TUCSON, ARIZONA – Flint Development (“Flint”) acquired 47.74 acres from several affiliates of Tucson-based Red Point Development (Daniel Leung, manager) at the southwest corner of Alvernon Way and Valencia in Tucson for $10.4 million ($217,805 per acre) being called Tucson Commerce Center.
Tim Healy, First Vice President with CBRE Tucson, represented Flint Development and Jason Wong, CCIM, MBA, LEED-AP with Red Point Development, represented the sellers.
The asset closed on June 17, 2022.
Flint is a commercial real estate development firm based in Kansas City, specializing in industrial, multi-family and senior living development throughout the country. Flint has over 50 years of combined experience and a proven history in development projects making positive impacts in communities.
Tucson Commerce Center is to break ground on 806,606 square feet of industrial spec space in three high cube warehouse buildings simultaneously. Building 1 at 3610 E Valencia is 302,443 square feet, building 2 at 3780 E Valencia is 259,274 square feet, and building 3 at 6690 S Alvernon Way is 244,889 square feet. All are being constructed together with groundbreaking anticipate for early August with completion for Q2 2023.
Tucson Commerce Center will have an aggregate of 196 trailer spaces, 80 dock doors, and 6 drive-in doors, all with 32 feet clear height.
Flint has $1.35 billion and 18 million square feet of development in its project pipeline including the Southern Arizona Logistics Center in Marana where Flint is constructing two buildings totaling close to a million square feet. One building at 507,600 square feet and the other at 431,460 square feet located at W Clark Farms Blvd, Marana, Arizona 85653, near Gladden Farms. This is all part of phase one of the project breaking ground in July with an estimated completion by Q2 2023.
“We are really excited to be working with Flint Development on the lease up of the Tucson Commerce Center and Southern Arizona Logistics Center,” said Healy. “It’s great to have a company like Flint building class A warehouse distribution buildings in Tucson and Marana. This will be the first logistics hub in Marana and the premier hub in the Tucson metro area with almost 1.8M square feet combined.”
Tucson is Flint’s entry into Arizona. Flint has strategically developed over $80 million and 1.3 million square feet of speculative industrial space to deliver solutions that meet future demands and growth opportunities in other key markets. The company is in approximately 25 markets and prefers market sizes such as Tucson with populations close to 1 million versus larger metro areas such as Phoenix.
For more information on this sale, Wong can be reached at 520.408.2300 ext 109. Healy can be reached on this sale or leasing information at 520.323.5119.
To learn more, see RED Comp #9952.
