The Hacienda Motel at 1742 North Oracle in Tucson sold for $2.85 million ($157 PSF). The 51-room motel sold to Colonia Properties TIC II, LLC of Los Angeles, CA. The buyer plans to convert the property into apartment units.
Built in 1946, the 18,199 square-foot motel is located at the southwest corner of Lester and Oracle Road in Tucson with onsite laundry and a pool as amenities. The property had recent capital improvements.
The historic neon signs in the front of the Hacienda Motel are reminders of the days when such signs lit up the night along the Miracle Mile entryway into Tucson and the days of two-lane highway travel of the 1940s and ’50s.
Allan Mendelsberg and Conrad Martinez from Cushman and Wakefield | PICOR handled the transaction for buyer and seller, Oasis Living, also from Los Angeles, CA.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.