishes to ensure the best office conditions possible by installing upgraded sound proofing drywall and dual pane commercial storefront office doors. A mix of different sized private offices, small meeting rooms, open workspaces, conference rooms provide maximum flexibility to a wide range of users.

  • Extensive renovations completed to the property with $500K+ in capital improvements
  • Located minutes from Downtown Tucson within the Barrio Viejo neighborhood
  • This full service co-working and events space has a variety of offices, meeting rooms, resident & flex desk options
  • This is a fantastic location has seen strong rent and population growth
  • Close proximity to The University Of Arizona

Property Highlights

  • 100% Occupied NNN Investment
  • Leased through 2024
  • Proforma Cap rate of 5.49%
  • Rental bumps of +3% every year through life of lease
  • Current tenant has 5-year renewal option
  • Sale includes building & adjacent parking lot
  • Opportunity to Redevelop adjacent parking lot
  • Conceptual Developments & Preliminary Entitlements available upon completion
  • Current tenant willing to vacate to facilitate potential owner user scenario

Redevelopment Opportunity

Conceptual Development & Preliminary Entitlements:
Entails the architectural exploration and development of a Multifamily Development project on the noted site relative to the constraints of the site and contextual area. The development will be designed relative to the existing zoning conditions and a cursory study of those requirements.
Documents prepared for Package A will include:

  • Project Site Plan based on existing documents
  • General Building Floor plans and Unit Plans
  • Artistic Renderings of the exterior conditions

It should be noted that the documents produced for Package A are preliminary documents not for permit. These documents may be used in the future to develop the project for full entitlements, but they do not entail an approved set or set for construction. The document set will be vetted through the owners representative and the City of Tucson through their preapplication process.

Offering Memorandum

Parking Lot / Redevelopment Parcel

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