Tucson, Arizona – Tucson-based Larsen Baker, through its affiliate Valencia Tech Park, LLC, has acquired the 90,000-square-foot business park at the southwest corner of Valencia Road and Country Club Road and is expected to pay $4.9 million ($54.00 PSF). The project will be renamed Valencia Tech Park.
The asset was purchased at 50% occupancy.
Larsen Baker plans to convert Valencia Tech Park from its current predominantly office uses back to flex industrial/showroom uses, to meet the growing demand and limited supply of product in this sector. The Tucson Airport trade area is currently one of the most sought after locations for industrial and flex space. The Larsen Baker team plans to restore the tech park back to it’s original purpose, which allows for light industrial users who also need offices and showrooms with retail type storefronts. The buildings are 100% air conditioned but have roll up doors and the warehouse spaces have high ceilings.
The investment will be Larsen Baker’s third Opportunity Zone Redevelopment. The Opportunity Zones are a federal program that provide tax incentives for improving commercial properties in underserved areas.
Bryce Horner and Tim Healy with CBRE represented the seller, 3000 East Valencia, LLC and Isaac Figueroa with Larsen Baker, LLC represented themselves as the buyer in this transaction.
Valencia Tech Park’s redesign, renaming and rebranding will be completed in 2021. For information about leasing opportunities contact Isaac Figueroa at 520-296-0200 x 218.
To learn more see RED Comp #8874.