TUCSON, AZ – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, has facilitated the sale of a 606,027-square-foot industrial/R&D portfolio in Tucson.Intercontinental Real Estate Corporation, a Boston-based real estate investment company, purchased the portfolio from a joint venture of the Muller Company and GE Real Estate for $46.3 million, or $73.40 per square foot. It is the largest investment sale completed in
Tucson so far this year.Ryan Gallagher, (top right photo) senior vice president, and Kelly Rohfeld, (top left photo) vice president, with Grubb & Ellis’ Institutional Investment Group represented the buyer and the seller in the transaction along with local market brokers Russ Hall and Steve Cohen of Picor Commercial.
The six-building portfolio, which consists of Tucson Technology and Commerce Center I, II, III, IV (bottom right photo) and Medina Business Center I & II, is situated on 50.92 acres immediately adjacent to Tucson International Airport.
Also included in the sale was an adjacent four-acre site for future development. The portfolio was 95 percent leased at the time of sale. Major tenants include: Ferguson Enterprises, UPS, Solon AG and United Collections Bureau.
“The new owner will benefit from the below market rents that are in place, the adjacent four-acre development site and existing tenants that want to expand in the fu
ture,” said Gallagher.“The Airport Area submarket is currently 93 to 95 percent occupied and remains a highly sought after, strategic corporate location due to its proximity to the airport, climate, affordable labor pool, and the redundant power grid provided by the Airport Authority.”
This is the second significant transaction that Gallagher has completed in the Tucson market this year. In February, he represented the sale of a 136,000-square-foot office building in Tucson that was 100 percent leased to Intuit Inc. for $21.6 million.
Contacts:
Sharon Abar, 714.975.2185, sharon.abar@grubb-ellis.com
Damon Elder, 714.975.2659, damon.elder@grubb-ellis.com
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