A 14-property industrial portfolio in Tucson has been bought by California and New York investors for $165 million.
Known as the Tucson Shallow Bay Industrial Portfolio, the sale included 85 buildings on 1.25 million square feet, spread across several business parks.
The parks sit along established industrial corridors that include properties on North Forbes Boulevard, West Prince Road, East Speedway and East 29th Street.
The buildings offer a mix of warehouses, office and flex spaces with a variety of users and are currently 90 percent leased with 452 tenants.
New York City-based Everview Partners and San Francisco-based Catalyst Real Estate bought the portfolio.
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Local broker Paul Hooker, with Picor, along with Cushman & Wakefield’s national industrial team, handled the sale.
The sale was the largest industrial sale on record in the Tucson market.
The record-breaking sale of Tucson Shallow Bay Industrial Portfolio includes parks along industrial corridors, including North Forbes Boulevard, West Prince Road, East Speedway and East 29th Street.
Other local commercial activity includes:
— 638 E Lester LLC bought the six-unit Lester Student Housing at 638-642 E. Lester St. from Lester Apartments LLC for $1.3 million. Allan Mendelsberg and Joey Martinez, with Picor, represented both parties.
— The Room Store, which sells and leases home furnishings, has expanded its footprint with an additional 6,000 square feet – for a total of 14,994 square feet – at 5611 E. Speedway. The landlord, Larsen Baker, was represented by its broker Isaac Figueroa.
— Blue Flag Model Trains & Arizona Hobbies leased 5,520 square feet at Palo Verde Business Park, 3600 S. Palo Verde Road, from Block One Property LLC. Molly Mary Gilbert, with Picor, represented the tenant and Tim Healy, with CBRE, represented the landlord.
— El Sol Beef, which sells ranch-raised Sonoran beef, leased 1,530 square feet at 2510 N. Campbell Ave. from LCP Campbell Shops LLC. Aaron LaPrise and Dave Hammack, with Picor, represented the landlord.
— Handel’s Homemade Ice Cream will open its second Tucson location at 5955 E. Broadway. Jeramy Price, of Volk Co., represented the tenant and Shannon Murphy, of CBRE, represented the landlord, AC Broadway Pad LLC, in the 1,500-square-foot lease.
— Nico’s Express Mexican Food leased 1,200 square feet at 6435 N. Thornydale Road. The landlord, Larsen Baker, was represented by its brokers, Isaac Figueroa and Sam Sufi.
Information for Tucson Real Estate is compiled from records at the Pima County Recorder’s Office and from brokers. Send information to Gabriela Rico at grico@tucson.com
Gabriela Rico
Reporter
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