Gateway Industrial Park Sells For $1.9 Million

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Gateway Industrial Park, LLC of California (Charles Lester) sold the 34,159 sq. ft. multi-tenant property at 3690, 3710 and 3720 South Park Avenue in Tucson for[mepr-show rules=”58038″]$1.9 million ($55.62 PSF) to investor, William Lee, LLC of Flagstaff, AZ (Robert Lee Richards).

This is the investor’s second CRE venture in Tucson. In June 2010, William Lee, LLC bought 3855 W River Road in an REO and resold it in December 2012.

Gateway Industrial Park is comprised of 3 buildings built in 1980 and offers grade-level loading (10′ X 10′) to warehouse suites with I-1 zoning (light industrial). Located just north of Ajo Way on South Park Ave, this industrial flex park has frontage on Park Ave with easy ingress and egress and close proximity to I-10 and easy access to I-19.

The complex was 80% occupied at time sale with a mixture of tenants such as Marana Healthcare, A1 Garage Door Service, Systems Commissioning & Testing, Simplex, ABM Janitorial, Tucson Physical Therapy, Gaxiola & Associates, Pueblo Research Association, Elkay Manufacturing, Master Craft, Johnny Maxx, Rac Acceptance, and Natural Candles and More.

The seller was represented by Pat Welchert and Jeff Zellet of Cushman & Wakefield / Picor Commercial Real Estate Services in Tucson. The investor was represented by Ron Zimmerman of Newmark Grubb Knight Frank who will also be the new leasing agent for the property.

Welchert can be reached at (520) 546-2748 and Zellet is at (520) 546-2739. You should contact Zimmerman at (520) 248-0427.[/mepr-show]