Wales & Son Industrial, now part of Global Leader Weir Minerals, Sells Tucson Property in Sale Leaseback

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The industrial property at 2665 N Flowing Wells Road in Tucson occupied by Weir Minerals, sold in a sale leaseback for[mepr-show rules=”58038″]$650,000 ($24 PSF) to a local investment group, 2665 Flowing Wells, LLC (Duff Hearon and Stephen Lenihan, members). The 27,168 square-foot steel building (built 1973) is on 2.66 fenced acres, with an estimated 3,000 square-feet of office and 23,168 square-feet of warehouse space.

In February 2013, the Wales’ Group of companies including: R. Wales & Son Ltd. in Richmond, British Columbia; Versatile Wales Ltd. in Elliot Lake, Ontario; and R. Wales & Son LLC (Gary Wales) in Tucson, Arizona became part of Weir Minerals. Jointly, there are 67,000 square-feet of manufacturing space, 9,000 square-feet of warehouse space and 6 acres of yard space.

These facilities are equipped with an extensive range of machinery allowing Wales to produce innovative and diverse products. This, in combination with knowledgeable staff and a broad manufacturing base, has made the Wales name prominent in the field of abrasion resistant products for the mining industry since 1971.

The addition of Wales into Weir Minerals has added capabilities with the design, steel fabrication and rubber lining of piping, tanks, chutes, material conducting hoses and other elastomer lined products. The Wales’ Group also specializes in custom rubber and urethane molded products, some of which include slurry pump wear parts, floatation wet ends, mill liners and pulp lifters.

Weir Minerals is the global leader in the provision of slurry handling equipment and associated aftermarket support for abrasive high wear applications used in the mining and oil sands markets. The division’s leadership position is reinforced by materials development carried out at research centers worldwide and a leading presence in key mining markets, with around 100 service facilities providing rapid customer support.

Weir, founded in 1871 and headquartered in Glasgow, Scotland, is a FTSE 100 company, the Financial Times Stock Exchange 100 share index; an average of share prices in the 100 largest, most actively traded companies on the London Stock Exchange. Weir is a global provider of engineering solutions to the minerals, oil and gas and power sectors.

Weir is committed to going where their customers go, with a worldwide network of around 200 manufacturing facilities and service centers. The business has a presence in more than 70 countries, with over 14,000 staff around the world working in three divisions; Minerals, Oil & Gas and Power & Industrial. Weir’s customer base includes the world’s largest mining houses, major oil services businesses and nuclear and conventional power generation companies.

Annual revenues were more than £2.2 billion ($3.4 billion USD) in 2011, of which more than half came from the provision of services and aftermarket support. Emerging markets contributed around one third of overall Group revenues.

David Gallaher of Tucson Industrial Realty in Tucson represented the seller, while Brandon Rodgers, CCIM, Commercial Specialist with Cushman & Wakefield | Picor of Tucson was representing the investors.

See www.weir.co.uk for further information. Gallaher can be reached at (520) 294-1610 and Rodgers is at (520) 546-2714.[/mepr-show]

[ismember]Sale date: 10/8/2013. Buyer paid $275,000 down and financed the balance with conventional financing. Building has 16′-20′ clear height. Zoning: I-1, City of Tucson. Power: 480 V, 3-phase. 3 grade level doors in Manufacturing area, 2 grade levels in warehouse area with concrete dock ramp on exterior of building. APN: 107-07-007C [/ismember]