TUCSON, Arizona -- The July industrial property market in Tucson performed relatively well and was one of the investors' preferred asset classes for not being as negatively affected by the coronavirus pandemic as others. The industrial market has been of critical importance throughout the coronavirus pandemic as it was accented by the acceleration of e-commerce growth as consumer spending habits favored shopping more online than at physical brick-and-mortar locations.
The following three sales were handled by Cushman & Wakefield | Picor in July for an aggregate of $2.53 million and 59,500-square-feet of industrial space ($42.52 PSF).
44th Street Logistics Center, LLC (Robert Glaser, manager) purchased a 49,226-square-foot industrial building, located at 3850 E. 44th St. in Tucson, from CJ Southwest Property Partners, LLC (Elliot Loden, member) for $1,525 million ($31 PSF). Stephen D. Cohen, Principal and Industrial Specialist with Cushman & Wakefield | PICOR, represented the seller in the transaction.
California-based, CRE Strategic Investments, LLC purchased a 4,290-square-foot industrial building located at 320 E. Medina Rd. in Tucson. The investment property was purchased from 320 Medina LLC (Martin Weber, manager) for $595,000 ($138.69 PSF). Ron Zimmerman, Principal and Industrial Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction.
Huckleberry Holdings LLC (Howard Blum, member) purchased a 5,984-square-foot industrial building, located at 500 E. 26th St. in Tucson, from Bruce and Susan Burr Marital Trust for $410,000 ($68.52 PSF). Stephen D. Cohen, Principal and Industrial Specialist with Cushman & Wakefield | PICOR, represented the seller in this transaction. Richard Gil with Sold Masters Realty, represented the buyer.
For more information, Cohen and Zimmerman can be reached at 520.748.7100, Gil should be contacted at 520.401.7653.
To learn more, see RED Comp #7995, #7979 and #7958.