CBRE has been awarded the marketing assignment for The Campus at Tucson International in Tucson, Ariz. The six-building, 253,393-square-foot business park campus sits on 17.6 acres two blocks from Tucson International Airport at 6730 S Tucson Blvd. The property was formerly home to Texas Instrument’s operations in Tucson.

William DiVito and Jesse Blum with CBRE’s Tucson office will handle the marketing of the property for owner HSL Properties of Tucson. DiVito and Blum also brokered the transaction for HSL, which was reported in the Real Estate Daily News on September, 25 2013 (click here for story) from Texas Instruments of Dallas, Texas. HSL is currently making improvements to the property with plans to reposition and bring new life to the project and the Tucson market.

“We believe Tucson is a market that can and will attract major employers with the right kind of real estate. The Campus at Tucson International is that kind of real estate,” said Humberto Lopez, president of HSL Properties. “Our goal is to attract companies that will add value to the Tucson market in the form of jobs and commerce.”

“This campus once housed over 1,400 employees,” said Omar Mireles, HSL’s executive vice president. “Our vision is to see that happen again. We are committed to bringing new businesses and the jobs that come with them to Tucson.”

“The Campus at Tucson International is unique in that it offers a campus environment with amenities and infrastructure that are matched only by the properties that currently house Honeywell, Ratheon and IBM,” said CBRE’s DiVito. “It’s really well positioned to attract quality tenants and we’ve already experienced a flurry of interest from a variety of potential users after officially being on the market only a few weeks.”

“We’ve had interest from companies looking to utilize the property for uses ranging from basic manufacturing to high-tech optics, and even back-office and data-center operations,” said CBRE’s Blum. “Some users have inquired about the entire property, while others have interest in portions of the property. That’s the great thing about The Campus at Tucson International; there are so many possibilities for potential users which opens us up to a really wide variety of user types.”

The Campus at Tucson International is a multi-use site that includes offices, labs, a conference center with a full commercial grade kitchen and cafeteria, as well as manufacturing and warehouse space. The multi-building campus is serviced by a sophisticated on-site central utility core that offers seven megawatts of power, which makes it an attractive option for users with significant power needs.  Entirely secured with multiple access points, The Campus at Tucson International is two blocks from the Tucson International Airport and within walking distance to hotels and restaurants.

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[mepr-show rules=”58038″]Property sold for $3.75 million, see https://realestatedaily-news.com/hsl-buys-former-texas-instruments-campus-vision/ for more information.[/mepr-show]

Scottsdale – Tucson-based, HSL Properties, Inc. (Humberto Lopez, principal) sold two apartment projects in Scottsdale totaling a combined 488-units for $50.5 million. The Scottsdale properties are the first direct multi-family acquisitions in Arizona for New York Life Investors, which is a wholly-owned subsidiary of New York Life Insurance Company. Various New York Life entities have previously made loans backed by Valley apartments and the company also holds interests in office project in the Phoenix area. New York Life Investors is interested in buying additional apartment properties in the Arizona. Brad Goff and Dave Lord of Apartment Realty Advisors of Phoenix represented the seller in both transactions.

The two transactions closed last Thursday, in which Madison-MF Casa Sante Fe AZ LLC (New York Life company) paid $29.245 million ($110,777 per unit) to acquire the 264-unit Casa Santa Fe apartments at 11105 N. 115th Street in Scottsdale. The seller was HSL Casa Sante Fe Properties LLC. And in a $21.255 million sale ($94,888 per unit), Madison-MF Cabrillo AZ LLC purchased the 224-unit Cabrillo apartments located at 11620 E. Sahuaro Drive in Scottsdale. HSL Casa Sante Fe Properties was also the seller. HSL Properties had paid $28.6 million to purchase both Cabrillo and Casa Sante Fe just over four years ago. In January 2010, HSL paid $12.6 million ($56,250 per unit) to acquire Cabrillo. In December 2009, HSL paid $16 million ($60,606 per unit) to purchase Casa Santa Fe. Both of the apartment projects were developed in 1987 by Fairfield Residential Inc. of San Diego. With the sales to New York Life, HSL Properties still owns 10,000+ apartment units in 39 projects located in the Phoenix and Tucson areas. Omar Mireles, Vice-President of HSL Properties says the company is looking to buy additional apartment projects in Arizona. The contact at New York Life Investors is Chris Hunt, he can be reached at (415) 402-4109. Call Mireles at (520) 322-6994. Goff and Lord are at (602) 252-4232.

Sale price: below market. The vision: priceless.

Texas Instruments (TI) of Dallas, TX (NYSE:TXN) sold the 253,393-square-foot campus at 6730 S Tucson Blvd. in Tucson to HSL Properties of Tucson (Humberto Lopez). The property has been vacant since 2008, when TI moved into the former AOL buildings at the Williams Center, 5401 and 5421 E Williams Blvd. in Tucson, two blocks from Tucson International Airport.

HSL is well known throughout the Southwest for premier multi-family apartment communities, but has also been known to make divestitures into office and retail buildings, shopping malls, a golf course and hotels on occasions. This is their first venture into the industrial market that we found.

We spoke with Omar Mireles, Vice-President of HSL, who told us they had been looking at the property for a few years before making the decision to proceed. “HSL has a vision that includes job creation for this property,” Mireles told us. Bill Divito, First Vice-President and Jesse Blum, Associate, of CBRE in Tucson handled the purchase for HSL and have been retained to market the property for sale or for lease, in whole or in part.

Divito reaffirmed Mireles’ statement, “We have a vision to bring jobs back to this property, but it would be premature to discuss any company names we are talking to. The 17.3 acre campus, one full city block, is fully secured by a wrought iron fence. The six-building campus includes a two-story cafeteria, with mountain views that overlooks a landscaped courtyard in the center, known as the Tom Brown Center.” Texas Instrument occupied the campus after it acquired Burr-Brown Research Corporation in 2000 for $7.6 billion, the company founded by Page Burr and Tom Brown who broke ground at this location in the 1960s.

“The property has 7-megawatts power, 121,000-tons of chiller system, 587-parking spaces and a basketball court,” Divito said. “It has clean rooms, administrative office, labs, conference center, auditorium seating, and warehouse space. The only equivalent campuses in town with that kind of infrastructure are Honeywell and IBM. We are very excited with the property’s potential.” At one time there were as many as 1,400 employees working at this location, and HSL and Divito have the vision to bring the property back, complete with jobs. The property has been left as it was in September 2008, when last occupied, so there are some repairs needed to bring it back.

For more information, contact Divito at (520) 321-3339 or Blum at (520) 321-3335.

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[ismember]Sale date: $3.75 million. Sale Date: 9/16/2013. $750,000 down payment, balance conventional financing by Alliance Bank of Arizona.[/ismember]