Hercules Capital, parent company of Denver-based Hercules Industries bought the 31,682-square-foot industrial building (built 1972) at 3195 E 36th Street in Tucson for $1.7 million ($53 PSF) with 2.6 acres northeast of Country Club and 36th Street. Hercules will be expanding when it relocates from its current 8,000-square-foot location at 503 W Rillito Street in Tucson.
Hercules Industries, a manufacturer and wholesale distributor of high-quality HVAC sheet metal products and equipment, was founded in Denver in 1962 by William E. Newland, Hercules Industries is now one of the largest companies of its type in the Western and Midwestern United States. It operates four manufacturing facilities and thirteen sales and distribution centers in Denver, Colorado Springs, Fort Collins, Grand Junction, Pueblo, Durango, Salt Lake City, Albuquerque, Roswell, Tempe, Phoenix and Tucson.
The company is owned and managed by 3rd generation members of the Newland family, with the same dedication to excellence that has been the foundation of success for over five decades. According to Andy Newland, “We nurture and maintain the culture of a family owned business in which our employees grow financially, intellectually, emotionally and spiritually.”
Hercules was represented in the transaction by Chad Ackerley with CPI of Phoenix who commented, “Increasing the footprint four times its current size, indicates the future growth Hercules sees for the Tucson construction industry.”
The seller, Horizon Relocation Services, an affiliate of Horizon Moving Systems, an Arizona-based moving company was recently acquired by Suddath Relocation Systems, headquartered in Jacksonville, Florida. Horizon Moving Systems had been a family-owned business in Tucson for 90 years, with the Dusenberry family as owner / operators for three generations before selling to Suddath.
Steve Cohen of Cushman & Wakefield | Picor represented Horizon in the transaction commented, “It is interesting that both seller and buyer are third generation family-owned businesses; Hercules from Denver and Horizon from Tucson.”
Cohen can be reached at (520) 546-2750. Ackerley can be contacted at (480) 889-2570.
[mepr-show rules="58038"]Sale date: 2/14/2014. Exact sale price: $1,690,000. Buyer paid $410,000 down. APN: 132-04-05F & 005H. OFFICE SPACE: 1,100 SF; LOT SIZE: 2.58 Acres; CEILING HEIGHT: 18 – 24 ft; CONSTRUCTION: Concrete Tilt-Up; ZONING: I-1 (Light Industrial); LOADING: Dock, Grade and Step Height; HVAC: A/ C Office, Evap Warehouse; AGE: 1972[/mepr-show]