Lippow Development Co. of Martinez, CA, took the keys to 7350 N. La Cholla Blvd. in a deal with sellers John Jump and Perry Bassett, both of Tucson. The sellers developed the three-tenant property, located in an Albertsons-anchored shopping plaza across from the Foothills Mall, in 2002. The 7,466-sf property is fully leased to Verizon, Quiznos and Mosaic Cafe Dos.
Jamie Medress with Marcus & Millichap's Phoenix office tells GlobeSt.com that the seller chose Lippow Development out of four other bidders because of their all-cash offer and their "proven track record in Tucson." The two investors currently own an apartment complex in that city. Medress, along with Steve Gonzalez, also with Marcus & Millichap, represented both parties in the lease negotiations.
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