TUCSON, ARIZONA – Dean Cotlow of the Cotlow Company sold the Industrial building at 1501 South Cherry Avenue in Tucson for $1.1 million ($171 PSF) in an all cash transaction. The 6,440-square-feet investment property (built 1984) was leased to a Cummins Sales and Service.
Cummins Inc. is a global power leader, and a corporation of complementary business units that design, manufacture, distribute and service diesel and natural gas engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems. Headquartered in Columbus, Indiana Cummins currently employs approximately 55,000 people worldwide and serves customers in approximately 190 countries and territories through a network of approximately 600 company-owned and independent distributor locations and approximately 7,200 dealer locations.
With over 190 service centers in North America, Cummins Sales and Service is committed to providing exceptional sales, service and parts support for all Cummins engines, generators, and related components. Staffed by Cummins trained and certified professionals, our facilities provide 24/7 emergency call-out service 365 days a year. In addition, mobile on-site service is also available through most of our service centers in North America.
“With vacancy running at about 6% in the Tucson Industrial market and little new construction, the smaller investment opportunities with major tenants such as this are extremely attractive,” stated Cotlow.
The investor was the Gonzalez Family Trust of Corona, California that was represented by Advisors Real Estate of Inland Empire.
Cotlow was self-represented in the transaction and should be contacted at 520.881.8180 for additional information.
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[mepr-show rules="58038"] Sale price: $1,100,000 all cash deal. Sale date: 3/28/2018. APN: 129-09-016B. Document #2018-08740472. Property was occupied at time of sale by Cummins Engines with 3 years remaining on the lease and sold at a 9% cap rate.[/mepr-show]