TUCSON, ARIZONA – The industrial back office building at 2425 E Medina Road in Tucson Commerce Center sold for $6.1 million ($127 PSF) in an off-market transaction.
The 47,775-square-foot building on a fenced 4.52 acre lot was built in 1975, and has been used as a call center since closing when Burr Brown was acquired by Texas Instruments in 2000. The interior build-out consists of five training rooms, a control and monitoring room, an exterior metal shade canopy, handicap ramps, a new generator, UPS, transfer switch and related electrical gear upgrade for the call center.
The seller, Boston-based Intercontinental Real Estate Corporation, an SEC Registered Investment Adviser, was represented by Bill DiVito and Jesse Blum with CBRE in Tucson. The buyer was Descanso Medical Plaza LLC of Sierra Madre, CA (Michael Sharp, manager).
At time of sale, the property was fully leased to Synchronoss Technologies as a Call Center employing about 400 people at this location which is managed by CoWorx Staffing. The call center operates 18 hours per day, 7 days per week.
Synchronoss Technologies, Inc. (NASDAQ:SNCR) is a leader in mobile cloud innovation for mobile carriers, enterprises, retailers and OEMs around the world. The innovative software company helps both service providers and enterprises realize and execute their goals for mobile transformation with simple, powerful and flexible solutions. The company serves millions of mobile subscribers and a large portion of the Fortune 500 worldwide.
For more information, DiVito can be contacted at 520.321.3339 and Blum should be reached at 520.321.3335.
To learn more, see RED Comp #4949 and for more listings see RED Listing Registry.Sale price: $6,072,170 sold on 6/19/2017. APN: 140-42-047. Tenant has a couple of years left on the lease and sold at a 10% cap rate. Buyer was in a 1031 exchange.