TUCSON, ARIZONA -- Phoenix-based, Presson Corporation (Daryl Burton, President) purchased the 29th Street Business Plaza, a 72,190-square-foot industrial zoned flex property located at 4901-5069 East 29th Street in Tucson for $3.075 million ($42.60 PSF).
Built in 1976, the 60 warehouse / incubator style flex units were originally 1,200-square-feet each on 5.48 acres northeast of Swan on 29th Street; over the years many of the units have been combined. The mix of tenants include Marksman Pistol Institute, Old Pueblo Trophy, Evolved Behavior Health Services, Tasc Incorporated, Integra Custom Systems, Gus Mare Plumbing & Air, Advantage Medical Products, and Repower Old Pueblo Solar Heating.
Property was 80% occupied at time of sale.
The buyer was represented by Robert C. Glaser, SIOR, CCIM, Principal and Industrial Specialist with Cushman & Wakefield | Picor of Tucson. Jon Jump, Principal with Jump Ventures, Inc., represented the seller, Dybvig Pima County of Tucson (David Dybvig, manager).
The Presson Corporation primarily operates in the Commercial and Industrial Building Operation business / industry within the Real Estate sector and has been operating for approximately 30 years.
“The 29th Street Business Plaza represented a stable opportunity for the buyer,” said Jon Jump. “The property is in a great location in the heart of central Tucson, with the high occupancy and tenant mixture, and a low price per square foot, creates exceptional appeal for the incubator market.”
Cushman & Wakefield | Picor will handle leasing of the property for the buyer.
For additional information, Glaser can be reached at 520.546.2707 and Jump should be contacted at 520.733.0007.
To learn more, see RED Comp #6851.