TUCSON, ARIZ. (May 17, 2024) — In one of Arizona’s largest industrial sales this year, Scottsdale-based Flint Development sold Tucson Commerce Center, an 806,606-square-foot property, to two investment groups for $118.6 million ($147 PSF).

Bridge Investment Group, a leading alternative investment manager based in Salt Lake City, UT, and W.P. Carey of New York, have purchased Tucson Commerce Center, a collection of three Class A industrial/logistics buildings on 47.5 acres in Tucson.

Owned and developed by Flint Development, Tucson Commerce Center features 806,606 square feet of space. At the time of sale, the asset was 91 percent leased to five tenants, including prominent global and regional brands.

Bridge Investment Group purchased Building II, a 259,274-square-foot, multi-tenant building, and Building III, a 244,889-square-foot, multi-tenant building, totaling a combined 504,163 square feet on 30.2 acres for $79 million. Building II was fully leased to two tenants, and Building III is approximately 70.5 percent leased to two tenants, with a vacant 72,169-square-foot suite.

Flint Development will stay involved in the project with Bridge as a joint venture partner.

A separate buyer, WIRE2WIRE (AZ), LLC, an affiliate of New York-based W.P. Carey Inc., acquired Building I, at 3610 E Valencia Road, a fully leased, 302,443-square-foot, single-tenant building on 17.3 acres, for approximately $39.6 million ($131 PSF).

Located at 3610 E. Valencia Road, Tucson Commerce Center features modern design and functionality, including 32-foot clear heights, abundant dock and grade loading, ample car and trailer parking, exterior LED lighting, and ESFR sprinklers.

The transaction closed on May 13, 2024.

Will Strong, Kirk Kuller, Michael Matchett, Molly Hunt, and Dean Wiley of Cushman & Wakefield’s National Industrial Advisory Group—Mountain West Group (Phoenix) represented the seller in both transactions, along with CBRE’s Tim Healy (Tucson) and Joe Orscheln (Kansas City) providing local market advisory.

“Flint Development had the vision to construct an exceptional industrial project in a premier infill location to cater to the ongoing activity from logistics tenants, which have been a key driver of recent demand, with distribution and warehousing space near the Tucson International Airport receiving particular interest,” said Cushman & Wakefield Senior Director Kirk Kuller.

Michael Matchett added, “Tucson’s distinctive location near the U.S./Mexico border, coupled with its extensive transportation infrastructure, positions it as an ideal hub for trade, facilitating the seamless connection of people and products in today’s competitive global marketplace,”

For more information, Healy can be reached at 520.323.5119, Kuller at 602.954.900, and Strong at 602.224.4467.

To learn more, see RED Comp #11292.

TUCSON, AZ (May 15, 2024) — AMFS AZ, LLC purchased 4646 S. Overland Dr. for its tenant, Ajax Metal Forming Solutions, for $4.69 Million ($155 PSF) from Marlin Investments.

Built in 2005 and expanded in 2009 and 2014, the 30,162-square-foot building at 4646 S. Overland is 100% solar-powered, has a 100% air-conditioned warehouse with a large office component, and sits on 1.89 acres in the Butterfield Business Center.

The new tenant, Ajax Metal Forming Solutions, is an award-winning metal forming company that produces tight-tolerance metal parts for Original Equipment Manufacturers (OEMs) and their suppliers. Its services cater to a wide range of industries, such as climate control, medical, transportation, architecture, power generation, engineered products, and consumer goods.

Ajax offers various manufacturing services, including progressive metal stamping, sheet metal fabrication, fiber laser cutting, press brake forming, CNC turret punching, robotic welding, finishing, assembly, and kitting. It has three locations in Minneapolis, Minnesota; Wilson, North Carolina (near Raleigh); and now Tucson, Arizona.

The transaction closed on May 7, 2024.

The seller was represented by Gordon Wagner from NAI Horizon’s Tucson Office.  The buyer had brokers in Minnesota facilitating the sale.

For more information, Wagner can be reached at 520.326.2200.

To learn more, see RED Comp #11289.

TUCSON, AZ (May 14, 2024) — First American Exchange Company, as a qualified intermediary for Block “C” Properties LLC, purchased a 24,920-square-foot leased single-tenant industrial building at 3120 E. Medina Road from GLRT Properties LLC for $3.8 million ($152.49 PSF).

Built in 2006 of masonry and metal construction, the property has 16-18 feet clearance height, four 10′ x 10′ grade level electric doors, and 1,200 Amp single phase power, sprinklers, gas, sewer, and fiber optic cabling.  It was fully leased to Horizon Pool & Spa Company, an affiliate of Leslie’s Poolmart, Inc. (Nasdaq: LES) at time of sale.

The transaction closed on May 2, 2024.

Gary Emerson with GRE Partners, LLC of Tucson, represented the seller.

Steve Cohen with Cushman & Wakefield|Picor in Tucson represented the investor.

For more information, Emerson can be reached at 520.777.4949, and Cohen can be contacted at 520.546.2750.

To learn more, see RED Comp #11281.