Tucson Nonprofits Take Advantage of Market

Although the purchases were independent of one another and don't necessarily signal a trend, two nonprofit groups, Goodwill Industries of Southern Arizona and the American Red Cross Arizona Blood Services, recently acquired Tucson, Ariz., commercial property in transactions that their brokers describe as “prudent and very forward thinking.”

For $300,000, Goodwill bought 2.49 acres of raw land. The Red Cross bought a 60,000 square-foot building for $5.3 million—$2.8 million less than the original asking price. When developed, Goodwill will have a “campus-style corporate center” that includes administrative, receiving, warehousing, a lot for donated cars, and auction and retail operations. The Red Cross will use its new building as an administrative headquarters and a blood storage and distribution center.