TUCSON, ARIZONA — Steve Cohen and Russ Hall of Cushman & Wakefield | Picor represented Scannell Properties of Indianapolis, IN (Robert Scanell, CEO) in the assemblage of 9.57 acres for the new Amazon distribution center being built in Tucson. Scanell purchased the property for approximately $1.5 million ($3.60 PSF) land value in two separate transactions with buildings to raze on it.  Both transactions closed November 29, 2018.

The site is located at the southwest corner of Silverlake Road and I-10 with addresses on 29^th Street and Silverlake, west of downtown Tucson.  Scanell has already begun prep work for the 50,000-square-foot single story warehouse to be used for sorting from larger warehouses and package transfers to smaller delivery vehicles, along with space for vehicle storage, washing and a fueling center.

Last year, Amazon paid $11.6 million ($145,926 per acre / $3.35 PSF) for its 79.5-acre site at 6701 S Kolb Road in Tucson within the Century Park Research Center, an active inland port of Tucson located in an active Foreign Trade Zone (FTZ) and an Arizona Enterprise Zone, both of which provide certain duty and tax benefits.

The building under construction consists of 857,388-square-feet of warehouse storage and office facility with three levels of mezzanines, totaling 1,196,161-square-feet and an additional process mezzanine of 265,049-square-feet. The entire project will have 63 loading docks, nearly 400 transport trailer parking spaces, along with 2,500 standard parking spaces, on the site.

The fulfillment center is expected to bring with it 1,500 full time associates with competitive wages.  It is unknown how many jobs the new distribution center will bring.

The two facilities will compliment each other.

Mike Hennessey of Burris, Hennessy & Company represented Barnett & Shore Contractors the seller of 819 W Silverlake Road while Walter Unger, CCIM, of Kasten Long Commercial Group in Phoenix represented the seller, Fiandaca Orland Living Trust, of 801 W 29^th Street.

“It was a quick assemblage and escrow,” according to Steve Cohen. “As both properties were already on the market for sale. With two Amazon centers here by the end of this year, Tucson is becoming the logistics center of the Southwest.”

For additional information, Unger can be contacted at 520.975.5207, and Hennessey is at 520.882.4343. Cohen should be reached at 520.546.2750 and Hall can be called at 520.546.2747.

To learn more, see RED Comps 6372 and #6379.

ORION Investment Real Estate is pleased to announce the sale of the 10,015-square-foot Golden Corral in Yuma, Arizona. Selling for $4,131,633, and nearly $413 per square-foot, the stable and successful Golden Corral Restaurant has been operating since mid-2004.

The transaction was listed, marketed and closed in 65 days. Judi Butterworth, Senior Vice President of ORION, represented the Seller, Edwards Corral LLC. Butterworth said, “This was a win-win for both the buyer and the seller. The well-located restaurant is successful, fairly priced, and has a strong history. The buyer was able to take advantage of this, plus the building is located in an Opportunity Zone.”

The property is situated at the intersection of two major highways, Interstate 8 and Arizona 95. Across Interstate 8, Yuma Palms Regional Center is an outdoor regional mall that includes Target, Dillard’s, JC Penney and Sam’s Club.  Radisson, Fairfield, Baymont by Wyndham, Homewood Suites, and Hampton Inn & Suites are just some of the examples of hotels in the immediate trade area.

TUCSON, AZ – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Villa Sienna, a 36-unit apartment property located in Tucson, AZ. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,435,000 ($67,639 per unit).

Hamid Panahi and James K. Crawley, investment specialists in Marcus & Millichap’s Tucson office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, another limited liability company, was also secured and represented by Hamid Panahi and James K. Crawley.

Villa Sienna is located at 331 W Pastime Rd in Tucson, AZ.  Property sold on January 7, 2019.

For additional information, contact Panahi at 520.719.6511 and Crawley at 520.719.6512.

To learn more, see RED Comp #6478.