MARANA, Ariz., Nov. 10, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of a 60,437-square-foot life sciences and advanced manufacturing facility in Marana, Arizona. The asset is subject to a 10-year, triple-net lease with options held by Roche Molecular Systems. The sales price was $19 million, which equates to $314.38 per square foot .

“The facility is a build-to-suit for the tenant, a wholly owned subsidiary of the Roche Group, a Swiss pharmaceutical conglomerate that reported 2020 annual revenues of over $62 billion,” said Peter Bauman, IPA senior director. “Prior to occupancy, Roche invested more than $12 million in the facility as part of the company’s $44 million in reinvestment across all of its Tucson-area assets.” Bauman and IPA’s Tivon Moffitt, in conjunction with Marcus & Millichap’s Mark Ruble and Chris Lind represented the seller, VM Building Two Corporation.

The CBRE debt team of Bruce Francis, Shaun Moothart, Bob Ybarra, Doug Birrell, Anna Britt, James Korinek, Carly Grabher, and Ryan Gagliano secured debt for the buyer.

“The building will be used for cancer testing device manufacturing by Roche’s diagnostic division, which annually impacts more than 27 million people worldwide,” commented Moffitt. “In 2020, the firm’s diagnostic division reported revenue of $15 billion, a 14% increase from 2019.”

Located adjacent to Roche’s logistics and distribution facility off Interstate 10, the property is 18 miles north of Downtown Tucson. Southwest Gas purchased 25 acres nearby for its new regional headquarters and further east, transportation company CTI Inc. bought a 20-acre site for its Tucson-area headquarters. A 1-million-square-foot industrial park is in the planning stages directly across the street and an adjacent master-planned residential community, 4,500-home Gladden Farms, is nearly complete.

“This sale represents one of the highest prices per square foot for an industrial asset in the Tucson market and further demonstrates the importance of Arizona as a distribution and manufacturing hub,” added Moffitt. “This project was a great collaboration and team effort for all involved,” concluded Bauman. “We wish the buyer much success with the asset.”

To learn more, see RED Comp #10257.

SMIL Southwest Medical Imaging, Ltd. (SMIL), a radiologist-owned medical imaging provider in the Scottsdale and Phoenix area for over 40 years, is set to expand their practice with five state-of-the-art outpatient medical imaging sites in the Phoenix Metro area effective January 1, 2023. SMIL’s new locations will provide services to central and west Phoenix at Sonoran Crossing, Deer Valley, Sunnyslope, and Desert Ridge.

Phoenix, AZ, November 10, 2022 — SMIL Southwest Medical Imaging, LTD. (SMIL), a radiologist-owned medical imaging provider in the Scottsdale and Phoenix area for over 40 years, is set to expand their practice with five state-of-the-art outpatient medical imaging sites in the Phoenix Metro area effective January 1, 2023.

A stalwart presence in the Valley since 1980, SMIL is recognized as one of the leading radiology practices in the country. Its 70+ expert radiologists are fellowship-trained with thousands of hours in additional education to specialize in one of 10 imaging modalities. Last year, SMIL invested millions in equipment upgrades benefitting patient safety and comfort, reducing radiation dose, and increasing image quality. SMIL staff conducted hundreds of thousands of exams in 2021 while maintaining a consistent patient satisfaction score of 97%, and radiologists achieved over one million exams interpreted. Led by its Board of Directors and guided by its mission to be leaders in medical imaging through Quality, Innovation and Service, SMIL looks to the future with an expansion in 2023.

SMIL’s new locations will provide services to central and west Phoenix at Sonoran Crossing, Deer Valley, Sunnyslope, and Desert Ridge. Modalities available at these sites include MRI, CT, 3D Mammography, Ultrasound, DEXA, and x-ray. These new locations will expand SMIL’s existing footprint in the Phoenix Metro area.

“We are excited to bring SMIL’s high-quality, innovative, and patient-focused services to these new communities in Phoenix,” said Michael Douglas, CEO. “Not only will SMIL bring an enhanced level of service, but also high quality and high-value options for referring physicians, employers, and payers to choose for their patients, employees, and members’ care. SMIL’s plans include significant investments in these new locations to improve and expand upon the existing imaging services provided.”

SMIL Southwest Medical Imaging is a physician-owned radiology practice in the Phoenix Metro area, providing patient-centric care to the Valley for over 40 years. Many of our radiologists hold additional academic positions in leading institutions. SMIL is a member of ASU Devil Docs™, an academic club connecting doctors with Sun Devil student athletes pursuing medical careers. SMIL is also the proud Survivor Sponsor of the American Cancer Society, and takes the lead in breast cancer early detection, patient support and SMIL Research Institute. Our values of Integrity, Service, Excellence, and Engagement drive our business. To learn more about SMIL, including our locations and scheduling information, please visit www.esmil.com/locations or call (480) 425-5030.

Tucson, AZ. – November 10, 2022 –Larsen Baker is pleased to announce the sale of the office building at 2210 E Fort Lowell. Known as Fort Lowell Professional Offices, the two-story building sold for $2,400,000 ($166 PSF).

The buyer purchased the building as an owner user and plans to occupy the entire building.

The seller, Cachita, LLC, was represented by Isaac Figueroa, CCIM of Larsen Baker, the buyer, DFP Properties, LLC, was represented by Julian Willets, CCIM of REMAX Excalibur.

The transaction closed on November 9, 2022.