C-III Capital Partners Sells Arizona Property for $3.8 Million

Posted by on Feb 20, 2019

Gallery Row, a 22,500-square-foot commercial property at the northeast corner of Skyline Drive and Campbell Avenue in Foothills, was purchased by Tucson-based Larsen Baker. The complex, which was originally built in 1999, will expand by 5,000 square feet with a second-story addition. Historically home to many prominent art galleries and restaurants, the space will transform into several high-end offices under the name Gallery Offices. The first two tenants of the space are Stewart Title & Trust and Skyline Dental. Both businesses have signed leases and are expected to open in the coming months.

Melissa Lal, President of Larsen Baker, stated, “Rather than continuing to compete with the newer retail at the intersection, we saw an opportunity to create beautiful offices with views, signage and convenient access for the high-end office users that want to be close to their clients.”

The property was purchased for $3.8 million from an investment trust, serviced by C-III Capital Partners, a fully-diversified asset management and commercial real estate services company. Andrew Farkas, CEO of C-III Capital Partners, is responsible for the immense success the company has had in investment sales and acquired property management. Farkas also serves as Chairman for C-III Capital Partners.

The property redesign, renaming, and rebranding will be completed in conjunction with Repp + Mclain, an architectural design firm local to Tucson, Arizona. Repp + Mclain specializes in creative and constructible design solutions. Their mission is to make modern spaces that enhance the environment and the lives of those they touch.

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