TUCSON, ARIZONA -- Scannell Properties purchased the 17.57 acres known as the Alvernon Way Commerce Center at Alvernon & Valencia, next to Home Goods and American Tire, just north of Amazon’s new 270,000 square-foot sorting center currently under construction, $2,793,524 ($3.65 PSF) from the Ray Rivas Revocable Trust, Ray Rivas 401(K) Savings Plan, and the P. Michael Smith and Sandara S. Smith Trust of Tucson.
Scannell Properties is returning to Tucson after building and then selling the 49,500 square-foot Amazon Last Mile Distribution Center at 775 W Silverlake Road in 2019. Scanell Properties assembled the 10.74-acre parcel for Amazon in 2018 and then built the last mile center for Amazon to lease.
The land asset is to be fused for construction of two industrial spec buildings.
"We are very excited to be returning to Tucson for our latest project," said Mohnish Narlanka, Development Associate with Scannell. "We have seen strong market fundamentals supporting demand for best in class industrial product, and we plan to deliver that to the market in 2023."
Scannell Properties is a privately owned real estate development and investment company that focuses on build-to-suit and speculative development projects throughout the United States, Canada and Europe. In business since 1990, it offers experienced leadership, a history of successful commercial development projects, broad geographic reach and expertise in a wide range of building types.
Gordon Wagner and Chris Itule with NAI Horizon handled the transaction. Itule has since moved over to DSW Commercial Real Estate.
For more information, Wagner should be reached at 520.398.5130.
To learn more, see RED Comp #9891.