Triple Net Sale of Lasertel Tucson for $9.65 Million

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Rivendell Properties LLC et.al., affiliates of Bond Commercial Properties purchased the manufacturing facility at 7775 N Casa Grande Hwy. in Marana as a triple net sale commanded[mepr-show rules=”58038″] $9.65 million ($137 PSF). The 70,348 square-foot building is 90% occupied by Lasertel, with the balance leased to Proto Tech, a machine shop and supplier to Lasertel.

Bond Commercial Properties, based in Anchorage, Alaska represents commercial interests in Alaska, Arizona, New Mexico, Nevada, and Utah, and is interested in acquiring more properties.

The building was built by Lasertel in 1997 and owned and controlled by the company until selling it to a local private investment group, 2030 East, LLC (Eddy Chernecki, managing member), in 2008. Built on 13.35 acres, the class-A property has 4,000 amps of power, a class 10 clean room and 32’ceilings, situated on I-10, in the Continental Ranch Commerce Park in Marana a part of Northwest Tucson, well positioned on the growth corridor between Tucson, Marana ad Phoenix.

Lasertel, a wholly owned subsidiary of SELEX Galileo, Inc., a Finmeccanica company is a vertically-integrated manufacturer of high-power semiconductor laser components and developer of customer laser solutions.

The company services the defense, medical and industrial industries, delivering a wide range of chips, bars, array packages and fiber-coupled devices.

The MBE-based production facility, uses state-of-the-art equipment and patented processes to deliver standard and custom laser diode solutions that meet the requirements of demanding applications.

Palmer Capital of Roseville, CA along with Vast Real Estate Solutions of Tucson brokered the transaction while Northrim Bank of Anchorage handled the financing.

Palmer Capital can be contacted at (916) 462-6300. Jon O’Shea and Rob Fishrup with Vast Real Estate Solutions should be reached at (520) 624-9400.[/mepr-show]

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[ismember] Sale date: Oct. 11, 2013.  Buyer paid 25% down, or $2,413,000. Escrow time: 60 days. Property sold with an approximate NOI of $780,000 and a reported 7.9% cap rate. This transaction was the seller’s downleg in a 1031 exchange.[/ismember]