TUCSON, ARIZONA (Nov. 11, 2022) — Sixteenth & Ajo, LLC c/o Pete Villaescusa, manager, purchased a 50,000 square-foot retail pad at the southwest corner of Ajo Way and Camino de Oeste in Tucson for $450,000 ($9 PSF). Lot 2 in El Portal Dorado, 4633 West Ajo Way was purchased for construction of a multi-tenant retail building.

The transaction closed October 31, 2022.

Starbucks on the east end and Bisbee Breakfast Club on the west end of building have been pre-leased. Leaving 970 square feet in the middle available for lease.

“With over 39,000 people in this growing area it is an underserved trade area,” Villaescusa said. “The growth of residential homes is high with few retail opportunities besides the high volume McDonald’s and a new Circle K at Kinney and Ajo.”

The seller, ADG Ajo, LLC c/o Steve Grimm has several other pads available here.

For more information, Grimm can be reached at 520.795.5200 and Villaescusa should be contacted at 520.323.5112.

To learn more, see RED Comp #10278.

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.

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.