Roche Manufacturing Facility Sells at Tangerine Commerce Park in Marana for $19 Million

MARANA, ARIZONA, November 1, 2022 — VM Building Two Corporation, an affiliate of Cottonwood Properties, has sold the high-tech life science manufacturing facility it recently developed for its tenant Roche Molecular Systems, Inc. This 60,437-square-foot facility was developed as a build-to-suit project on 4.6 acres within Tangerine Commerce Park at Tangerine Road and I-10. The new building is directly adjacent to Roche’s existing logistics and distribution facility of similar size (existing building on the right in the photo rendering) and the new building will house instrument and service production for the company. Approximately 150 employees will staff this new facility.

The building was sold in shell condition for $19,000,000 ($314/sf) with a 10-year lease to Roche in place. Seller was represented by Mark Ruble of Marcus & Millichap. Buyer, an affiliate of Norman Properties of Poway, CA, was represented by Mike Garrido of Trident Ventures.

Tangerine Commerce Park is positioned within the core of the rapidly developing Tangerine commercial corridor, a major growth area of Marana with quick access to I-10, Tucson, and Phoenix. In addition to the second building for Roche Molecular Systems, additional facilities for CTI Trucking, Southwest Gas, U-Haul and others are in the planning or development stages. Tangerine Commerce Park is owned and developed by an affiliate of Cottonwood Properties.

The Roche Group is a Swiss multinational healthcare company that operates worldwide under two divisions: Pharmaceuticals and Diagnostics. Roche is the largest pharmaceutical company in the world, and the leading provider of cancer treatments globally. Roche impacts more than 27 million patients around the world annually. Roche Molecular Systems is a subsidiary of the Roche Group. It is a Pleasanton, CA based molecular diagnostics company that develops and commercializes diagnostic and blood screening tests based on polymerase chain reaction technologies. The Roche Group reported 2020 annual revenues of $58.3 billion, and $13.8 billion of this is reported to be from the Diagnostics division. Within the Diagnostics division, molecular diagnostics reported annual revenues of $3.8 billion with Roche Molecular Systems reporting annual revenues in excess of $400 million.

Cottonwood Properties is a Tucson company with all of its interests exclusively in Tucson and surrounding areas. Cottonwood has developed residential communities, resorts, retail centers, office complexes and apartment communities in excess of $1 Billion. Primary among them is the La Paloma resort community in the central foothills of Tucson and the Dove Mountain resort community in the foothills of the Tortolita Mountains in Marana, AZ.

Gibraltar Development Partners Acquires 2.83 Acres of Land for Self Storage Project

TUCSON, ARIZONA, October 28, 2022 – Commercial Retail Advisors is pleased to announce the sale of ±2.83 acres of vacant land located at the southeast corner of Interstate 10 and Valencia Road in Tucson for $810,000 ($6.57 PSF).

Gibraltar Development Partners, LLC, a self- storage developer based in Phoenix, AZ purchased the site for construction of a self-storage facility. The transaction closed on October 6, 2022.

Craig Finfrock of Commercial Retail Advisors, LLC represented the buyer, Tucson – Valencia I-10 SS, LLC. The seller, Jay Shree Ram, Inc., was self-represented in this transaction.

Commercial Retail Advisors, founded in 2001, specializes in the leasing and sales of shopping centers and retailer tenant representation throughout southern Arizona.

For more information, Craig Finfrock can be contacted at 520.290.3200 or visit the website at www.cradvisorsllc.com.

To learn more, see RED Comp #10229

Renovated Multifamily Asset Sells near University, Fenced Yard Leases at Old West Industrial Village

TUCSON, ARIZONA, October 27, 2022 — The top sale this past week at C&W | PICOR was of a renovated multifamily asset located near the University of Arizona where Allan Mendelsberg, Principal, and Joey Martinez represented both the buyer and seller in this transaction. The top lease was of a fenced yard at Old West Industrial Village, Robert C. Glaser, SIOR, CCIM, Principal, Industrial Specialist, represented the landlord in this transaction.

Cushman & Wakefield | PICOR recently sold The Pointe Apartments for $3,875,000, $155,000 per unit, and $207.66 per square-foot. The multifamily team, Allan Mendelsberg, Principal, and Joey Martinez represented both parties in this transaction. This twenty-five-unit apartment property was purchased by Pointe Apartments, LLC from 2152 Country Club Rd, LLC.

The Pointe Apartments is a twenty-five-unit complex comprised of twenty-four 2 bed/1 bath with one 3 bed/1 bath unit. It can be found at 2152 North Country Club Road in Tucson, Arizona. It was built in 1958 but was recently completely renovated. All the units have been remodeled with new appliances, countertops, cabinets, flooring, and bathroom surrounds. The units are all air-conditioned and have access to laundry facilities, a community pool, and private backyards for each unit.

It sits in Central Tucson near Grant Rd. & Tucson Blvd. intersection, which has been revitalized over the past few years. The asset is in close proximity to the University of Arizona, Banner University Medical Center, and Downtown Tucson which attracts the interest of students and employers. This location is abundant with restaurants, shops, and entertainment. It is within a short driving distance to Tucson Botanical Gardens, Reid Park Zoo, Culinary Dropout, Rillito Park, El Con Mall, and more. The Purchaser plans to lease-up the building and stabilize it for strong cash flow.

The top lease for the previous week was for a 7,000 square foot (sf) fenced yard at Old West Industrial Village, 6800 North Camino Martin in Tucson, AZ. The yard has electricity and water, as well as drive-through gates providing access from both ends of the yard. It was leased by G3 Marketing, LLC from Clover Real Estate II, LLC / Foodtown Development Company II, LLC.

In addition to the fenced yard, G3 Marketing, LLC also leased Suite 118, a 2,400 sf industrial/flex space at the same property. The space is approximately 20% office and 80% warehouse and includes a ±325 sf bonus mezzanine storage area.

Old West Industrial Village is located within the desirable Northwest Tucson/Oro Valley submarket, with easy access to Interstate 10. Robert C. Glaser, SIOR, CCIM, Principal, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord in both transactions.