TUCSON—Berkadia Commercial Mortgage LLCannounces the sale of Zona Rio, located at 1001 West St. Mary'sRoad in Tucson. Senior partner Art Wadlund andassociate Clint Wadlund of Berkadia's Tucsonoffice negotiated the transaction.
Zona Rio sold for $9.7 million. The sales price reflects aper-unit price of $46,381, or $74 per square foot.
Clint Wadlund tells GlobeSt.com, “The submarketis really strong—it's one of the hottest markets, right near thenew, modern streetcar path that goes right up to the University ofArizona. There are hundreds of millions of dollars ofamenities—restaurants, student housing, multifamily,shopping, housing and entertainment in the area. It's a market rateproperty—about 40% students—so it's a great property for thatmarket.”
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