Jim Koehler with Budget Hotel Management of Aberdeen is going to develop the northeast corner of East Medina Road and South Bay Colony Drive. "This was a marketed transaction and part of a land portfolio holding of the sellers," Howard Kong with CB Richard Ellis Tucson LLC tells GlobeSt.com.
Kong says he's not sure if Koehler is looking for additional sites in the metro, but does know it's the buyer's first closing. Budget Hotel Management's hotels fall into the affordable overnight and extended-stay brackets.
Kong says several offers came in for the land, which was listed at $3.25 per sf. He and CBRE brokers Robert Davis, Bill DiVito and Robin Lamont represented the seller, Rogers Real Estate Holdings of Tucson. The buyer was self-represented.
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